Electric car sales have historically been hindered by higher costs. However, on a total cost of ownership (TCO) basis, electric heavy-duty trucks are now cheaper to own and operate than an internal combustion engine vehicle, and light-duty vehicles will hold a TCO advantage within the next five years. Electrifying all cars and trucks by 2035 yields cumulative economic savings of approximately $2.7 trillion through 2050 compared to the No New Policy scenario — a household savings of about $1000 per year on average over the next 30 years. Electrifying light-duty vehicles by 2030, five years faster than many existing policy proposals, is critical to benefits realized, saving $460 billion more than delaying that transition by five years.
Switching to All-Electric Cars and Trucks Would Save Consumers Trillions
