Electric vehicles have become super popular in recent times. With the emergence of Tesla, a self-driving Electric vehicle, the fanbase and acceptance of electric vehicles quickened. Now, given the various issues around traditional fuels for vehicles, including gasoline, electric vehicles are also gaining a lot of interest from consumers, manufacturers, as well as governments.

Now, every major vehicle brand is not designing and launching its own line of electric vehicles. With the competition so high, the prices of these vehicles are also going down. All this is possible as a result of the advancement of technology. Today, even national governments are making efforts to create an ecosystem for electric vehicles by installing more and more EV charging stations.

With so much time, effort, and interest shifting away from conventional vehicles and in favor of electric vehicles, it is not surprising that there is also a lot of speculation amongst consumers. As electric vehicles continue to gain attention and interest from consumers, questions around their feasibility, maintenance commitments, charging costs, etc., are also high. In this article, we will discuss these common concerns.

Is charging an electric vehicle cheaper than gasoline?

In general, electric charging is much cheaper than gasoline, whether you have a vehicle that is powered by a petrol or diesel-powered vehicle.

There are various reasons which contribute to this. However, the leading ones include the following:

• Import/Export: For most countries around the world, fuels like petrol and diesel are commodities that are imported from other countries. The Middle East and Russia are the largest fuel producers in the world and, thus, the largest exporters. The majority of the other countries, however, import fuel from them.

Since imports from another country are in itself an international transaction, it is understandable how the fuel prices would fluctuate on account of various international events. For example, the latest unrest between Russia and Ukraine led to a significant rise in fuel prices.

Further, customs duty is charged on every fuel barrel imported, and further taxation makes the fuel much more expensive than its original value.

• High prices: Fuel prices are always very volatile, and for the most part, they always rise and never fall. The continually growing prices have now brought the rates to be extremely high and nearly unaffordable for the majority of the citizens of a country.

• Depleting Reserves: Since there are very few fuel-producing countries in the world, and they supply fuel to every other country, the oil reserves are gradually depleting. It took millions of years for the earth to produce so much fuel that the human population has been using for centuries. The rapidly growing population and increased mobility have led to a continued increase in its demand. This demand does not decrease, but the oil reserves certainly do. As such, the need to find alternatives was realized decades ago, and electric vehicles turned out to be the best solution, at least for the time being. 

But is charging an electric vehicle really cheaper than gas?

This question pops up quite often, and as mentioned above, charging an electric vehicle is, in fact, cheaper than gas, and here’s why:

While there is not a straightforward method of determining the exact cost or feasibility of an electric vehicle that applies to all, various studies have found a way to compare equivalents and determine the profitability provided by EVs over gasoline cars. The variation in electricity prices and the average mileage provided by every car add to the indecisiveness of the hunt. However, assuming a general bracket of mileage offered by conventional cars per liter of fuel versus the average mileage provided by an electric vehicle per KWh of charge helps in determining which one is more beneficial.

Furthermore, various practical tests have been conducted in which it has been found that conventional cars can cost thousands in fuel to travel to a particular destination, whereas it costs only a few dollars to reach the same destination in an electric vehicle.

In a study conducted in this regard in Ottawa, Canada, it was found that driving a regular car for 20,000 kms would cost about $2500, whereas driving an electric vehicle in the same city for the same distance would cost $430. A difference of $2070 is a massive difference, which accumulated over a term of 5 years would be $11,000.

Let’s say you have to fill up a full tank of gas in Canada. On average, that would cost between $80-$90. On the other hand, with electricity prices being low, an electric vehicle would be fully charged for roughly $5-$12. Based on various studies, it has been found that electric vehicles are incredibly cheap in terms of fueling, and they can save anywhere between $15,000- $19,000 in a span of 7-8 years. Given the massive difference in prices, it is surprising that the concentration of electric vehicles is still relatively low in Canada.

The cost of electricity varies in every city, state, and country, which makes the calculations highly dynamic, but it is possible to get a rough idea of how much the cost would go into charging an electric vehicle versus how much it would cost to fuel gas in the same capacity in a conventional car.

If you are contemplating switching to an EV, it is highly advisable to get quotes from various car dealers and car brands to compare the best options. Also, take into account the specific features of the car. Fuel prices are always on the rise, so long-term calculations must be done keeping in mind the future inflation of gas prices. With so many variables affecting it, it is nearly impossible to get an accurate estimate.

If you are, on the other hand, confused between a conventional or an electric vehicle, choose electric, as it is the future of transport. With so many companies bringing their own electric vehicle lineup, it is simply a matter of conducting some in-depth research and finding the perfect electric vehicle for your use.

References

www.stalberttoday.ca

ottawa.ctvnews.ca