There are many documented benefits of electric bike ownership. But, you may still be waiting for the right moment to buy one.
There has been no better time to join the electric revolution than right now. In this article, we will explain why now is the best time to buy an electric bike.
Soaring Gas Prices
Currently, gas prices are topping at $6 per gallon, and it doesn't look like the costs will drop anytime soon.
The average vehicle does 24 mpg during a commute, and the average distance is about 20 miles one way. This doesn't include variables such as changes to the route, traffic, stop-and-go conditions, etc.
So driving to and from work averages a 40-mile round trip each day. Let's see how this stacks up with the current gas prices (April 2022):
40 miles total / 24 miles per gallon = 1.7 gallons used per day
1.7 gallons x $6 mpg = $10.20 per commute
Therefore, driving to and from work every day costs the average American $10.20, if they are lucky. So, what does this mean annually?
Working days vary from month to month, but we work on average 22 days per month. Therefore traveling to and from work costs us $224.40 every month.
So the calculation for the annual cost is as follows:
$224.40 in gas per month x 12 months per calendar year = $2,692.80 spent on gas annually
This annual cost doesn't take into account running errands, short trips, social visits, etc. Nor does it consider the yearly price increase of traveling. Most of which can now be done on an electric bike.
According to the U.S. Department of Transportation's Federal Highway Administration, Americans drive an average of 13,500 miles per year, so they will spend anywhere from $2,300 - $3,000 on gas.
With these figures in mind, let's look at why now is the best time to buy an electric bike.
How Long Will It Take For An Electric Bike To Pay Itself Off?
There are many different types of electric bikes suitable for many purposes. But, we will focus on our electric commuter bikes, priced at $1,850.
The Story Electric Commuter Bike is ideal for traveling to and from work, leisure time, and running errands.
We have already established that a commute costs $10.20 per day. So 197 commutes cost a total of $2009.40 on gas alone.
The cost of a Story Electric Commuter Bike spread over 197 commutes is $9.40 per commute. Therefore it will be paid off in less than 6 months, and it will continue to save you money afterward.
How Much Does It Cost To Charge An Electric Bike?
Calculating how much it costs to charge an electric bike is very simple. You need to know your electricity provider's kilowatt-hour rate and the battery's capacity (kWh).
The battery on a Story Electric Commuter Bike is a 36v x 7.0 AH item, which equates to 252 Wh. But we need to convert this figure into kWh by dividing the Wh by 1000.
252Wh/1000 = 0.252
Then you need to multiply this figure by your electricity provider's kWh rate.
kWh x provider's cost per kWh = cost to charge your ebike battery
On average, electricity providers in the U.S. charge roughly 13 cents per kWh. So to fully charge a Story Electric Commuter Bike costs $0.3 to cover 45 miles.
3 cents per day x 365 days per year = $10.95 spent annually to fully charge
This incredible money saving is one of the many reasons why now is the best time to buy an electric bike. But the sooner you switch your car for an electric bike, the sooner you will start to benefit.