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The Road to an Electric Vehicle Future June 23, 2023 | Department of Energy W hat drives on four wheels and is good for the planet and for your wallet? If you’re in the market
for a new car, the answer could be an electric vehicle (EV). We’re going to break down what makes an EV different from a traditional gas-powered car, and we’ll also cover how an EV purchase today could help you save money, both on the overall cost of your vehicle and in fuel and maintenance savings for the future.
ELECTRIC VEHICLES 101 Battery Powered
doesn’t yet rely on clean sources of power, an electric car today emits the least emissions compared to all vehicle technologies. These climate benefits will grow as the share of clean electricity is projected to exceed 80% by 2030 because of the investments enabled by the Inflation Reduction Act and Bipartisan Infrastructure Law. Opting to drive an EV is a great option for drivers looking to reduce their carbon footprint throughout the country and cut back on pollution in their community.
Compared to traditional vehicles, which work by burning gasoline or diesel fuel, EVs are powered by electricity stored in a rechargeable battery. This means they have fewer moving parts and fluids than gas-powered vehicles (no more oil changes or trips to the gas station, woohoo!). But it does mean you’ll need somewhere to charge your vehicle. At home, a standard 110V outlet in a garage or driveway will do the trick, or you can consider having an electrician install a 240V outlet for significantly faster charging. In addition, more people can charge at the growing network of public charging stations — more than 50,000 locations are available today. Incentives to help you offset the cost of these charging upgrades are available to some through President Biden’s Investing in America initiatives, and you can learn more about those incentives here . Better for the Planet Electric cars produce zero tailpipe emissions, meaning that they don’t contribute to air pollution the same way gas- powered vehicles do. They also are very energy efficient and can travel four times as far as a traditional car given the same amount of energy. The overall climate benefit of electric cars improves based on the source of electricity used to charge them, with clean energy sources like solar or wind, powering the greatest savings. In 2022, over 40% of the nation’s electricity came from clean sources. Even considering the manufacturing of the vehicle itself, and even for people whose electricity
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The Business Review | November 2023
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