EV Dreams & Apartments

Lower EV prices will attract lower income folks renting apartments to buy an EV. Soon. But only if EV charging is easy to use and also inexpensive. Both can happen but might need some help on apartment charging public policy.

Should lower income apartment households have the same easy to use at home level 2 charging and low electrical rates as single-family households? In my opinion, that should be the public policy goal.

Coltura.org studies consumer fuel use in the US. They noted that 10% of apartment renters are often lower income folks that drive a lot, with many spending 30% of their income on gasoline. The jobs are in the city, the affordable rents are 40 to 50 miles away. If you are driving 100 miles each workday, the price of fuel can be significant.

What if the purchase price of an EV, in 2025 is $17,000 (after tax savings) and has a 85% savings in fuel. For low income renters who have logged 250,000 miles on their commuter car, it might be time for a new car. Buy a new gasoline car or used? Or buy an EV? For many, the car payment — fuel savings is a wash. No increase in monthly expenses to own a new EV with 5-year loan. Also, the maintenance costs are lower. After 5 years the available income jumps by more than $330 a month. Keep the EV for 12 years and the total savings banked could be about $30,000. Enough to buy a new EV and a long vacation…