Chevrolet Volt owners are some of the most satisfied and loyal customers in the auto world and now Volt fans have something new to celebrate, a price drop. General Motors announced a $5,000 price drop for the 2014 Chevy Volt, which now sells for $34,995 including an $810 destination fee. Federal tax incentives could bring the Volt price down to $27,495, putting it in direct competition with a new segment of non-electrified vehicles.

The Volt is the most popular plug-in vehicle in the nation and the price drop makes the vehicle that much more attractive to prospective buyers. In July, Chevrolet sold 1,788 Volts, which brings the year-to-date total to 11,643 units. This is a 9.2 percent increase over Volt sales during the same time period in 2012.

“We have made great strides in reducing costs as we gain experience with electric vehicles and their components,” said Don Johnson, U.S. vice president, Chevrolet sales and service. “In fact, the Volt has seen an increase in battery range and the addition of creature comforts, such as a leather-wrapped steering wheel and MyLink, since its launch in 2010.”

An increased battery range, approximately 38 miles in electric only mode, helps Volt owners achieve an EPA estimated 98MPGe. The Volt is also rated at 35 mpg in the city and 40 on the highway operating on gasoline power alone. The plug-in vehicle can travel up to 380 miles on a single charge and a single tank of gas.

Volt owners typically go above and beyond the EPA estimates, however. According to General Motors, the average Volt owner that charges regularly drives about 900 miles in between trips to the gas station. This averages out to be about one trip per month for the average commuter. Now that GM has dropped the price of the 2014 Chevy Volt by over 10 percent, the vehicle is even more enticing money and eco-conscious consumers.