Research shows electric vehicles with at-home charging stations are becoming increasingly popular and offer real cost savings. These key takeaways reveal a bright future for EVs.
Consumer Reports published a 2020 report detailing consumers' thoughts on EVs and it shows a clear interest among the general public, so much so that 71% said they would consider purchasing an EV in the future. In fact, a third were considering one for their next vehicle purchase. Still, only 30% of respondents claimed much knowledge of EV, but almost all were aware of the term and technology.
Report findings mean big things in the world of EV and at-home charging. Key takeaways include:
Consumer Reports found that consumers will save a lot of money buying an EV over an Internal Combustion Engine (ICE). While it’s tempting to buy another gas-powered vehicle because the upfront cost is less, when you factor in purchase price, fueling costs and maintenance expenses, EVs come out on top.
This savings advantage only improves the longer you own an EV. Fuel savings alone can be $4,700 or more over the first seven years. Total ownership savings range from $6,000 to $10,000.
The future is bright, too. As more EV options become available (which they are at an increasing rate), prices will go down and bring more savings to consumers’ pockets.
Major barriers continue to be range anxiety and charging stations. The study found that people are afraid of losing some conveniences of owning a gas-powered car. The largest is refueling at the ever present and available gas station found at nearly every corner. Consumers worry they will have to search high and low for a public charging station, something that is notoriously in short supply in many parts of the country. Further expansion needs to happen for more consumers to make the switch to EVs. There aren’t enough reliable charging stations to accommodate a sudden increase in EV usage.
Consumers are also seeking more options from a larger range of automakers. More than a third of survey respondents said they think state and federal lawmakers should require all automakers to offer EVs. While Tesla has been a household name for years, consumers are seeking greater variety.
Continued concerns around range anxiety and charging stations can largely be answered by at-home charging stations. While this is a new concept to some consumers, 71% said they would want to do most of their charging at home. Consumer Reports also found that this is extremely doable: 92% of charging needs can be fulfilled at home.
This capacity is only expanding as technology improves. New batteries released last year can increase range by as much as 450 miles. Additionally, new EV’s could offer consumers better safety rating, performance and even aesthetics.
Public charging is also expanding. Rapid battery charging stations increased by 10.6% in just the first three months of 2020.
Vehicle options, too, are expanding. In our next blog post, we will take a closer look at some of the newest EV options and how they could be game changers, like the electric Ford F-150.
If you are ready to begin charging your EV at home for increased convenience and consistency in charging, request a quote today. Looking for more resources to help you navigate chargers, stations, or even find the right EV? Check out our Resources and News pages.