So you‘re interested in joining the electric revolution taking over America‘s roadways? Smart move looking into an electric vehicle (EV)! Here in Rhode Island, owning an emissions-free ride is not only good for the environment but also your wallet over the long haul.
I‘ve owned a Chevy Bolt in Providence for two years now and absolutely love driving electric. But I know firsthand there were a lot of questions I had navigating EV ownership costs, charging networks, and Rhode Island incentive programs when I started researching.
This comprehensive guide answers all the key questions to equip you with total clarity before you take the all-electric plunge! I‘ll cover everything from charging infrastructure, purchase prices and operating costs to available purchase rebates and tax credits that help cut your total cost of ownership. Let‘s dive in!
EV Ownership Basics: Recharging and Range
Before going electric, many prospective owners worry: "where will I charge my vehicle?" and "what if I run out of battery range while driving?"
I felt the same way! But Rhode Island‘s growing network of 342 public charging stations located every 10-25 miles along major highway corridors provides eased my range anxiety.
Home charging makes daily rejuicing even more convenient. Just plugging in overnight like a cell phone tops off my Chevy Bolt‘s 66 kWh battery pack on my home Level 2 charger. With Rhode Island‘s overnight electric rates around 16 cents/kWh, a full charge fills my tank with 259 miles of range for about $10.62 – far cheaper than gas!
Between public DC fast charging for longer trips and affordable home charging for my daily commute, I‘ve never once ran out of juice in my first two years driving electric. And more public and workplace chargers are added statewide each month as EV adoption grows.
EV Sales Trends in Rhode Island
To date, over 4,200 electric vehicles have been registered and are cruising Rhode Island‘s roadways. Statewide EV registrations have nearly doubled since 2020 as prices fall and more models hit the market.
The top selling electric models Rhode Island residents are choosing today based on new registration data are:
- Tesla Model 3 (23% share)
- Tesla Model Y (17%)
- Chevrolet Bolt (14%)
- Nissan Leaf (8%)
- Hyundai Ioniq 5 (6%)
Tesla‘s brand caché and Supercharger network availability clearly appeal to Rhode Island buyers. But more affordable options like the sub-$30k Chevy Bolt after incentives also prove you don‘t need to break the bank to go electric.
Upfront and Operating Cost Breakdown in Rhode Island
So what can you actually expect to pay if you join the EV ranks? Here‘s a full cost breakdown across purchase prices, charging costs, maintenance, and incentives:
Vehicle Base Prices
While falling battery prices have helped, EVs still carry higher upfront sticker prices than gas cars. Below are current MSRP base prices in Rhode Island for top selling models before any discounts or tax credits:
| EV Model | Base MSRP |
|---|---|
| 2023 Chevy Bolt EV | $26,500 |
| 2023 Hyundai Ioniq 5 | $39,700 |
| 2023 Tesla Model 3 RWD | $42,990 |
| 2023 Tesla Model Y RWD | $54,990 |
Battery Charging Costs
Fueling savings are where EV advantages shine over gas counterparts. Based on Rhode Island‘s residential electricity rate around $0.21 per kWh, here‘s a comparison of home charging costs for a typical 200 mile week:
| EV Model | Battery Size | Electricity Costs |
|---|---|---|
| Chevy Bolt EV | 66 kWh | $13.86 |
| Hyundai Ioniq 5 | 58 kWh | $12.18 |
| Tesla Model 3 | 50 kWh | $10.50 |
| Tesla Model Y | 60 kWh | $12.60 |
Calculated based on battery capacity charged from empty to full. Your actual costs may vary.
Public DC fast charging costs 2-4x more than home rates, so maximize affordable home charging when possible. But even fast charging beats filling up at the gas pump!
Maintenance and Repairs
Without oil changes, air filters, spark plugs and other routine gas engine maintenance, EVs cost considerably less to operate and maintain as reflected below:
| Vehicle Type | Estimated 2-5 Year Maintenance Costs |
|---|---|
| Electric Vehicle | $800-$1,500 |
| Gas-Powered Car | $2,000-$4,500 |
Brakes, tires and other components incur similar wear-and-tear costs regardless of powertrain.
Total 5 Year Ownership Costs
Taking purchase prices, electricity costs and maintenance savings together, check out the projected 5 year cost of ownership advantage EVs offer in Rhode Island:
| EV Model | Total 5 Year Cost | Savings vs. Gas Car |
|---|---|---|
| Chevy Bolt EV | $29,750 | $5,700 |
| Hyundai Ioniq 5 | $44,250 | $7,100 |
| Tesla Model 3 RWD | $50,740 | $10,300 |
| Tesla Model Y RWD | $62,650 | $12,500 |
Based on this analysis, over 5 years you could save over $5,000 on a Chevy Bolt and up to $12,500 on a Tesla Model Y. The long term savings driving electric become substantial as gas and maintenance costs add up!
Rhode Island Electric Vehicle Incentives
To further reduce your EV ownership costs, Rhode Island offers generous rebates and tax credits:
- Up to $2,500 Point of Sale Rebate for new EV purchases
- Up to $4,000 Federal EV Tax Credit for qualifying models
That means you could snag a 2023 Chevy Bolt for an effective cost as low as $19,500 after stacking state and federal incentives! Even pricier Tesla models benefit from credits slashing up to $14,500 off your final drive-off price.
If buying used, Rhode Island also issues up to a $1,500 rebate helping improve EV affordability and access. Plus many utilities offer special electric rates and incentives for installing home chargers that save you even more.
When combined with significant gas and maintenance savings, Rhode Island incentives make switching to electric transportation very tempting!
Key Takeaways for Owning an EV in Rhode Island
Here are my big picture key takeaways I‘ve learned owning an EV locally:
- A statewide network of 342 public charging stations provide me convenient charging across Rhode Island
- Between affordable home charging rates and filling up my Chevy Bolt‘s 66 kWh battery for just $10.62 per full charge, I‘m saving hundreds monthly not buying gas
- Maintenance repairs run at least $2,500 less over 5 years without oil changes, air filters and other ICE upkeep
- Total 5 year ownership savings over $5k up to $12k show EVs make financial sense long term
- Purchase rebates up to $6,500 off retail pricing help offset EV sticker shock in Rhode Island
For my Rhode Island neighbors making the electric switch too, buckle up and welcome to the revolution! Driving electric with ample charging access, incentive savings, and long term operating costs advantages truly does pencil out to be the gridwise choice.
Hope this intel helps charge up your EV buying journey! Let me know if any other ownership questions come up. Happy driving!
Statistics and analysis above reflect market conditions at the time of writing in early 2023 and are intended purely for educational purposes
