It's no surprise that electric bicycles are rapidly gaining traction. The projected figures for the market — an impressive $27.22 billion in 2021, $54.48 billion by 2027, and a staggering $118.6 billion by 2030 – tell us all we need to know about the future of these eco-friendly machines: it's looking bright! According to Mordor Intelligence / Allied Market Research, this growth is fueled by several factors.
Say goodbye to gas bills that rival the national debt and hello to the pedal-powered revolution of the electric bike. These money-savers come with several advantages over traditional motorized transportation — savings on fuel, maintenance, and wear and tear.
Put the pedal to the metal, and discover how these silent machines can take us from being penny-pinchers to pound-savers!
Rolling to Riches: Why Electric Bikes are the Frugal Commuter's Best Friend
For many decades all of us were at the mercy of the sky-high prices of gas, but now a new breed of bikes is shouting from the rooftops putting an end to your gas-guzzler woes. The Big Cat-2023 BIRIA 500 has arrived to save the day and give you the power to roam the streets with wild abandon!
But before the advertisement, let us break down the math:
Cost
Electric bikes cost a fraction of the price, usually between $1,000 to $5,000, while the average car will set you back a cool $37,000. In terms of fuel costs, the electric bike sips on electricity for just pennies per mile, while a car gulps down gas for a hefty $0.13 to $0.27 per mile. Insurance for the electric ride is a mere drop in the bucket at $100 to $500 per year, compared to the car's annual premium of $1,500 to $2,500.
And maintenance? The electric bike is a low-maintenance beauty with tune-ups and tire replacements barely making a dent in your wallet at a few hundred bucks per year, while the average car maintenance costs will take a $1,000 to $2,000 bite out of your savings annually. All in all, choosing an electric bike over a traditional car can potentially save you thousands in the long run.
|
Expense |
Electric Bike |
Traditional Car |
|
Initial Cost |
$1,000 to $5,000 |
$30,000 or higher |
|
Fuel Cost Per Mile |
$0.02 to $0.04 |
$0.10 to $0.50 |
|
Insurance Per Year |
$100 to $500 |
$1,500 to $2,500 |
|
Maintenance Per Year |
$100 to $300 |
$1,000 to $2,000 |
Of course, these are rough estimates and may vary based on the model and your personal habits. Still, the bottom line is clear: electric bikes are a cheaper, more economical option.
Tax Incentives and Rebates
Let us talk about the sweetest part of electric bikes - the tax incentives and rebates! In the good ol' U.S. of A, if you choose to go electric on two wheels, you can get a juicy tax credit of up to $1,500 from the federal government. The Electric Bicycle Incentive Kickstart for the Environment Act, also known as the E-BIKE Act, is a proposed piece of legislation aimed at promoting the use of electric bicycles in the United States. The act seeks to provide incentives for individuals and businesses to purchase and use electric bicycles for transportation and recreation.
The E-BIKE Act would provide a tax credit for individuals who purchase an electric bike, similar to the tax credits currently available for electric vehicles. The act would also provide tax credits for businesses that purchase electric bikes for their employees to use, as well as for businesses that install electric bike charging infrastructure.
Several regions and states have subsequently taken up the mantle. Vermont was the first in America to introduce a state subsidy, followed by Colorado's highly successful e-bike discount plan that has continually been sold out due to its popularity. At present, New York is also exploring a similar e-bike refund option.
Hold on to your handlebars! The good folks in Oregon have a plan to make electric bikes even more irresistible. Outgoing State Rep Karin Power has proposed a bill called the Legislative Concept (LC) 1994, and it's set to provide rebates to e-bike buyers.
The proposed LC 1994 bill in Oregon offers rebates on electric bikes, up to $1,200 for non-cargo bikes and $1,700 for cargo bikes. To qualify, the bike must have a minimum retail price of $950 and the buyer must keep it for a year.
Accessories purchased with the bike can also be rebated. Retailers must register to participate and provide point-of-sale rebates, then be reimbursed by the State of Oregon. The bill allocates $6M to cover rebates and program costs.
Improved Health and Productivity
An extensive study by the National Institute for Health and Welfare found that electric bike riders had lower BMI, took more physical activity, and felt healthier than other commuters. Electric bikes can help you get to work faster and make your commute less stressful - something your boss will surely appreciate!
There are a plethora of ways e-bikes can help improve overall well-being and productivity. Here are just a few additional benefits these bikes provide:
- Low-impact exercise: E-bikes provide a form of physical activity that is easy on the joints, making it accessible to people of all ages and fitness levels.
- Improved cardiovascular health: Regular use of e-bikes can help improve heart health, as well as increase endurance and strength.
- Reduced stress: The relaxed, open-air experience of riding an e-bike can help reduce stress and increase overall well-being.
- Increased energy levels: Physical activity, like riding an e-bike, increases energy levels, making it easier to tackle tasks and be productive throughout the day.
- Time-saving: E-bikes are a fast and convenient mode of transportation, allowing for quick commutes and more time for other activities.
- Reduced environmental impact: E-bikes are powered by electricity, making them a sustainable mode of transportation that helps reduce carbon emissions.
- Increased creativity: The physical and mental break provided by riding an e-bike can help increase creativity and reduce burnout.
Conclusion
According to the report released by the U.S Census Bureau, the average American spends 55 minutes a day commuting, which adds up to an average of 220 hours a year spent in the car, train, or bus. That is almost 10 entire days! With an electric bike, you can save time and effort by getting to your destination quickly and efficiently. The cherry on top of this sweet deal is the health and financial benefits associated with electric bikes.
Do not wait any longer! Saddle up with our Long Beach Cruiser and check out our awesome lineup of electric bikes, each with its own unique style and capabilities. Whether you're looking for speed, comfort, or a combination of both, we've got you covered.
Keep in mind the journey to a greener future, improved health, and productivity starts with one pedal stroke!