What Does the Future of Electric Vehicles Look Like?

With concerns about global warming and the commitment to net zero emissions by 2050, many people are starting to look into buying an electric vehicle rather than a gas-powered one. There are also tax credits available for buying certain electric vehicles that help to bring the price down to be more in line with gas vehicles. That’s a huge incentive if you’re ready to make the leap. But what is lurking on the horizon for electric vehicles?

There are certainly concerns with owning an electric vehicle today. Where do I charge my car on the road? How expensive is it to replace a battery? How long does it last? What is the impact on the climate from mining for the materials needed to make a battery? How do the vehicles perform in the cold? The government and car manufacturers are working to solve some of these problems.

Under the Inflation Reduction Act and Bipartisan Infrastructure Law, clean electricity is projected to exceed 80% by 2030. Every state is committed to installing public chargers that charge in 10 minutes or less and are within a mile of the highway. They are also focusing on rural areas that currently do not have the coverage with electric chargers. Currently, charging stations are available throughout the United States, so your electric vehicle can be charged while you’re on the road. Before planning a longer trip, check the states you will be traveling through to make sure you know where the find the most convenient charging stations along your route. The Department of Energy’s website even provides a tool for mapping out your route.

Batteries have a federally mandated warranty of eight years or 100,000 miles. Currently, batteries cost between $7000 and $30,000 to replace, but companies are looking into reducing costs by recycling. Companies that specialize in the recycling process can recover up to 95 percent of the raw materials used to make the battery. As more companies work on recycling efforts and battery technology improves, the price of new batteries should come down.

Electric cars travel four times as far as gas vehicles and emit the least emissions even considering the environmental cost of manufacturing and relying on electricity that isn’t yet powered by clean sources, such as solar and wind. Electric vehicles are less costly to maintain as well. They don’t have fluids running through engines and parts that constantly need to be replaced. This means no more oil changes and no more gas costs! When you charge at home, you can save between $800 to $1000 annually. Public charging rates vary by state, but the U.S. average rate is around $11 for an average electric vehicle, which is still considerably less than a tank of gas.

For people who have their own home, installing a home charger will further reduce the cost of owning an electric vehicle. There are two types of home chargers. A type 1 charger uses a regular cord and outlet, so there is no extra cost involved in installing it, but it takes days to fully charge from zero. Type 2 is a fast charger, fully charging in 10 hours, but it needs to be hardwired to your electrical system or plugged into a 240V outlet. Unless your garage is already set up as a workshop that has 240V outlets, you’ll need an electrician to install the charger. There are also tax credits available for installing a home charger. For people who live in multi-unit dwellings or don’t have a garage, the convenience of charging at home isn’t yet possible. They will have to rely on public charging.

When temperatures plummet, the batteries used in all cars, even gas-powered ones, struggle to work properly. Electric vehicles rely on their batteries to run and also to maintain the cabin temperature, so they’re using more power in the cold than gas-powered vehicles that use the heat from the engine to warm the cabin. In January 2024, Chicago drivers experienced stranded vehicles and long lines at the charging stations. The Zero Emission Transportation Association released some tips for optimizing your electric vehicle in cold weather. Keep in mind that the U.S. is still in the early stages of electric vehicle use, but in other countries with cold climates, such as Norway, electric vehicle users have found ways to increase efficiency. In the future, car companies will be building vehicles that can better handle the cold.

There are federal tax credits of up to $7500 for certain vehicles from popular manufacturers like Ford, Lincoln, Chevrolet, Chrysler, Jeep, Volkswagen, Rivian and Tesla. You can search for the vehicle you’re interested in on the Department of Energy’s website or check with the dealership. They will be able to offer the credit directly instead of waiting to claim it on your taxes.

If you’re still unsure about owning an electric vehicle, a hybrid is a good place to start. It uses a combination of gas and an electric battery, so it might be a good way to get your feet wet in the electric vehicle market.

There are many positive things on the horizon for electric vehicles as well as challenges that need to be resolved, but as technology and infrastructure improve, owning an electric vehicle will be more practical and better for the environment. Overall, you will save more money too. Whether you’re just researching electric vehicles now or you’ve been considering one for years, be assured that the future of electric vehicles is looking very promising.

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