Electric bikes range in price but the best ones come in just north of $1,000. Now, however, you can own a foldable electric bike with a 50 mile range for less than $500.

The Jolt ebike, created by a guy named John Madden, is selling now at an early bird price of $499. That’s a quarter of the final price and a great deal on an ebike.

The bike is about the same size as your standard aluminum folding bike but it includes a large LG battery built into the frame. You can use the bike in pedal assist mode for a 50 mile range and it has a 30 mile range if you don’t want to pedal at all.

The bike ships fully assembled and includes everything you need to go ebiking through the countryside, including an LCD readout of speed and range. It can go a maximum of 20 miles per hour.

The crowdfunding campaign has already hit $87,000 and the bikes should ship next April, just in time for a spring-time jaunt.