While the math on buying an EV was already impressive, it just got even better for two reasons: the $5,000 federal EV rebate returning in February and international events driving up gasoline prices. <\/p>\n\n\n\n
Back in January, for example, the Chevy Equinox EV would have saved drivers $22,000 compared to the gas Chevy Equinox over 10 years of ownership. But with the new incentive and March 20 gas prices, savings have now increased to $34,000\u2014a $12,000 difference. Critically, the EV earns back its higher upfront cost with fuel savings after just two years and four months of driving, compared to five years previously. <\/p>\n\n\n\n
This is just one finding mined from Clean Energy Canada\u2019s new report, Back in the Race<\/em><\/a>, which compares the ownership costs of various EVs against their gas equivalents alongside the lifetime costs of other household clean technologies, such as heat pumps, induction stoves, and efficient hot water tanks.<\/p>\n\n\n\n Our study also finds that heat pumps save money in many scenarios across Canada, especially compared to oil and conventional electric heating. But in provinces where we compared it to natural gas, heat pumps range from cost-saving in B.C., to comparable in Ontario, to a clear cost in the Prairies. Since we last ran these numbers in 2024, certain policy changes have altered the math on heat pumps: namely, the loss of a federal and some provincial incentives and the elimination of the consumer carbon price.<\/p>\n\n\n\n For the future of clean heating in Canada, it\u2019s crucial that governments help close this reopened price gap, and it is likewise important that Canadians better understand that the benefits of clean technologies are not all cost-related.<\/p>\n\n\n\n
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