Not just that, but it also puts significantly less wear and tear on the road vs cars. So you can save money there by getting more people to bike.
Do we really need every road to be dedicated to cars anyways? It's a lot of repaving. You could dedicate a few roads to bikes, or bikes and buses, and potentially repave way less often. And repaving and repainting isn't cheap. The more you think about it, the weirder it is that we've paved a massive grid of roads so that anyone can drive in a 500x500 foot square. Dedicating some foot traffic, some to bike and bus/rail, and some to cars could help people get away from having to drive everywhere because anything else is too unsafe due to cars.