Significant savings can be had by choosing an EV over an ICE Metal Tech News - March 17, 2022
A recent analysis by the Zero Emission Transportation Association found that electric vehicle drivers save upwards of $10,000 in operating costs when compared to similar internal combustion engine cars, trucks, and SUVs. Given the increases in the cost of filling up an ICE vehicle at the gas pump, the savings of driving an EV are likely to increase.
"This month's Consumer Price Index shows once again that gas prices are surging, which has been exacerbated by Putin's invasion of Ukraine," said ZETA Executive Director Joe Britton. "American families are losing money at the pump to a commodity that is increasingly unpredictable and unaffordable in an already-expensive pandemic year. Our analysis shows that American consumers don't have to choose between driving their car or saving money. Electric vehicles are affordable now."
For its price comparison analysis, ZETA selected a Ford F150 pickup, Toyota RAV4 SUV, and Honda Civic sedan to represent the ICE vehicles; and a Ford F-150 Lightning, Rivian R1T/S, and Tesla Model 3 as the EV analog.
Using the March 10 national average of US$4.32 per gallon of gas, the study shows that it costs an average of US$99.31 to fill the tank of a Ford F150, US$62.61 for the RAV4, and US$53.50 for the Honda Civic.
Comparatively, at the national average of US14 cents per kilowatt-hour of electricity, it costs only US$13.48 to completely recharge the Ford F150 Lightning, at a 230-mile battery range; US$18.56 to charge the RAV4, 316 miles of range; and US$7.43 to charge the Tesla 3 standard, 267 miles of range.
Even factoring in the longer ranges of gas-powered vehicles, the energy costs to drive an EV is significantly less.
With a range of 506 miles per tank, the fuel costs for the Ford F150 is roughly US20 cents per mile at the national average. Comparatively, the Lightning only costs about US6 cents per mile at the current average price per kWh of electricity
The Toyota RAV4 burns about US14 cents of fuel per mile, while its EV counterpart, the Rivian R1T/S, uses about US6 cents of electricity per mile.
Finally, the Honda Civic, known well for its efficient gas mileage, costs around US13 cents per mile, while the renowned Tesla Model 3 needs about US3 cents of electricity per mile.
ZETA points out that electricity is not currently subject to the large cost fluctuations often experienced with gasoline.
"EV charging costs are not dependent on global oil markets – and are therefore not subject to the same price shocks, disruptions, and supply shortages," continued Britton. "Instead, EVs run on electricity, which is cheaper than gasoline and is produced domestically from increasingly renewable and locally derived resources."
Key takeaways from the ZETA cost comparison analysis include:
• Gasoline prices are inherently volatile and they always will be if tethered to foreign oil markets. Putin's invasion of Ukraine has made gasoline even more expensive, and these high prices are driving record profits for oil and gas companies. American consumers are the ones paying the price. These are powerful reminders that an economy tied to fossil fuels is untenable.
• Driving an EV is dramatically cheaper per mile than driving a gas-powered vehicle. In Arizona, Florida, Georgia, Nevada, North Carolina, Tennessee, and Virginia, some EVs are five to six times cheaper to drive.
• The sticker price for EVs is nearing parity with gas-powered vehicles, according to the International Council on Clean Transportation.
• The lifetime cost of owning is thousands of dollars cheaper than gas-powered vehicles, saving EV owners anywhere between US$6,000 and US$10,000 over the lifespan of the car, according to Consumer Reports.
• EVs will become even more affordable if Congress passes clean energy tax incentives-the proposed base EV tax credit in President Biden's clean energy plan would reduce EV sticker prices by up to US$7,500.
• Data from March's report shows the cost to power an EV is more consistently reliable for consumers than gas-powered cars.
"As Congress moves forward to pass new transformative clean energy investments to electrify the transportation sector and bolster domestic auto manufacturing, EVs' sticker prices and total cost of ownership will only continue to come down, paving the way for electric vehicles to become the new-and affordable-normal in the United States," finished Britton.
Setting aside the ongoing resource scramble to supply the future electric transportation revolution and even the infrastructure necessary to charge them, once behind the wheel of an EV, consumers will save much more in the long run compared to gasoline-powered vehicles.
ZETA's complete price comparison report can be read at: https://drive.google.com/file/d/1_d6OXxWpF6GzBjZiFP3oj0QqQTM1P5io/view?usp=sharing.