The use of electric vehicles (EVs) is growing at an unprecedented rate. In 2020, despite the pandemic, EV sales increased by 43%, and there were around 10 million EVs on the road worldwide. With this growth, there is a question whether it’s the right time to choose electric mobility over gasoline-powered vehicles. In this blog, we will discuss the various factors that make this the right time to choose electric mobility.
Environmental Impact: One of the main reasons to choose an electric vehicle over a gasoline-powered one is the impact on the environment. In a study published in the journal “Environmental Science & Technology,” researchers found that EVs emit less greenhouse gases than gasoline-powered vehicles over their lifetime, even when you factor in the emissions from manufacturing and electricity production. This is particularly true in regions that generate a significant proportion of their electricity from renewable sources.
Government Policies: Governments around the world are recognizing the environmental benefits of EVs and have started implementing policies to incentivize their adoption. In the US, the federal government provides tax credits of up to $7,500 for the purchase of an EV, while many states offer additional incentives. In China, the government provides subsidies of up to 22,500 yuan ($3,300) for the purchase of an EV. In Europe, many countries offer tax incentives, purchase subsidies, and reduced or waived road taxes for EVs.
Cost and Economics: The cost of owning an EV is decreasing as battery technology improves and economies of scale are achieved. A report by the International Energy Agency (IEA) found that the cost of lithium-ion batteries has fallen by 89% since 2010. Additionally, the cost of charging an EV is significantly less than the cost of filling up a gasoline-powered vehicle. According to the US Department of Energy, the cost of charging an EV is equivalent to paying about $1 per gallon of gasoline.
Return on Investment and Payback Period: Due to the lower operating costs of an EV, the payback period for an EV is decreasing, making it a more attractive investment. A study by the US National Renewable Energy Laboratory found that EVs have a lower total cost of ownership than gasoline-powered vehicles over their lifetime.
Maintenance and Running Cost: EVs have fewer moving parts than gasoline-powered vehicles, resulting in lower maintenance costs. According to Consumer Reports, EVs cost about half as much to maintain as gasoline-powered vehicles. Additionally, the cost of running an EV is significantly less than that of a gasoline-powered vehicle due to lower fuel costs and less frequent maintenance requirements.
After Sales Service Cost: As EVs are still relatively new, there are concerns about after-sales service costs. However, according to a report by the Consumer Federation of America, the cost of maintaining an EV is on par with that of a gasoline-powered vehicle.
Recyclability of Lithium: Another concern with EVs is the recyclability of lithium-ion batteries. However, research has shown that lithium is a highly recyclable material. A study by the US Department of Energy found that recycling lithium from EV batteries is economically feasible and has environmental benefits.
Conclusion: In conclusion, the time is right to choose electric mobility over gasoline-powered vehicles. EVs have lower environmental impact, lower operating costs, and are becoming more affordable due to government policies and improvements in battery technology. The payback period for an EV is decreasing, and maintenance costs are lower than those of a gasoline-powered vehicle. Additionally, concerns about after-sales service costs and lithium recyclability are being addressed. As more EVs are adopted, it will accelerate the transition to a cleaner, more sustainable future.