As the government is enforcing the electrification of vehicles to combat the global climate change, the high cost of electric cars hinders the people from choosing one. People concern about the battery life, charging of battery and the range of Electric Vehicle (EV) and wonder if it is economical to invest in an electric vehicle.
Do electric cars actually save money?
Before adopting to EV, it is important to understand the several costs associated with electric cars and how an EV could result in a significant long-term savings when compared to the conventional Internal Combustion Engine (ICE) vehicle.
Cost benefits of electric cars
EVs run on electricity while ICEs run on gasoline. With petrol prices tend to be increasing drastically over the past 20 years, the electricity price remains to be nearly stable. The electricity is produced from fossil or from renewable sources such as wind and solar. The penetration of renewable energy into energy market can aid EV to more environment friendly.
According to a study on fuel costs by the University of Michigan, the cost of the electricity required to charge an EV is less than half of that required to operate a gasoline car of similar size. In addition, in electric vehicles, regenerative braking helps to charge the battery when the vehicle decelerates or brake is applied. In Internal Combustion Engine vehicle, when brake is applied, the kinetic energy is wasted as heat.
The maintenance costs of vehicle surge over time. In ICE vehicles, the engine maintenance cost increases with age. In addition, periodic replacement of engine oil, coolant, transmission fluid, and belts is needed. On the other hand, electric vehicles, have fewer moving parts, and does not require to change oil, belts, spark plugs, exhaust etc. Hence the maintenance cost of EV is lower than ICE.
In electric cars with regenerative braking capability, electric motors do most of the braking operation. This helps to save the brake pads thereby reducing maintenance costs.
Read more about electric vehicle basics
But it doesn’t mean that EV do not need maintenance. The battery can be charged and discharged only for a particular number of cycles after which its performance degrades and the battery is to be replaced. Thus, the battery accounts for the high maintenance cost in EVs. With the technology advancement in battery technology, the cost of battery is continually decreasing while the energy density is increasing which helps to achieve lower operational cost.
Though electric vehicles emit no tailpipe emissions, it cannot be considered completely pollution free when well to wheel emissions is taken into account. The electricity used to charge batteries may be generated from fossil fuel-based sources which pollute the environment. However, the conventional vehicles emit twice more than the electric vehicles. If we use a renewable energy for charging the batteries, then the pollution at the generator side can be reduced and make EV more sustainable.
Pollution from vehicles is one of the major contributors of air pollution. According to the World Health Organization (WHO), people in big cities of developing countries deal with high level of air pollution. The particulate matter released by vehicles are so tiny that it enters into lungs of human beings and can cause various life-threatening diseases. Therefore, adopting electric vehicles will help in improving the air quality.
Most of the countries in the world rely on other countries to meet their transportation fuel requirement. The cost of the crude oil has been increased drastically over the years and the dependence on the import of the oil will surely affect the energy security of the country. The shift towards EV could reduce the dependence on other countries and shift towards cleaner renewable energy for electricity generation.
Electric Vehicles are four times more efficient than ICE vehicles. The electric vehicle provides 72% efficiency at the wheels while an IC engine can provide only 17 to 21%. Electric vehicle has higher fuel economy compared to IC engine based vehicles.
Electric vehicles give higher performance as electric motors are quiet and smooth. The electric motors react quickly, providing maximum torque at zero speed. Electric vehicles can be easily connected with charging stations to control charging time, charging during off peak period, and send the stored battery charge to grid during peak hours.
Electric Vehicle often encounter this claim: Not suited for long distance travel. It’s true that EVs have a shorter range than gasoline powered cars. But according to a study, most of the time, people drive only short distances and around 28 % of trips are less than a mile. Hence an EV can be a suitable choice for one who travels short distance and can charge the vehicle comfortably at home.
As electricity cannot be stored, normally generating stations produce electricity less than its capacity. During off-peak periods, most utility companies encourage customers to use the power by offering low tariff plans. EVs can be encouraged to charge during the off-peak period so that plant load factor will improve. The energy stored in the batteries can be used to support the grid during peak hours through a process called vehicle to grid.
Can charging an electric be an issue?. Fully recharging the battery can take up to 8 hours in case of slow charging or at least 30 minutes to charge in case of fast charging while an ICE vehicle takes only a few minutes to fill the tank. Charging time can be an issue only in case of a long travel. Battery swapping technology is gaining popular which helps to swap the depleted battery with a fully charged battery in short time. Long distance travellers can opt for a plug in hybrid electric car instead of a fully electric car so that it can be used as an electric car when battery charge is available and as a gasoline car when there is no battery charge. Short distance travelers can easily charge during their parking time or night time at home.
Read more about plug in hybrid car
Conclusions
The initial cost of an electric vehicle is higher compared to an Internal Combustion Engine vehicle. For the same energy requirement, an electric vehicle requires more space and is heavier compared to its counterpart. However, while considering the other costs associated with ICE, EV is more economical and eco-friendlier in long run. The main challenge in EV is the battery and range of the vehicle. EV can be a best choice for one who daily commutes for a shorter distance. For a regular highway traveller, a plug-in hybrid vehicle could be a better choice.
References
- https://www.forbes.com/
- https://www.whichcar.com.au/
- https://www.energysage.com/electric-vehicles/advantages-of-evs/do-electric-cars-save-money/
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