New Data Shows Owning an Electric Vehicle Can Save Nevadans Thousands of Dollars

(October 12, 2023) New data from Environmental Defense Fund and WSP USA shows Nevadans who buy some popular models of electric cars or passenger trucks will save a lot of money in the first 10 years of ownership – in some cases more than $27,000.

EDF and WSP analyzed the cost of owning and operating four currently available or soon anticipated new electric vehicles in Nevada using state-specific data.

We compared four electric car models to their gas-powered versions. We looked at the expected costs over the first 10 years of the vehicle’s life including buying the car (and the home charger for the electric version), annual registration, maintenance, insurance and fuel costs, and factored in the tax breaks and rebates provided by the IRA.

In each case, the electric vehicle saved Nevadans money – up to $27,576:

The new analysis comes just over a year since Congress passed the Inflation Reduction Act. An earlier report from EDF and WSP showed that Nevadans are reaping big benefits from the IRA, especially in investments in clean vehicles.

Nevada has seen:

• $13 Billion in private sector investment in electric vehicle and battery manufacturing in the last 8 years, more than 60% of that since passage of the IRA
• 12,400 new Nevada jobs announced, almost half of that since passage of the IRA

Nevada is now ranked 5^th in the country for new investments in electric vehicle and battery manufacturing.

The transportation sector is the largest source of climate pollution in the U.S. as well as a main source of other pollution, like particulate matter and smog-forming emissions, that puts people’s lives and health at risk. Electric vehicles are a key way to reduce that pollution and address the climate crisis, as well as being a way for Nevadans to save money.