Do Electric Cars Really Save You Money?

Do Electric Cars Really Save You Money?

Electric vehicles save money

For the average Indian household, transportation is the second-largest spending item after housing. Replacing a gasoline vehicle with an all-electric vehicle (AEV) or a plug-in hybrid electric vehicle (PHEV) can save you a day’s cost in five different ways. The plug-in hybrid EV is more efficient than traditional gasoline vehicles.

Unlike all petrol-free electric vehicles, plug-in hybrids store fuel to keep the vehicle running when the battery runs out. This means that both charging and refueling the vehicle is costly, but PHEVs use fuel more efficiently than traditional petrol-based vehicles and switch from battery to fuel like a hybrid vehicle. Works for. In fact, plug-in hybrids consume 30-60% less gasoline than traditional gasoline engines. Internal combustion engines are used to charge a car’s battery, saving electricity bills and shortening charging time.

Fuel Savings by driving an Electric Vehicle:

One of the biggest savings in everyday life is fuel costs. According to a 2018 study by the University of Michigan, the cost of driving an electric vehicle was less than half that of a gasoline vehicle. The average running cost of an electric vehicle in the United States is 30,000 rupees per year, while the average running cost of a gasoline vehicle is 85,000 rupees.

Aside from cost savings, electricity prices are much more stable than gasoline prices. Over the last decade, fuel costs have been 100-300 rupees per gallon. In comparison, electric car drivers paid about 90 rupees for electricity to travel the same distance at the same time.

A constant electricity rate means that refueling electric vehicles is more budget-friendly and more predictable. As battery technology continues to advance, the equivalent cost per mile of driving an electric vehicle will be significantly lower than driving a gasoline vehicle. The average electric vehicle can drive about 100 miles per 30 kilowatt-hours (kWh) of electricity.

Assuming you can buy 1 kWh of electricity at 10, that means you can cover about 36 miles of Rs.80. With a fuel economy of 22 miles per gallon for a petrol car, the average car can only drive about 18 miles at the same cost of Rs.80. In essence, driving an electric car can double your mileage for Rs.80.

Low maintenance requirements and low maintenance costs for electric vehicles:

All electric vehicles have internal engine-specific equipment such as spark plugs, transmissions, radiators, oil and fuel filters, exhaust gas, and other gasoline-specific components. There is not much. As a result, the maintenance cost of electric vehicles is lower than that of gasoline vehicles. Most electric vehicles also have regenerative braking, and the electric motor applies most of the braking. It also protects the brake pads and rotors of electric vehicles and helps further reduce maintenance costs.

Even if you choose a plug-in hybrid electric vehicle with a combustion engine, the maintenance cost will be low. PHEV engines run less frequently than gasoline engines, so they wear less and use less oil and coolant. Generate unique power to maximize your electric vehicle savings

Solar panels on the roof can further reduce the cost of charging your electric vehicle while reducing fossil fuel consumption. In fact, investing in solar panels to charge electric vehicles is faster than using solar panels for household electricity alone, as solar power replaces the more expensive gasoline alongside commercial electricity.

The solar panel system for charging electric vehicles also has a high return on investment. These systems can generate 10-30% revenue annually, and the average EnergySage Solar Marketplace user can reach the module installation cost in 7-8 years. Once the initial installation cost is paid, you will get free electricity for the rest of the life of the solar system.

In addition, the average lifespan of the solar system is 25 to 30 years. This means that installing a solar panel system not only provides a high return on investment but also generates free electricity for over 25 years. Solar panel systems are likely to extend the life of the vehicle and will allow more electric vehicles to be charged in the coming years.

Finally, installing solar panels has the added benefit of increasing asset value. Studies show that homes with solar panel systems sell faster and are more appreciated and sold than similar homes in the region. The value increase of this property is about 34%, and the largest value increase can be seen in areas where electricity prices are high and solar incentive programs are strong.

Overall, the combination of purchasing an electric vehicle and installing a solar system can save even more over the entire useful life of the vehicle and solar system. Solar panel systems can not only reduce the reliance on fossil fuels for charging, but also offset electricity costs and generate free energy for over 25 years.

To reduce environmental impact, save money and add value, the combination of solar panel systems and electric vehicles offers many benefits that can be maintained for years.

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