Electric vehicles are not the bargain you think they are. A new report shows that they would cost tens of thousands of dollars more if the government did not subsidize them.
According to think tank Texas Public Policy Foundation (TPPF), the average 2021 EV would cost nearly $50,000. more without taxpayer-funded government incentives. But is this a good investment? Not necessarily. The report says that charging stations will put a strain on U.S. electric grids and amount to an average of $11,833 per EV over 10 years.
And about those electric grids: most of them increase the carbon footprint by using up a ton of power and water to charge vehicles, giving EVs an equal to or greater impact on the environment than their gas-powered equivalents.
The report says: “Without increased and sustained government favors, EVs will remain more expensive than ICEVs for many years to come… Hence why, even with these subsidies, EVs have been challenging for dealers to sell and why basic economic realities indicate that the Biden administration’s dream of achieving 100% EVs by 2040 will never become a reality.”