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What Does It Cost To Operate an Electric Car?
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Chevy Volt Concept Car
Electric cars, particularly gas electric hybrid cars, have the potential to lower our gasoline costs. But do they really save us any money?
First, how much does the electricity cost to charge a car? A gallon of gasoline has the equivalent energy content of 37 KWA of electricity. To compare costs, we have to factor for engine efficiency. A gasoline car engine has an efficiency of about 30% converting the gasoline into actual mechanical power. An electric engine has an efficiency of about 95%, so it essentially converts all of the electric power into mechanical energy.
Assuming an average electric cost of 8.7 cents per KWA, the equivalent of a gallon of gasoline would cost $1.02. [(0.087 * 37 / 0.95) * 0.3] If you can get your electric power at off-peak rates available from some utilities, your cost may be half this much.
This, however, is not the whole cost. You also have to count the cost of the battery. Assume an electric car battery will last for 4,000 charge cycles in the car and holds the energy equivalent of one gallon of gasoline (about 12 KWH). Batteries deteriorate with age so the battery will hold less power over time. The distance a car will go on a charge will deteriorate to the point that the battery will need to be replaced. The battery may still be useful to a stationary application like storing energy at a wind farm where charge capacity vs. weight or size is not an issue.
If the battery costs $4,000 dollars then each charge will cost you $1.00 for the electricity and $1.00 for use of the battery; a total fuel cost of $2.00 per gallon. If the battery cost goes up to $12,000 then your fuel cost is actually $4.00 per gallon.
So the battery cost is a big determining factor on how much ‘fuel’ savings you will receive from your electric car. Note that the mpg rating of the car is not a factor in this computation. It only assumes that the battery is replacing one gallon of gasoline.
There are numerous other factors that affect the cost of ownership for a hybrid electric vehicle:
- The car may require much less maintenance.
- The car without the battery may cost less than the equivalent gasoline powered car.
- The battery may have value after the end of its useful life in the car.
- A car may be purchased and the battery leased where you only pay the difference between the value new vs. the residual value plus financing charge.
- The price of gasoline may keep going up.
- The availability of off-peak power pricing.
- The cost of charging a car away from home. Some businesses my offer free or discount charging as a loss leader for shopping at their store. The equivalent of selling milk below cost.
- Government and utility credits.
