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EV’s in Connecticut Save Money, Just Not Like Other States

As Gov. Ned Lamont and the Department of Energy and Environmental Protection (DEEP) plan to ban the sale of new gas-powered vehicles by 2035, a new study shows Connecticut electric vehicle (EV) consumers see less savings than residents in other states. 

In Energy Innovation Policy & Technology’s “EV Fill Up Savings” report, Connecticut ranked 46th, followed by Rhode Island, Hawaii Massachusetts and New Hampshire. The study conducted a cost analysis for refueling EVs versus gasoline cars, using different 2023 vehicle models within three classes: Toyota Camry (sedan), Honda CR-V (SUV) and Ford F-150 (truck). They found gas cars average 400 miles per fill-up, while EVs average 291 miles.  

However, with Connecticut’s average gas prices at $3.84, the EV savings across each category were $28.25 (sedans), $20.03 (SUVs) and $31.87 (trucks).  

Meanwhile, West Coast consumers like in Washington experienced a doubling of their savings when compared to Connecticut.  

Despite having the highest gas prices in the country ($4.98 per gallon) Washington has the least expensive electricity ($0.43 per kWh) which translates into savings of $59.97 (sedans), $50.10 (SUV’s) and $81.68 (trucks). 

What’s the difference: high energy prices in Connecticut are eating into EV savings. On average, Connecticut experiences the highest electricity prices in the New England region and the second highest nationwide according to the most recent ‘Electric Power Monthly’ report by the EIA. 

EIA’s study measured prices in cents per kilowatt hour across various sectors — residential, commercial, industrial, transportation and all sectors — and concluded that Connecticut’s averages prices in these categories were 31.80, 19.29, $14.23, 14.84 and 24.21, respectively. 

But the state’s energy woes do not stop there as United Illuminating (UI) customers brace for further erosion of their savings. The Connecticut Public Utilities Regulatory Authority (PURA) announced last Friday (Aug. 25) that it approved a $22.957 million increase in distribution rates; however, UI originally proposed a $131 million increase over three years, but was denied. 

According to PURA’s  press release, this move is an “average increase in base distribution rates of about 6.6 percent and an average increase in customer bills of about 2 percent compared to current levels.” 

If the state is successful in banning the sale of new gas cars by 2035, addressing high electricity costs must be a priority. Consumers will likely show a greater inclination towards purchasing EVs if they can achieve more substantial cost savings compared to traditional gas-powered cars.  

Meghan Portfolio

Meghan worked in the private sector for two decades in various roles in management, sales, and project management. She was an intern on a presidential campaign and field organizer in a governor’s race. Meghan, a Connecticut native, joined Yankee Institute in 2019 as the Development Manager. After two years with Yankee, she has moved into the policy space as Yankee’s Manager of Research and Analysis. When she isn’t keeping up with local and current news, she enjoys running–having completed seven marathons–and reading her way through Modern Library’s 100 Best Novels.

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