New Analysis Reveals Electric Vehicles Can Save Ohioans Up to $22,300 Compared to Gas-Powered Cars Over Ten Years

OHIO– Today, Environmental Defense Fund and WSP, in partnership with Sierra Club, released a new analysis that finds many popular and widely anticipated electric vehicles (EVs) offer Ohio consumers thousands of dollars in lifetime cost savings.

The analysis looks at net purchase cost of the vehicle, fuel costs, insurance costs, and maintenance costs over ten years, using Ohio specific data. It finds cost savings as high as $22,300 when comparing the cost of Ford’s F-150 Lightning EV with the gasoline-powered Ford F-150. 

“With EVs offering so many new choices when buying a car or truck, Ohioans can welcome a healthier, safer, and more prosperous future,” said Ericka Copeland, Sierra Club OH's chapter director. “This new analysis on EV lifetime savings is great news for Ohioans who have a lot to benefit from driving cleaner vehicles. In addition to the vast climate and clean air benefits, Ohioans can save money driving electric – and not worry about unstable or rising gas prices.” 

“Consumers want to have 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 both choice and savings 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 Ohio – they’re also bringing 5,800 new good-paying jobs and $9.9 billion in economic investment to the state. 100% of those investments were 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.