Here’s How Much Money An Electric Motorcycle Can Save You

Summary

• Electric motorcycles offer cost savings over gas-powered ones with lower fuel costs and minimal maintenance expenses.
• Maintenance savings of over $1,000 annually with fewer visits to the mechanic, no oil changes, and extended warranties.
• Governments provide tax breaks for electric motorcycle purchases, achieving long-term cost parity with gas bikes.

The future of transportation is electric, and motorcycles are no exception. Adopting sustainable transportation has become a priority, and electric motorcycles are the smartest choice on the market for two-wheeler enthusiasts. Riders are increasingly favoring such motorcycles due to their environmental benefits, economic advantages, and technological prowess. Consequently, the battery technology is constantly improving and infrastructure is expanding, which makes these bikes poised to become a dominant player in the market.

As good as everything sounds, one of the key factors contributing to their rising popularity is their cost-effectiveness. No, not the upfront cost, but the savings compared to gasoline-powered motorcycles. Imagine cruising down the open road, feeling the wind in your hair, and knowing that with every mile, you’re saving your money. With the increasing cost of gasoline and maintenance, this is a thought that’d give you butterflies. And we’re here to tell you that you can indeed do that. How? By assessing the running costs of an electric motorcycle today. For those still undecided about making the switch to EVs, this is essential to fully understand the range of cost benefits associated with owning an EV. Without further ado, here’s a breakdown.

In order to give you the most up-to-date and accurate information possible, the data used to compile this article was sourced from various authoritative sources, including eia.gov, gasprices.aaa.com, jdpower.com, electrek.co, and hotcars.com.

Fuel Your Freedom for Less: Fuel Costs and Charging Expenses

Electricity: $0.01 per mile; Gasoline: $0.09 per mile

The cost of charging an electric motorcycle is much cheaper than fueling a gas-powered one with gasoline. In the US, the average price of electricity is approximately 13 cents per kilowatt-hour (kWh), according to the US Energy Information Administration. On the other hand, the AAA states the average price of gasoline is around $3.50 per gallon.

Let’s compare this with a practical example. Consider a motorcycle that can go 50 miles per gallon of gasoline. On a 100-mile trip, this motorcycle would consume two gallons of gas, costing approximately $7. Whereas, an electric motorcycle with a range of 100 miles on a single charge would consume 10 kWh of electricity, costing only about $1.30. This means you’ll save $5.50 per 100 miles! On average, you’re looking at $0.01 per mile on electricity, whereas gasoline can cost around $0.09 per mile.

If you commute 10 miles every day, you could save $80 per month on fuel costs alone. Over a year, that translates to a significant saving of over $960. Furthermore, electricity prices are more stable than gasoline prices, which can fluctuate widely. Therefore, with an electric motorcycle, you can enjoy more predictable budgeting for your transportation costs while also saving substantially on fuel costs.

Beyond the Sticker Shock: Maintenance Costs and Service Intervals

Maintenance Savings: Over $1,000 per year

In addition to fuel cost savings, electric motorcycles offer nearly zero maintenance expenses compared to their traditional counterparts. Gas offerings often need servicing every 4,000 miles (or annually) depending on the model and usage. Electric motorcycles, on the other hand, typically require only semi-annual or annual preventative maintenance due to having fewer moving parts. Plus, consumables like spark plugs or air filters are all absent, resulting in fewer visits to the mechanic and reduced overall maintenance costs.

Owners of electric motorcycles can forego oil changes, which cost between $30 to $70, potentially saving hundreds of dollars over the lifespan of the vehicle. Electric motors also endure less wear and tear, requiring fewer repairs and thus, incurring lower maintenance expenses. Oh, and you’ll find they’re belt-driven in most cases, so no chain lubes or sprocket changes.

Most electric motorcycles are equipped with regenerative braking systems that slow down the bike while simultaneously recharging the battery, reducing wear on the brake system. This extends the lifespan of brake pads and rotors (typically costing $30 to $50 per set of pads; few hundred dollars per set of rotors). Therefore, maintenance of traditional motorcycles can quickly add up to over $1,000 a year. Additional services, such as valve replacements, can increase these costs by another $600 to $1,500.

The significantly lower maintenance requirement of electric motorcycles allows riders to avoid these expenses altogether. The only components that need regular replacement are the tires and brake pads, besides routine cleaning and self-inspections. What makes matters sweeter is the extended warranties on big parts (most EVs provide five-year warranties while two years is the norm for ICE bikes).

True Cost of Ownership

Federal Tax Credit: $7,500 (New) & $4,000 (Used)

Now that the savings aspect has been addressed, let’s delve into the true cost of ownership expenses that electric motorcycle riders eventually incur. Although electric motorcycles have a higher initial cost than gasoline-powered bikes, the long-term savings on fuel and maintenance can offset the upfront price difference. Often, electric motorcycles can achieve cost parity with gasoline bikes within a few years, depending on how they are used and local electricity prices.

Moreover, various governments provide tax breaks or rebates for electric vehicle purchases, which can significantly reduce the initial ownership costs. For instance, in the United States, the federal tax credit for electric motorcycles can reach up to $7,500 for new vehicles and $4,000 for pre-owned vehicles. Beyond federal incentives, many states offer additional benefits for electric vehicle purchases, including tax breaks, rebates, or complimentary public charging. Charging infrastructure, especially public charging stations, also plays a role in ownership costs. However, the costs associated with using these stations can vary by provider and location.

A major expense for riders over the lifespan of ownership is the battery. Electric motorcycle batteries are built to last for many years but will need replacement eventually. The replacement cost can differ based on the motorcycle’s brand and model, and it’s not cheap in most cases. This is why most manufacturers provide a warranty of at least five years or more for the battery, ensuring prolonged confidence and value retention.

Don’t Drain Your Wallet; Charge Up Your Ride

Adopting electric motorcycles can be a sweet deal due to the cost savings on fuel, cheap maintenance, and government incentives. The added benefits of instant torque, smooth acceleration, modern features, connectivity, and extensive customization options sweeten the deal further. However, before making the switch from traditional motorcycles, several factors need consideration, including the limited dealer network, charging infrastructure, range anxiety, and the relatively high purchase price, even with incentives. Just look at the Kawasaki Ninja e-1, which is as fast as a 125cc bike, but costs nearly $2,000 more than the Ninja 500!

That said, there’s no denying electric motorcycles offer long-term savings and contribute to reducing harmful emissions, fostering a healthier environment for all. Investing in an electric motorcycle not only ensures you’ll save some money for your kids but also elongates the planet’s life. So it is time you consider going electric. No, don’t go buy a Damon Hypersport Premier, but start small and give these bikes a fair shot.