August 18, 2021

Electric Vehicles are Compelling Choice For Environment, and Provide Savings

To the Editor:

Everyone loves to talk about the weather, and now we have not just weather but extreme weather to discuss. The cause of this is clear: changes in the planetary weather system caused by human carbon dioxide emissions primarily from burning fossil fuels. If there was any doubt about this, the latest IPCC Climate report makes the point emphatically: we must reduce our carbon emissions immediately of face even more frequent extreme (and dangerous) weather patterns.

Keeping in mind that the average New Jersey household burns about 30 barrels (1,260 gallons) per year of gasoline, one straightforward way to reduce emissions is to lease an electric vehicle (EV). Leasing has many advantages: it allows one to immediately use the federal tax rebate of $7,500, even if you do not pay any federal taxes. The rebate is deducted from the residual value of the car which reduces the monthly payment. In addition to the federal rebate there is also a $5,000 New Jersey rebate as well as no sales tax either on the lease or purchase of an EV. Thus, the price differential between a $40,000 gasoline car versus an EV is an astonishing $15,150. There are also savings on fuel expenses (up to $1,000/year) as well as reduced maintenance costs. 

These factors make leasing an EV a compelling choice not just for the environment, but economically as well.  

Last year we leased a long-range EV to replace our gas guzzling Prius and a short range (84 miles) Leaf.  We have driven several times to Maine (450 miles) in one day, recharging twice for 30 minutes. We have found that over the last year (10,000 miles) our car exceeded the EPA ratings by about 30 percent, without any compromise in summer comfort or safety.  

Over the past five years EVs have moved from being a rich person’s sports car to offering practical transportation for everyone, and leasing enables widespread adoption of this essential technology.

Al Cavallo
Western Way