All electric cars are the new hot thing. According to the Motley Fool, all electric vehicle sales will increase from 2.4 million to 6 million between 2015 and 2024. And that is just the start. By 2040, it is estimated that EV sales will be 35% of all vehicle sales, which is a huge increase from just 1% in 2017.
The biggest player in the EV world today is Tesla. Data from 2017 shows that the Tesla Model S has been the biggest seller by far in the EV market. As of 2015, the Model S sold 25,700 that year. The next closest rival, the Nissan Leaf, sold 17,269.
Discover how much you could save at home in energy costs while helping the environment.
One of the reasons that Tesla is becoming so successful in making its cars is that many experts say that driving a Tesla is great for your home and budget.
#1 No Fuel Required
Obvious, right? Electric cars are entirely powered and charged by electricity. So, you will never have to spend $30 or $40 again to fill up your tank. Even with a small car, buying gas for a car can really put a dent in your pocket book over time.
Did you realize that the average American family spends thousands of dollars on fuel every year? Even when gas is in the range of $2 per gallon in most parts of the country, it is easy to spend a few hundred dollars per month filling up two gas-powered vehicles, if you have to drive much at all.
If you are able to save $200 or $300 per month in fuel costs, you could take that money and invest it, and make yourself a very nice profit.
#2 No Emissions
Electric cars are totally eco-friendly as they are powered entirely by electric engines. They do not emit any toxic gases or smoke into the environment near your home. They are superior to hybrid cars as the latter still produces some emissions from its gas engine.
Even the most fuel-efficient cars that get over 50 MPG are emitting toxins into the air, and who wants that around your neighborhood and home?
#3 Cost Effective
EV vehicle technology is getting better and less expensive all the time. Their initial cost and the maintenance costs have decreased dramatically, and, EVs are generally require less maintenance than gas cars anyway.
Consider: EVs feature fewer moving parts in the powertrain, and maintenance does not require things such as oil replacement, spark plug replacement, and other services that are needed by engines with a lot of moving parts.
EVs also feature regenerative braking. This returns some energy to the battery and spares friction from affecting the brakes as much. This saves wear on the brake pad, caliper and rotor. Less maintenance of the brakes and big savings are a big plus for the home owner.
As far as batteries go, they are engineered in Tecla’s to last for the life of the car. Costs are coming down in the battery production process too.
Homeowners can offset the increased electric bills by installing solar panels. Ask your mortgage professional about FHA solar loans.
#4 Subsidized
Also, due to tax incentives, buying a Tesla is more economical than ever. Depending upon your state of residence, as much as 1/3 of the cost of a Tesla can be underwritten by federal and state tax subsidies. At the minimum, every Tesla and EV is allowed a federal tax credit one time of $7500.
It is true that a gasoline car is cheaper, but they do not qualify for any subsidy from the state or federal government. Some states may give you a tax break of as much as $2,500, but it depends upon where you live.
So, you will enjoy some great tax breaks with your new Tesla!
More News About Tesla’s Future
The future does indeed look bright for Tesla. The company is in the process of building a massive, $5 billion ‘Gigafactory’ in the middle of the Nevada desert. It is estimated that the company will be churning out the maximum number of batteries by 2020.
In less than three years, Tesla will reportedly be making more cell batteries to power EVs than all of the current producers of these batteries made in 2013. The advantage that Tesla has here is that it will be able to produce huge amounts of batteries for its cars, which brings its operating costs way down.
The company claims that it will be making an astonishing 500,000 EVs by that time. So, it will need a heck of a lot of batteries.
Takeaways
The Tesla is getting less expensive, more reliable and more efficient with every passing year. There also are many attractive subsidies available in the state and federal governments for EVs. Find out if there are mortgage programs for first time home buyers that can help you upgrade your resident with energy efficient products while lowering your interest rate at the same time. So, if you have been thinking about getting one, there are definitely many reasons to get one because it is really good for your house and budget.
References: Tesla on Energy at Home
About RefiGuide
Bryan Dornan is a financial journalist and currently serves as Chief Editor of RefiGuide.org. Bryan has founded several mortgage and marketing companies and has worked as a loan officer and mortgage broker in the industry for over 25 years and has a wealth of experience in providing mortgage clients with the highest level of service in the industry. Bryan's continual focus is to promote affordable home-ownership to consumers like you across the United States. He also writes for RealtyTimes, Patch, Buzzfeed, Medium and other national publications. Find him on Twitter, Muckrack, and Linkedin
More articles by RefiGuide