Can an EV save you money? It depends on where you live and how much you drive [Video]

Can you actually save money by buying an electric vehicle?

The answer, according to a new University of British Columbia study, depends on how much you drive it and what province you are in.

“It actually turns out that the total cost of owning an electric vehicle can actually vary quite a bit across Canada depending on where you live and also how you live,” explained Bassam Javed, a UBC PhD candidate and study co-author.

The paper, published recently in the journal Environmental Research Infrastructure and Sustainability, looked at the total cost of owning an EV and a traditional gas-powered vehicle over seven years, the average period Canadians tend to own a vehicle.

Researchers factored in price, provincial subsidies, maintenance costs, gasoline costs, electricity costs, charging stations, resale value and how far Canadians drive on average every day.

Buying an electric vehicle off the lot is more expensive, but every kilometre driven in one is cheaper, Bassam explained. As a result, …