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How much does owning an electric vehicle cost?

Comparing long-term ownership costs

Compared to buying or leasing a gas-powered vehicle, the cost of buying or leasing an electric vehicle (EV) can seem quite high at first glance. But as with most differences between gas-powered vehicles and EVs, the more you explore the cost of owning an EV, the more it makes sense.

Gas-powered vehicles do seem to be better value at purchase, but their long-term fuel and maintenance costs can mount up quickly.

Meanwhile, EVs might be more expensive to buy or lease, but the cost of charging them is a tiny fraction of the cost of gas for an equivalent gas-powered vehicle. And with far fewer mechanical parts, they also require a lot less maintenance.

Let's look at these three areas to see how an EV could not only help save the planet, but also save you money.

Purchase price

Buying an EV might not be as expensive as you think

While the price of gas-powered vehicles seems to go up every year, the intense competition between EV manufacturers means that there's a wider choice of lower-priced vehicles than ever before. And it's going to get even better over the next few years.

Plus, as you're calculating the up-front purchase price of a new EV or plug-in hybrid vehicle (PHEV), make sure you factor in the provincial and federal rebates currently available. Combined, these can bring your purchase price down considerably:

  • Find out about the Government of B.C.'s CleanBC Go Electric incentive program.
  • Find out about Transport Canada's Zero-Emission Vehicles (ZEV) incentive program.

In addition to these incentives, you may be eligible for SCRAP-IT, a B.C. program that offers incentives to scrap high-polluting vehicles when you buy a new or used EV – or other type of low-carbon transportation.

Learn more about EV incentives in B.C.

Fuel costs

Comparing fuel costs

Fuel costs are the most obvious way an EV can save you money over a gas-powered vehicle. Here's a fuel cost comparison to give you an idea. How much does it roughly cost to drive 20,000 kilometres a year?

  • In a Chevy Bolt EV: around $478 (or $40/month) on electricity.
  • In an equivalent gas-powered vehicle (Chevy Trax): around $3,340 (or $278/month) on gas.

You can find and compare figures for specific vehicles using our fuel savings calculator but to give you a quick idea, here are comparisons for four different commutes into downtown Vancouver:

City
Electricity costs per year (2022 Chevy bolt ev)
Gas costs per year (2022 chevy trax)

Richmond

$158

$1,066

Surrey

$366

$2,468

Coquitlam

$343

$2,314

Abbotsford

$738

$4,978

Fuel prices based on 2021 annual average for regular gasoline in Vancouver via Statistics Canada.

Upkeep costs

EV maintenance is a lot cheaper than you might think

There's another way a battery electric vehicle (BEV) can also save you a lot of money: maintenance.

Some estimates indicate that average maintenance costs for a vehicle can be around $100/month – and these costs typically climb as your vehicle ages.

So don't be put off by that higher EV purchase price. Take a few minutes to run the long-term numbers and see how much you might save. And if you're still not sure, find out what other EV owners have to say.

  • If you calculate what you've spent on vehicle maintenance in the past five years, including major repairs or replacement parts, along with preventative maintenance such as oil changes, you'll find it adds up fast.

    Even though it has far fewer mechanical parts, you’ll still have to maintain an EV. But many components can last much longer before requiring maintenance. For instance, the brakes in an EV could last over 300,000 km, as most EV braking is regenerative. This means that instead of using the brakes, the electric motor slows down the vehicle, capturing that energy and using it to recharge the battery.

  • There's also the biggest potential replacement item on an EV: the battery pack. The cost of a new battery varies by model and manufacturer, but most EVs come with between 5 and 8 years' or a 160,000 km powertrain warranty as standard.

    A replacement battery can be expensive, but unlike the frequent costs of maintaining a gas-powered vehicle, there's every possibility your battery could require no maintenance during your ownership period. Some long-term EV owners claim that their only maintenance costs have been windscreen washer fluid and new tires.

Related content

EV technologies and types

Learn about it

EV incentives in B.C.

Learn about it

Maintaining and insuring an EV

Learn about it

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Rebates for single-family homes

If installed at a single-family home, this charger may be eligible for a rebate of up to 50% of purchase and installation costs to a maximum of $350. 

This includes duplexes or townhouses with private garages or dedicated parking. 
Rebate amounts are subject to change. Visit the EV charger rebate program for information and eligibility criteria.

If installed at an apartment/condo or workplace, this networked charger may be eligible for a rebate. 

Rebates for apartments/condos

Up to 50% of purchase and installation costs to a maximum of $1,400 to $2,000 per charger.

Rebate amounts vary depending on factors such as whether or not the building is participating in other EV Ready rebates.

Rebates for workplaces

Up to 50% of purchase and installation costs to a maximum of $2,000 per charger.

Pre-approval from BC Hydro is required for apartment/condo and workplace customers. Program maximums apply.

Rebates for single-family homes

If installed at a single-family home, this charger may be eligible for a rebate of up to 50% of purchase and installation costs to a maximum of $350.

This includes duplexes or townhouses with private garages or dedicated parking. 

Rebate amounts are subject to change. Visit the EV charger rebate program for information and eligibility criteria.

Features

Load management: Allows multiple EV chargers to share the same electrical circuit, allowing the charging power to be distributed across each charger.

Networked: A networked charging station that is connected to a central system via internet communication such as open protocol (e.g. OCPP, OpenADR or other) or a proprietary system (must be connected to a network for minimum of two years).

Multiple ports: Allows multiple vehicles to charge at the same time.

CSA Certification: Tested and certified electric vehicle charging and components by CSA Group. 

cETL Certification: Compliant with North American safety standards and tested/certified by Intertek.

cUL Certification: Compliant with Canadian safety standards by UL Canada.

Breaker Current

Every circuit breaker has specified amperage (amount of current). The rating is the labelled on the breaker. Understanding your electrical service and panel is important in determining the type of EV charger you can support.

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