To create the first electric bicycle, which is considered the forerunner of the current day e-bike, two innovators worked together with the steam and internal combustion engines to power the machine.
Electric bikes continue to grow in popularity, and it is expected that they will experience a boom in 2025, for annual compound growth of 9.9 percent.
These efficient vehicles are less expensive than automobiles and motorcycles, easier to charge, and equipped with pedal assistance. All this makes for a convenient and cost-efficient ride.
Do Electric Bikes Save You Money?
Even though electric bikes are somewhat different than traditional bicycles, many people seem to have caught up on some false data. Out of all the assumptions, most individuals tend to revolve around one similar theme: the cost of the e-bike.
Purchasing an e-bike may seem to be a significant financial commitment at first; however, surprisingly, e-bikes can actually save money in the long run, and owning one may deliver a significant return on investment.
Many e-bikes are expensive because they are built using “high-end” bicycle components. When compared to the costs of motorcycles, cars, and other automobiles, e-bikes are more cost-effective.
An electric bike with high-quality components and a battery fitted into a pretty basic bicycle may provide the most value for money.
Consider all of the expenses you won’t have to pay for, such as gas, insurance, and taxes – the list goes on.
How Electric Bikes Save You Money
Almost two years into the COVID-19 pandemic, things are finally getting back to normal.
Individuals who were forced to stay at home are venturing outside more often, driving a surge in the sales of bicycles—both conventional and electric.
May 2020 was a record-breaking sales month for several manufacturers and merchants, even though many other businesses suffered from the outbreak.
However, this current shift in electric bike sales in the United States is attributed to the cost savings that e-bikes carry with them.
Keep Yourself and Your Bank Account Healthy
Money may not be the first thing that comes to mind when thinking about health. However, the healthier you are, the less money you will have to spend at the doctor’s office.
Even if you have comprehensive health insurance—doctor’s appointments and prescriptions might be too costly, and this is where an e-bike comes in.
E-bikes are a fantastic way to remain active and ward off significant diseases, and they may also save you a significant amount of money in the long term.
It becomes more challenging to maintain a healthy weight as we get older. However, if you own an ebike, you can enjoy the exercise you need without having to go to the gym.
According to recent research done in the Netherlands and the United Kingdom, individuals who own e-bikes report a considerable rise in mobility and physical fitness levels.
The second finding of this research shows that those with mobility challenges were more likely to choose an e-bike over a standard bike because of the ease they could operate one.
Ditch Expensive Gym Memberships
In the United States, around 45 million adults (approx. 14 percent of the population) have a gym membership that costs hundreds, if not thousands of dollars, per year.
Due to these monthly/annual payments, it becomes more challenging to visit the gym regularly, and most people find it difficult to do so in the first place.
On the other hand, those who have access to an electric bicycle can get into a solid exercise routine without going to the gym.
Almost all e-bikes are equipped with a pedal-assist feature that aids in fat burning and muscle development.
Unlike a traditional bike, which needs you to pedal all of the time, e-bikes are powered by the battery, providing you with a much-needed rest from the pedaling.
This is ideal for individuals who can only perform a low-impact exercise due to restricted movement due to illness or injury.
This is also a terrific option for individuals who are just getting back into shape or for anybody who wants to lose a few additional pounds without having to engage in strenuous activity.
Earn Side Income with E-Bikes
If you reside in a mid-to-large-sized city, you have the potential to earn some extra cash with your e-bike. Several retail chains require people like you to deliver food, flowers, and paperwork.
Even though these tasks are not the most well-paying, they may help you earn some extra money during your leisure time.
In reality, the money you make while working as an electric bicycle delivery driver may even help you pay for the vehicle. Once you have recovered your original investment, it will be pure profit.
Investing in many e-bikes and establishing your own e-bike rental business is another way to make some extra bucks.
Since your initial investment will be significant, you may expect to start seeing returns in less than a few months or a year.
Save Time – Time is Money
Americans are living longer lives, metropolitan areas are becoming denser, but the traffic in major U.S. cities is still among the worst.
However, in 2021, the typical American motorist would spend 26 hours in traffic jams.
Still, today, traffic delays in major cities have been reduced by almost half, decreasing 73 hours from a year earlier—the credit goes to e-bikes.
The majority of people are unaware that time is genuinely worth money. A traditional bicycle for a five-mile trip would take 27 minutes, while an e-bike would complete the journey in 15 minutes.
The route would take around one hour and five minutes on a standard bicycle, but just 36 minutes on an electric bicycle if you plan to ride 12 miles to work or school.
As a result, having a few additional hours each day might provide you with an opportunity to earn some extra cash.
Many individuals have a part-time job that they like doing after finishing up their day jobs; therefore, people opt to ride an e-bike to save time on their commute, allowing them to get valuable time back in their day.
Apart from that, e-bikes can navigate through traffic with relative ease, and many cities feature bike lanes that allow you to avoid traffic entirely.
This means that you will not spend time sitting in traffic and will have more time to accomplish whatever you like doing.
Additionally, you will not have to be concerned about being late for work since you will be avoiding the morning rush.
Save Money on Parking Fees
A study by INRIX found that the average amount of time spent seeking parking in the United States is 17 hours, and an average driver spends more than $3,000 a year on all parking-related expenses.
Let’s face it, no one likes having to pay for parking, yet it is an unavoidable aspect of city life. Parking costs may add up quickly and become prohibitively costly.
Based on different locations, individuals may even be required to rent a parking space at the building. On the other hand, many apartment residents are burdened with a monthly parking fee.
With an e-bike, you can bring it inside at night and avoid having to worry about paying parking fees in the morning, possibly saving you hundreds or perhaps thousands of dollars every year.
Additionally, you will not have to worry about paying to park at a parking garage, whether you are driving to work or running errands.
In most places, you may securely park your e-bike on one of the many bike racks that are available for no charge. This will undoubtedly save you a significant amount of money throughout your life.
No Hidden Costs or Monthly Maintenance
Purchasing an automobile comes with a significant amount of up-front expenses.
Apart from coming up with a substantial sum for the down payment, you will also be required to pay dealer fees, delivery costs, and any taxes and insurance premiums.
When it’s all said and done, you’ll have a monthly payout of several hundred dollars to look forward to.
However, when you purchase an e-bike, this is not the case. It is possible to get an electric bike for a few thousand dollars.
There will be no hidden costs to be concerned about, and if you pay in cash, you will not be required to make a monthly installment payment.
Although financing your new bike is an option, the monthly payments will be incredibly low.
As opposed to purchasing a vehicle, an electric bike is more economical and more accessible to individuals who are working with little financial resources.
For a fraction of the cost of maintaining an automobile, an e-bike should be a welcome addition.
Unlike automobiles, which need significant financial investment to maintain, e-bikes may be maintained in excellent condition for relatively little money.
Generally speaking, the cost of driving a standard automobile is around 50 cents per mile. Gas, tires, and routine maintenance are all included in this cost of operation.
The cost of running an ebike, which includes the cost of tires, battery replacement, general maintenance, and the cost of energy, comes out to just 18 cents per mile driven.
Over time, this represents significant savings, and it is one of the reasons why so many people are opting to buy e-bikes rather than automobiles.
|Tune Up||$75 – $100|
|Flat Tire Fix||$10 – $20|
|Brake Adjustment||$20 – $35|
|Drivetrain Replacement/Adjusting||$20 – $60|
Take Advantage of Tax Incentives
Depending on where you reside, you may be able to take advantage of tax incentives if you purchase an e-bike.
The version of the social safety net and climate measure that the House approved of Representatives provides Americans with a fully refundable, 30 percent tax credit on purchasing certain electric bicycles.
Individuals with incomes of $75,000 or less are eligible for the maximum credit of $900 available.
This incentive was created to benefit the environment while also lowering the cost of infrastructure construction.
Belgium, for example, offers even more favorable tax benefits than the United States.
It is customary in this European nation for its people to get an annual tax credit depending on the number of kilometers they travel by bicycle to work.
Similar tax incentives have been implemented in France, with the money saved depending on the kilometers traveled.
As you can see, no matter wherever you live, there are various progressive tax benefits available. So what’s stopping you from switching to an e-bike?
E-Bikes – Cost Breakdown
|Cruisers E-Bikes||Average Cost – $3,050||Ranging from $1,500 to $7,900|
|Mountain E-Bikes||Average Cost – $4,150||Ranging from $1,200 to $9,000|
|Road E-Bikes||Average Cost – $4,750||Ranging from $1,900 to $8,000|
|City E-Bikes||Average Cost – $2,800||Ranging from $1,200 to $8,000|
|Folding E-Bikes||Average Cost – $1,750||Ranging from $700 to $5,000|
|Cargo E-Bikes||Average Cost – $3,300||Ranging from $1,700 to $6,000|
Your Duty as an E-Bike Rider
- Choose to ride an e-bike whenever you can: You can attract other regular bike riders by riding an e-bike to run errands or commute to work.
- Make an effort to get your money back: Check whether your place of employment or local government provides any incentives for using an e-bike.
- Take charge for transforming your area: Talk to your local bicycling coalition and find out how you can make a difference. Ask them to provide training so more people can switch to e-bikes.
- Consider taking your advocacy to the next level: Contact your local representative and inquire about what can be done at the state level to make it simpler and more advantageous to ride.
Related electric bike articles:
- How Much Weight Can an Electric Bike Pull?
- Can You Use An Electric Bike Without A Battery?
- Electric Bike Keeps Cutting Out
- Can We Charge Electric Bike at Home?
- Will Electric Bikes Get Cheaper?
- Do You Need Insurance For An Electric Bike?
- Electric Bike Service Costs in the USA
- How Long Do Bosch Electric Bike Batteries Last?
The Final Cut
Clearly, the benefits of owning an e-bike are endless, but most importantly, you will never have to spend another dollar on petrol again.
Not only can an electric bike save you money, but it also has the potential to earn you money if you see it as a business opportunity.
It is possible to replace the part (or perhaps all) of your motor vehicle miles with an electric bike, which will save you hundreds and thousands of dollars in gas expenditures.
Just in case you need another reason to invest in an environmentally-friendly e-bike, consider the fact that gas prices are rising rapidly and show no indications of slowing down as summer approaches.
To put it another way, recharging batteries is less expensive than driving a vehicle. Since the electric motor consumes less energy, it helps you to lessen your carbon impact. So, are you ready to take your rides to the next level?
My name is Matthew, staying in Seattle, Washington. Electric Vehicles (Electric Cars & Electric bikes) caught my attention for the last few years and my love for electric cars and bikes is everlasting. I spend many of my weekends traveling to various places all over various cities with my electric vehicle (e-bike and electric car). Here I am sharing my expertise, experience, and invaluable information about electric cars and electric bikes. Check out more.