Can Québec’s Finances Be Boosted By Electric Vehicles?

Can Québec’s Finances Be Boosted By Electric Vehicles?

Are you looking for a low cost, environmentally friendly vehicle? Then an electric car may just be the mode of transport you and your family need. Québec’s government’s goal is to have 100,000 electric cars on the road by 2020. However, with that being less than two years away, the province needs to take immediate action to ensure they hit this target as, at the turn of the year, there were less than 9,000 electric vehicles being driven around Québec. Canadians are expected to purchase more electric cars this year, though, and more fast chargers for electric cars are due to be installed across the country to encourage residents to go green. 

Benefits to locals 

Currently, sales of electric cars in Québec account for just 1% of all car sales in the province. Yet, locals can benefit from this modern mode of transport by taking the plunge and opting to purchase one. In particular, they could see a boost in their finances, due to their low running costs. They are also cheaper to maintain, with replacement batteries required just once every 8 years. Running a car on electric is significantly cheaper than running one on gasoline and you can save yourself even more by charging your vehicle during off-peak hours, too. Research has shown that an running costs of an electric car can be as much as four times cheaper than a vehicle which runs on gasoline.

 Why aren’t there more electric vehicles on Québec’s roads?

 There are very few charging stations across Québec, meaning most electric car owners are resorting to charging their vehicles at their own homes. Clearly, this isn’t practical when you need to travel away from home for any length or period of time. Québec’s Electric Vehicle Association has even launched a petition to get 2,000 fast charging stations built to encourage local residents to ditch traditional cars and to make the make the move to low cost electric ones.

Purchasing an electric car

When you’ve chosen an electric car, it’s important to factor in the additional cost of a home charging station and installation. On average, these charges amount to $1,500. Locals shouldn’t be put off by this additional outlay, though, as the fuel and maintenance savings over the lifetime of your new vehicle will soon outweigh the expenditure. Individuals should consider taking out a personal loan to cover the cost of their new vehicle and the required accessories and equipment when they can’t afford the outright cost.

Electric cars have many benefits to the planet, but the boost to Quebecers’ bank balances during the vehicles lifetime is one of the greatest advantages.

Categories: Business

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