Thinking of switching from gas to electric? Whether it’s to cut down on maintenance costs, help protect our planet or save on gas, it’s important to know the costs and savings of driving electric vehicles.

Here’s our helpful primer on the economics of eco-driving that compares your costs and savings when you plug into electric vehicle (EV) driving.

SAVING: You can apply for rebates

One of the first rewards of going electric is the cash incentives you can get back in your pocket. Both the provincial and federal governments offer rebates when you buy an EV, hybrid or fuel-cell vehicle, which is a good starting point to help you cut your costs. Better yet, you can combine both provincial and federal rebates on eligible vehicles to see a big saving on your sticker price. The rebates:

• Go Electric Vehicle Rebate Program
  Here in BC, you can qualify for a rebate of up to $4,000 through CleanBC’s Go Electric program when you buy or lease an EV or hydrogen fuel-cell car, SUV, minivan or truck. You can also get up to $2,000 back when you buy or lease a hybrid. Plus, CleanBC also offers rebates if you install an EV charging station in your home.
• iZEV program
  On top of the CleanBC rebate, the Government of Canada’s iZEV program offers you an additional rebate of up to $5,000 when you buy or lease an eligible EV or hybrid (one rebate per person per calendar year). Check their list of eligible EV and hybrid vehicles to see if your dream car or truck is on the list.
• Eco-friendly insurance savings
  Some car insurance providers offer discounts for electric vehicles, making it even more affordable to own one. For example, BCAA Optional Car Insurance provides 5% in savings through its Eco-Friendly Vehicle Discount. Learn more at bcaa.com/optionalcar.

COST: Consider the EV price tag

Although rebates are fantastic, the upfront cost of an EV is almost always higher than their fuel-driven counterparts. Here’s a few comparisons:

• Sedans: The Tesla Model 3, a popular EV sedan, starts at around $50,990 CAD, while a comparable gas-powered sedan like the Honda Accord starts at about $37,500 CAD.
• SUVs: Similarly, the Hyundai Kona EV begins in the region of $49,000 CAD, compared to the Hyundai Kona gas-powered SUV at around $28,000 CAD.
• Trucks: Shopping for a truck? The Ford F-150 Lightning EV starts at $59,995, while a gas-powered Ford F-150 starts at $49,955 CAD.

Yes, the higher cost of EVs and hybrids can be balanced by the long-term fuel savings (not to mention reducing your greenhouse gas emissions) but that initial cost is an important factor to weigh. If you get the larger rebates (based on your income), you’ll find your final EV price tag is closer to the gas-powered models. If you’re in the market for an EV, check out our BCAA EV buyer’s guide to compare the prices on new models.

SAVING: Filling your tank versus charging your battery

When you own an EV, you may get a giddy rush when you recharge your battery. Many public charging stations are free (!) or they’ll give you an affordably subsidized rate. You can often charge your EV on a public charger for as little as $10 to $30 for a full charge, depending on the provider and your range.

Compare that to when you used to roll into a gas station. Do the math over the course of a year based on how much fuel you use, and if you drive a lot (and Canadians sure do like to drive), you’ll realize the battery-charging savings really stack up, especially when gas prices soar.

COST: Do you plan on installing a home charger?

Many EV owners are choosing to install home charging stations. If you see real value in simply plugging in your ride while you sleep, there’s a cost to consider. Your cost to buy and install a Level 2 home charger ranges from $700 to $2,000 CAD, depending on the model and installation complexity. However, you’ll likely forget all about this one-time cost when you’re able to charge up any time you want, without waiting.

According to PlugInBC, drivers who charge their EV at home pay $2-$4 for every 100 kilometres they drive. People who have EV chargers at home, or provided by their strata, can expect to pay $300-$600 a year in electricity costs based on the Canadian annual average mileage of 15,000km.

Pro tips: When you install a home charger, you can get a BC Hydro rebate of $250-$350 on your installation. Plus, you can keep costs low if you charge your EV overnight when electricity rates are lower. Yep, BC Hydro charges you less when you use electricity when it’s quiet between 11pm and 7am. It costs more to use electricity during peak hours of 4pm-9pm.

SAVING: Reduce the cost of routine maintenance

Routine maintenance is another area where EVs shine. Not only does driving an EV mean no fuel, but there’s no engine in an EV, and no alternators, gaskets, fan belts or exhaust to age, rust or break down.

As a result, your regular maintenance costs drop significantly when you’re an EV owner. Fewer moving parts means less wear and tear and breakdowns. If your EV’s battery, brakes and tires are in good shape, you’re pretty much good to go. Factor in this saving over your car’s lifetime. If you’re wondering about your EV’s battery life, here’s a blog on how long your EV battery will last.

COST: Freedom on long drives

This may not directly be a financial cost, but EV owners have to be strategic about charging their vehicle on road trips. Unlike gas stations, which are still everywhere (and fast to fill your tank), EV charging stations can require a little more thought.

Depending on your route and availability of fast chargers, you may need to plan your stops carefully. What if your first-choice charging spot is not available? You’ll need to keep a back-up in mind. Charging stops may add extra time to your journey, or you may need to factor in accommodations where you can charge overnight.

On the bright side for EV and hybrid owners, there are over 5,000 public charging stations in BC. That’s compared to just 917 gas stations in the province, down from 1,392 gas stations in 2021. To help plan an EV road trip around the province, here’s our EV road trip guide to travelling around BC.

SAVING: BCAA still has your electric vehicle covered

Going for a ride? Take us along for peace of mind. Whether you’re driving gas, hybrid or EV, you can enjoy BCAA’s Roadside Assistance as part of your BCAA Membership.

But if your EV does run out of charge some day, we can certainly tow you to the nearest accessible charging station. Plus, we have a growing number of BCAA service vehicles that can give you an EV top-up charge to get you where you need to go

Savings and costs of EV driving

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