Although they have become more affordable, EVs still aren’t cheap. They’re a special type of vehicle and for that reason they do carry a premium. The federal government knows that and has earmarked $300-million over 3 years towards $5,000 rebates on electric vehicles. And in a bid to inspire cleaner drivers, provinces like British Columbia and Quebec offer subsidies ranging from $5,000 to $8,000 and rebates for installing wall chargers.
Once you’ve paid the upfront cost, however, there are financial perks to driving electric. Fuel savings is an easy one — an EV owner can expect to spend about $300 a year in electricity costs to keep their EV humming, about a fifth of what an internal combustion engine vehicle owner might pump into their cars.
According to the Canadian Automobile Association (CAA), the annual ownership cost of an EV is around $1,600 lower than that of a conventional combustion vehicle. Environmental group the 2 Degrees Institute puts this savings higher, estimating that Canadians driving battery-powered electric cars could save upwards of 66% on fuel and operating costs.
With fewer moving parts, some experts argue, there’s less need for maintenance. Some insurance companies even offer discounts for green vehicles.
Naturally, ownership isn’t an option for everyone. It may not even be the preferred option, especially if you’re just a casual driver looking to get around with as little impact as possible.
Arguably, car-sharing is more environmentally friendly than owning an EV by default. For starters, you’re putting fewer vehicles on the road, and sharing with other drivers helps offset your impact.
There are several spins on the car-sharing model that might appeal to eco-conscious road warriors. Many of the major car-sharing platforms offer battery-powered or hybrid vehicles for rental.
There are also sharing services that allow owners to loan their cars to other drivers. If you already own a vehicle, it can be an attractive proposition to subsidize the monthly payment of your EV by renting it out a few times a month. Alternatively, if you’re looking to rent, using a driver-to-drive platform might give you more vehicle options to choose from.