Forget climate change, air pollution, the environment, or any other non-economic reasons for switching to an all-electric car. Even if all you're interested in is your personal bottom line, a new study in the UK, Japan, California and Texas shows that all-electric cars are now cheaper to own and operate than gasoline, diesel or hybrids.
The study, published in the journal Applied Energy tracked the total annual cost of ownership--TCO--in four major markets from 1997 through 2015. TCO includes depreciation, tax, insurance, maintenance and the cost of fuel or electricity. The differences were significant, with all-electric cars averaging more than $1000 per year less to own and operate than diesel, and close to $2000 per year less than gasoline powered cars over the last four years.
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Tesla Model S at a Supercharger Station
Credit: Jusdafex |
All-electric cars typically cost more than comparable gasoline or diesel models, depending on applicable subsidies, but more than made up for the difference because of lower maintenance and energy costs.
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2016 Nissan Leaf being charged
Credit: Jakob Härter |
Of course this doesn't mean that everyone is going to make their next car all-electric. Although lower-cost cars like the 100-mile range Nissan Leaf will work for some drivers, and high-end models like the Tesla Model S are attractive to others, there are few options in the vast mid-range market. And many potential buyers are waiting until electric cars have more range and can be charged faster and in more locations.
However, the study's authors point out, as electric vehicle production ramps up, prices are going down, and batteries are rapidly getting better and cheaper as well. "It is a really good news story," says
James Tate, a transportation specialist at the University of Leeds, in the UK, and one of the study's authors. We couldn't agree more.
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You can read the
Guardian story on this subject
here.
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