Why are EV owners protected?
The math is simple: EV drivers don’t buy gas. While gas-powered drivers are paying 20% more at the pump ($3.57/gal, up from $2.98), EV drivers’ fuel costs haven’t changed much.
Key advantages right now:
- Residential electricity prices are regulated and far less volatile than gasoline
- Home charging costs average $0.03-0.05 per mile vs. $0.12-0.15 for gas cars
- Annual fuel savings: $1,500-2,000 compared to a gas car driving 12,000 miles/year
- EV owners are largely unaffected by oil price shocks
One EV and solar panel owner wrote: “I’m sure glad I bought an EV.” (American Prospect)
Has EV interest increased?
Yes, significantly. Multiple outlets report drivers are reconsidering going electric as the war spikes gas prices. The pattern is familiar — EV interest spiked during the 2022 gas price surge too. (Orlando Sentinel) (The Week)
Should you switch?
Consider an EV if:
- You drive 10,000+ miles per year
- You have home charging capability (garage, driveway)
- You’re already planning to replace your car
- Gas prices in your area are above $3.50/gal
Maybe wait if:
- You can’t install home charging
- Your daily driving needs exceed 250 miles
- You need a truck or large SUV (EV options are still limited/expensive)
- You’d need to take on debt to buy one
What about used EVs?
Used EVs offer excellent value right now:
- Tesla Model 3 (2021-2022): $22,000-28,000
- Chevy Bolt EV (2020-2022): $15,000-20,000
- Nissan Leaf (2019-2021): $12,000-16,000
- Federal tax credit: Up to $4,000 for qualifying used EVs
Will electricity prices go up too?
Gradually, yes — about 40% of US electricity comes from natural gas. But the increase will be much smaller than gas (5-10% vs. 20-40%), and electricity rates don’t change overnight like gas prices. Solar panel owners are even more insulated.
Solar panels + EV = total energy independence
Homeowners with solar panels and an EV are essentially energy independent from the oil market. Your car runs on sunshine, and your electricity bill is near zero. If you’re a homeowner, the combination of solar + EV + battery storage is the strongest hedge against energy price shocks.