New Analysis Reveals Electric Vehicles Can Save North Carolinians Up to $27,000 Compared to Gas-Powered Cars Over Ten Years

January 31, 2024 — Today, Environmental Defense Fund and WSP, in partnership with Climate Power, released new analysis that found many popular and widely anticipated electric vehicles (EVs) offer North Carolina consumers thousands of dollars in lifetime cost savings. The analysis looked at net purchase cost of the vehicle, fuel costs, insurance costs, and maintenance costs over ten years, using North Carolina specific data, and found cost savings as high as $27,000 when comparing the cost of Ford’s F-150 Lightning EV with the gasoline-powered Ford F-150.

North Carolina is quickly emerging as a hot spot for EV manufacturing and supply industry investment. Throughout his administration, Gov. Roy Cooper has embraced the opportunity North Carolina’s world-class manufacturing base offers to build on the state’s strength and reputation as leader in clean technology solutions – reducing pollution while creating new manufacturing jobs and attracting investment that strengthen the state’s economy.

“This analysis shows what we’ve been saying for years: North Carolina families can drive a cleaner vehicle and save money at the same time,” said Cooper. “It is important that North Carolina continues to lead the way to a clean energy future while creating both job opportunities and consumer savings.”

“Electric vehicles represent a win-win for North Carolinians,” said Climate Power States Managing Director Saumya Narechania. “For too long, skyrocketing gas prices have lined the pockets of fossil fuel executives while American families pay the price at the pump. Electric vehicles are better for our environment and public health, and they’re becoming more affordable and accessible by the day.”  

“Consumers want choices and to save money. Those are powerful driving forces in today’s marketplace,” said Ellen Robo, manager of transportation and clean air policy at Environmental Defense Fund. “Electric vehicles are offering just that as they pass their gas-powered counterparts on total cost of ownership thanks to rapidly declining costs, generous cash-in-hand rebates from the Inflation Reduction Act, and lower fuel and maintenance costs. Buyers want the freedom to choose the vehicle that’s right for them and EVs are proving to be the smart, cost-effective choice in states across the U.S.”

EDF’s analysis also found that there are 37 EV models available for less than $48,000, the average purchase price of a new car last year, and 10 EV models available for less than $35,000. Electric vehicles represent more than a cost-saving opportunity for North Carolina: they’re also bringing 15,400 new good-paying jobs and $19.0 billion in economic investment to the state, 100% of the investments announced since January 2021.

The Inflation Reduction Act is helping ensure that electric vehicles are at the core of the made-in-America manufacturing boom by requiring that EVs be assembled in North America in order to qualify for new vehicle consumer tax credits. And it’s working: 39% more electric vehicles were manufactured in North American factories in the first quarter of 2023 than the first quarter of 2022. 

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One of the world’s leading international nonprofit organizations, Environmental Defense Fund (edf.org) creates transformational solutions to the most serious environmental problems. To do so, EDF links science, economics, law, and innovative private-sector partnerships. With more than 3 million members and offices in the United States, China, Mexico, Indonesia and the European Union, EDF’s scientists, economists, attorneys and policy experts are working in 28 countries to turn our solutions into action. Connect with us on Twitter @EnvDefenseFund 

Climate Power is an independent strategic communications and paid media operation focused on building the political will and public support for bold climate action. Founded by the Center for American Progress Action Fund, League of Conservation Voters, and Sierra Club, Climate Power (climatepower.us) integrates hard-hitting research, polling, state and national earned media, digital and paid media to influence the national conversation, embolden leaders to take immediate, bold climate action, and expose climate deniers and their oil and gas lobby allies.