Does it Make Sense to Purchase an Electric Vehicle (EV) on Maui?
The short answer is yes! However, you might want to wait a couple of years until more local charging stations are available; that is, unless you already have one at home. For example, say you own a Wailea home or Wailea condo. If you don’t have a charger already on your property, there are only three stations (with 7 stalls total) nearby in the resort. With that in mind, here are some of the main reasons why you should consider purchasing an EV on Maui.
Thanks to the Hawaii Clean Energy Initiative and 2015 state mandates, efforts are underway for the Aloha state to reach 100% clean energy by 2045. The state has abundant sources of sustainable energy such as solar, wind, and geothermal power. This means that charging an electric vehicle in Hawaii has a lower carbon footprint compared to mainland regions that rely heavily on burning fossil fuels for electricity generation.
High Gasoline Prices
Hawaii has some of the highest gasoline prices in the United States due to its isolated location and dependence on imported petroleum. Pumping can be painful. By switching to an electric vehicle, you can potentially save money on fuel costs since electricity is generally cheaper than gasoline.
State and Federal Incentives
Hawaii offers various incentives to encourage the adoption of electric vehicles. These incentives include state and federal tax credits, rebates, and grants, which can help offset the upfront cost of purchasing an EV. Additionally, there may be benefits like reduced registration fees, HOV lane access, and free parking for electric vehicles in certain areas. EVs qualify for federal income tax credits from $2,500-$7,500 and cheaper maintenance costs. Getting an oil change can easily take 3-4 hours on Maui when everything is said and done.
Short Commuter Distances
Hawaii’s relatively small size and limited road network make it well-suited for electric vehicles with their typically shorter range compared to traditional internal combustion engine vehicles. You can easily navigate the island’s distances on a single charge, and the limited availability of charging infrastructure is steadily increasing.
Hawaii is known for its natural beauty and commitment to environmental conservation. By choosing an electric vehicle, you contribute to reducing air pollution and greenhouse gas emissions, which helps protect the pristine environment and improves air quality for residents and visitors.
Future Of Sustainable Energy
According to Hawaii Electric, as of 2023, about 35% of electricity of Hawaii was generated from sustainable energy sources. Each year that number goes up as Hawaii becomes less dependent on fossil fuels and strengthens its renewable energy grid. EVs are a great way to participate in a cleaner future for Hawaii, and our future generations.
Beyond being a trusted advisor in the real estate market, your REALTOR should be a professional who recognizes their role in supporting your wealth building and wealth preservation. Helping to magnify wealth is one of the core values of The Sayles Team; a set of guiding principles for how we serve our clients at the highest level. As experts in the field, we are constantly learning and providing guidance about making the wisest choices for the future. If someone you care about needs guidance or recommendations, please share our contact information and we would be honored to help them! If you would like to receive our in-depth market update or would like an evaluation of your property’s value we would love to hear from you.
Anthony Sayles R(S)