Researchers show there is a financial benefit for using electric vehicles

Most motorists can save more than 14,500 dollars used in fuel in 15 years by using electric cars instead of having the same vehicle that uses gasoline. The above information is according to the analyst report conducted by researchers from the U.S (DEO’s) department Of Energy (NREL) National Renewable Energy Laboratory and the Idaho National Laboratory.

The previous studies have assumed a singular value for cost to charge EV (electric vehicle). The developed work provides an undetermined state-level analysis of the cost of Electric vehicle charging, which considers when, where, and the vehicle charging occurs. Many electricity tariffs in the real world make it easy to charge and install the charging equipment. The price of gasoline compared to the use of electricity is higher over the lifetime of the vehicle.

According to Matteo Muratori, the senior analyst, an engineer at NREL, and an author for an article by the name Levelized Cost of Charging Electric vehicles in the United States. In considering the amount used to purchase the car is relatively high. Still, the amount a person saves in fuel is more so the cost of electricity differs significantly from one place to the other depending on the tariffs. The research conduct by Brennan Borlaug from NREL and other authors of the joule is Mindy Gerdes and Shawn Salisbury. 

The research done by the baseline scenario based on the current vehicles’ uses and their changing behavior estimates the average (LCOC) Levelized cost of charging electric cars. The principal value of charging the electric vehicle in the world varies from one place top the other due to the prices of electricity and the type of equipment used to charge because some are fast charging and slow charging. The other thing that determines the cost of charging the vehicle is the vehicle’s usage and the cost of installation material. The cost of charging the electric car at an average in the world is 8 cents per kilowatts per hour to about 27 cents in the region with high electricity tariffs. The amount that one saves by charging the electric vehicle is between 3,000n and 10,500 US dollars.

In addition to the information above, considering different nation’s electricity tariffs, one can achieve a saving of more than 14,500 like in Washington or some states in Alabama, Mississippi, Hawaii, and Tennessee that fail to provide any savings compared to conventional gasoline.