Almost everyone wishes to experience the smooth and thrilling ride that electric bikes offer. Electric bikes are slowly becoming a favorite with many riders today compared to the once popular gas-powered bikes. Although a welcome option for most of us, the initial cost of an electric bike can set you back a few thousand dollars, hence one of the most significant barriers for many. Are electric bikes worth the cost? One might ask. Outlined below is a brief breakdown of the costs associated with owning an electric bike to help determine if it is a worthy investment.
The Initial Cost
Electric bikes cost between e1,000 and e5,000 depending on the type, brand, and built-in features. It is also worth noting that some of the top-of-the-line electric bikes can cost more than e10,000. One of the reasons electric bikes are expensive to buy is because it is not only a new but an advanced technology, but revolutionary as well. The initial cost takes up the highest percentage of acquiring and owning one.
This is one area electric bikes outshine traditional gas-powered ones by far. As expected, electric bikes run solely on batteries which can be recharged by simply plugging them in if/when drained. Recharging these batteries cost only a fraction of what you’d use to fill up at a gas station for the same mileage. With very few movable parts, electric bikes practically require minimal maintenance.
The time and cost of recharging the batteries will, of course, depend on electricity costs in your area, the type of charger, and battery size. According to research, most people spend between e0.05 and e0.15 to charge their batteries fully. An electric bike with a 400-watt-hour battery will cost anything between e0.10 and e0.30 to charge it fully. The rates are, however, dependent on your location and electricity rates.
The fact that you can get a full charge for under 0.3 dollars for dozens of miles is one of the main reasons many people are making the switch. An electric bike can cover dozens of miles on a single charge (for under a dollar) compared to how much you’d spend on gasoline for the same mileage.
Savings On Transportation Expenses
Aside from operating costs, you’ll realize even higher cost savings, especially on transportation expenses. This is because you won’t need to pay for car insurance, parking fees, or even gas for the e-bike. While it may not seem like much at a glance, some of these expenses add up to the thousands in a year, money you could save from simply using an e-bike.
On average, anyone with a car spends between €4,000 to €10,000 (in Ireland) in ownership costs per year. This, of course, is inclusive of maintenance, insurance, fuel costs, taxes, and the make and model of the car. The highest percentage of these goes into fuel costs. Insurance takes up the second place in ownership costs per year, considering comprehensive insurance in Ireland is approximately €1000 per year. Other expenses include tire rotations, routine oil changes, spare parts, and other maintenance costs. Motor tax can quickly add up per year depending on the make and model of your car. Most of these expenses are non-existent with electric bikes.
Here are some good commuting tips for ebike cyclists.
Government Incentives for eBike Use
Some governments offer incentives for those looking to buy and own electric bikes. Rebates, tax credits, etc via the bike2work scheme., are some of the incentives you will enjoy from owning an e-bike. Depending on your government, you might enjoy even more incentives and benefits, which make e-bikes attractive to many.
Electric bikes are considerably cheaper, environmentally friendly, and cost-effective in the long run as compared to gas-powered engines. Although the initial cost might be higher, you will save much more in the long run from using the e-bike. The fact that they are a convenient mode of transportation while attracting government incentives and no parking fees makes them an excellent and green solution for everyday commuting.