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July 4, 2022

How Electric Vehicles Can Help You Beat Rising Gas Prices

Gas prices today are higher than they have been in decades. Fortunately, there is a way out. By utilizing electric vehicles, you can save on costs.

Electrical Wiring, EV Charger Installation, Residential Electrical

Why Are Gas Prices Going Up and How Can an Electric Vehicle Save me Money?

If you have recently been dreading taking a trip down to your local gas station, then you are not alone. In recent weeks, fuel prices seem to have spiraled out of control, leaving the majority of the country paying more at the pump than they did a year ago. Today, residents of states such as New Jersey, Indiana, and Missouri now pay almost $5.00 per gallon for their petrol.

Meanwhile, if you drive further east, you will find Californians facing the worst of the issue, as the average gas price in the State sits at $6.29, an increase of 46.9% from the previous year. Essentially, regardless of where you live in the United States, you are likely spending more cash on gas than you did last year.

Top Reasons Why Gas Prices Are Increasing

The Price of Crude

Four main factors define the final price of gas that you see plastered on the giant board at your local station. These are the price of crude oil, the cost to refine it, the price to transport the oil to the pump, and state taxes. While the cost of most of these factors has remained relatively stable, the price of crude oil has not.

In June 2021, the average price of a barrel of crude hovered at around $70. However, any attempts to procure that barrel today will set you back about $120, which is almost a 100% increase. Unfortunately, this extra cost is often passed down to us whenever we need to refill our cars or trucks, which is why we are paying more for our fuel today.

Chart outlining the rising gas prices in New Jersey.

Gas Prices are on the Rise in New Jersey

Fewer Refineries to Bear the Weight

In the last few years, we have seen several refineries shut down as the country prepares for a transition to greener transport. However, although alternative means of movement, such as electric vehicles (EVs), have continued to gain steady ground in the country, they are still years away from mass adoption.

This high demand for petrol and diesel to fuel our combustion engines means that most of the standing refineries are stretched thin. Unfortunately, as capacity has reduced in the last few years, all remaining refineries have had to increase their prices to handle this excess demand. However, this increase in refining price has contributed to consumers paying more at the pump.

Why You May Want to Consider Taking the Electric Route

If you have become tired of the tedious process of going to your local pump to find out that gas prices have increased once again, then you may want to consider finally biting on getting an electric vehicle. In addition to playing your role in the planet's sustainability, purchasing one of these vehicles should also help provide fantastic cost savings on energy.

Today, the cost of charging an electric vehicle starts at about $0.10 per kW. However, as most of these cars will only require about 27kW for you to be able to zoom through 100 miles, you should only expect to pay about $3 to reach this charge. On the other hand, if you choose to take the same trip today in a typical combustion engine, your pocket can be as much as $23 lighter by the time you reach your last stop.

These cost savings is one of the core reasons Toth Electric always recommends cashing in on an electric vehicle once you get the chance. The average owner of an electric vehicle saves more than $700 each year in fueling costs, which they can use on other aspects of their home. Additionally, as most battery-powered cars tend to have few parts, you can also expect to save more on maintenance.

If you are considering getting an EV to help you save on fuel costs and would like to ensure that your home is ready to handle the charging of your new purchase, please do not hesitate to contact us. Toth Electric is a leading electrical service provider in New Jersey with several years of experience providing electrical installation. We will be glad to answer any questions you may have.

Electrical Vehicles can help you avoid the rising gas prices

Home Electrical Vehicle Charger Installation With Toth Electric 

One of the most common misconceptions about EVs is that you can only top up their batteries at a fast-charging point outside your home, but this could not be further from the case. Plugging in an EV at home through an electric vehicle charger installation is just as possible as charging your laptop or phone. 

Unfortunately, ensuring that you do not shoot past the budget for your electricity bill by setting up an efficient station tends to be more complicated. At Toth Electric, we have made it our mission to ensure this does not happen by providing efficient electrical vehicle charger installation for brands, businesses, and residential homes. Please visit us in New Jersey or get your free estimate here to learn more about our various services.

Enjoy Government Rebates and Incentives

The fact that eclectic vehicles are the future of transport is indisputable, so the best time to install a commercial EV charger is now.

If you are experiencing any of the above situations or you have a general sense of needing our expert opinion on your home's electrical, please call us or schedule an appointment at the link below.

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