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Ongoing savings from your EV

The NRMA outlines what you can expect below. [Open Road magazine, May / June 2019] 

“Global studies show that once the initial price of an EV is removed, they’re cheaper to run than a regular internal combustion engine car. In Australia depending on the price of fuel, a car will cost about $16.50 per 100kms. Depending on the cost of power an EV will cost around $4.50 over the same distance.  

There are also substantial cost benefits to motorists because EVs require less maintenance. Internal combustion engines can have as many as 100 moving parts, while EVs have just a fraction of that number. Nor do they require regular fluid changes or have as many consumables such as clutches, oil filters, and so on.  

The cost of recharging a battery is 3 cents per km compared with 10c per km for fuel. The costs are reduced even more if the battery charged from domestic solar. In all, a PriceWaterhouseCoopers report estimates that drivers would save $1,700 per year in ownership costs. In other words, EVs cost more to purchase but this is offset by lower running costs.” 

This equates to a 75% reduction in fuel costs alone. There are a lot of factors in calculating savings – distance driven, the cost of electricity, driving behaviour, whether solar power is used to charge the car, and whether the vehicle is charged at public charging points and whether they are free or paid. When maintenance is also taken into account, some annual savings estimates are as high as $3,000. 

Let’s do the maths: 

New $50,000 EV - $3,000 operating costs / year x 5 years = equivalent to an equivalently-sized new $35,000 petrol / diesel vehicle. 

What is the lesson in all of this?: Don’t just look at the upfront cost of the vehicle, but include the ongoing savings when considering your new car purchase. This ‘total cost of ownership’ is a powerful and simple way of thinking that will help you navigate any energy-related technologies. 

[June 20th 2019]

The global shift to electric cars accelerates in 2020
Buying an electric vehicle for your small business makes financial sense
So you want to do an electric road trip
Let’s talk about Torque
Australian EV sales charge ahead as fast charging network expands
How to charge your EV with solar power
Anxious about how far your EV can go? You shouldn’t be
Ongoing savings from your EV
Do EVs pollute more than petrol and diesel cars?
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