Over 90% of US households that own at least one vehicle would see a reduction in costs spent on transportation energy and less greenhouse gas emissions if they switched to all-electric cars. Per Reuters, the findings come from a study by the University of Michigan's Center for Sustainable Systems. This is not the first study with results that indicate EVs will help reduce household costs.

The study found that households in some parts of the country could lower their annual transportation-energy costs by at least $600 if they drove a Chevy Bolt or any other EV. There is a downside, however.

The high EV transportation energy burdens would continue for America's lowest-income households, especially in more rural areas. Over half of those lowest-income homes, estimated at around 8.3 million, won't benefit from those cost savings.

Some factors leading to low EV savings include cold winter temperatures affecting battery performance and electrical grids that still depend primarily on fossil fuels and high electricity prices.

For greater context, the US Department of Transportation claims the average US household spent $10,961 on transportation in 2021. Low-income families spent the least on transportation but had a more significant transportation cost burden. Instead of the 10.4% average spent by the highest income homes, they spent 27%.

"Our analysis indicates that future grid decarbonization, current and future fuel prices, and charging accessibility will impact the extent to which EV benefits will be realized, including lowering transportation energy burdens for low-income households," said study senior author Greg Keoleian, director of the Center for Sustainable Systems.

Another vital issue the study did not factor in was the vehicles' costs. At present, EVs are typically pricier than ICE vehicles despite the recently approved expansion of the $7,500 EV federal tax credit last summer with the Inflation Reduction Act and a new $4,000 used car EV credit. Both credits have certain eligibility restrictions, meaning some of the most vulnerable households will be left behind.

The Bolt, however, is the one EV a significant number of American households can afford. With a starting price tag of $26,500, it's eligible for that $7,500 tax credit, thus dropping the final price to a reasonable $19,000.