For the summertime commute or for year-round transportation for those living in balmy climes, the Eneloop Bike by Sanyo could just be one of the biggest money and energy-saving devices you could ever buy. Forget about trading in your SUV for a hybrid vehicle! If you’re interested in truly low-cost driving, then check out this electric bike.

The Sanyo Eneloop electric bicycle is a very low-energy, cost effective means of getting from point A to point B, with little in the way of greenhouse gas emissions along the way. With a rack on the back, you can carry your work bag, groceries, or your child as you run errands, head to the office, or make a trip to a friend’s house. Plus you have the advantage of getting fresh air in the meantime!

When you pedal, it goes—the faster you pedal, the faster you move, up to 15 miles per hour. And by adjusting the built-in Power-Up mode, the bike automatically gives you assistance from the motor while you pedal so that you can ride comfortably uphill with very little energy (they state that it will increase your riding distance by 1.8 times).

Using “Loop charging” the bike circulates energy, charging the battery while you ride. When you apply the brakes, the rear brake acts like a generator that charges the battery. It can also be plugged in to charge it in 3 hours and 30 minutes.

It is available at a variety of retailers for about $2,300, including Best Buy (limited distribution) in their Personal Transportation department.  It’s only available in the white color and one size, but they believe the frame fits about 80% of the people in the market. The seat is adjustable up and down. You can also customize the graphics package for the bicycle (much like your iPhone), so you can personalize your vehicle for an extra charge.