Are EVs worth the investment?

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Debunking the price myth for electric vehicles

Upfront costs: In comparison, electric vehicles may cost 10-25% more than combustion vehicles. However, commercial and technical solutions continue to arrive, and it is expected that this difference will vanish shortly. According to a PwC study, EVs will reach their TCO (Total cost of ownership) parity for the first three years of ownership by 2025 (Canada)

Savings: In the US, Atlas Public Policy has recently published a report that electrifying federal fleets (non-USPS) could yield vehicle lifetime savings of as much as $1.18 billion. In addition, USPS electrification could generate as much as $4.3 billion in savings.

Reduced pollutant emissions: Switching to electric units eliminates all direct tailpipe pollutant emissions. However, it still causes emissions upstream at electric power stations for charging, which are generally cleaner and more efficient than the ICE. As a result, total emissions from EVs are lower than from their conventionally fueled counterparts.

Social Cost of Carbon: According to the Columbia Climate School, the social cost of carbon (SCC) is used to estimate in dollars all economic damage that would result from emitting one ton of carbon dioxide into the atmosphere. It indicates how much it is worth to us today to avoid the damage that is projected for the future. Thus, the Social Cost of Carbon increases the financial benefits of EV use relative to a private-cost-only analysis.

Fuel and electricity prices: The high-capacity and material cost of lithium-ion batteries are often why the initial price tag is higher for EVs. However, higher upfront costs are covered by fuel savings within 2-3 years. In addition, a Lithium-ion battery has an approximate lifecycle of 6-10 years, so there is plenty of time over the vehicle’s lifecycle to offset the higher upfront cost.

Maintenance and repair: Electric vehicles require less maintenance. An EV has a fraction of the wearable components used in an ICE gas engine. In the long run, downtime associated with combustion vehicles will contribute to the electric vehicle reputation and overcome the apparent initial price benefits from gas vehicles.

Westward Industies’ MAX-EV is an electric LSV, built on a long-lasting powder-coated tubular chassis, powered with Lithium-Ion Technology and permanent magnetic motors. The low speed vehicle is an ideal choice for all sorts of applications and  suitable for indoor needs as the vehicle runs clean. Equally as supportive in outdoor applications such as country clubs, apartment complexes, hotel resorts, and more.

Visit our MAX-EV page for more on our Electric Utility Vehicles for sale

For more on LSV cars, visit our LSV page.

See PWC’s study here.

Read Atlas Public Policy report.

Photo credit: Paul Brennan by Pixabay

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