New EPRI Study Examines Total Cost of Electric Vehicle Ownership
EPRI, formerly the Electric Power Research Institute, has published a new report entitled, Total Cost of Ownership Model for Current Plug-in Electric Vehicles that examines the finanical implications of owning electric-drive vehicles; the Nissan LEAF and Chevrolet Volts, in particular. They conclude that three key points:
- Financially, there are no show-stoppers when considering purchasing a PEV (plug-in electric vehicle), stating, "... with current incentives and prices, financial factors should not be a deterrent to a PEV purchase by most buyers."
- The overall ownership costs of Nissan's LEAF makes it "less expensive than competing options on average..."
- The relative costs of PEVs will remain sensitive to the price of gasoline, but that "state incentives or rebates and equivalent vehicle price changes will have an even larger impacton cost tradeoffs
The researchers asked a key question of themselves, "When compared to a hybrid or conventional vehicle, is a PEV worth the additional up-front cost to consumers?"
The answer, they admit is a difficult one to answer, because of the complex and varied nature of driver needs, circumstances, and expectations, but when they took as many of the variables as possible into their analysis, at least for drivers in California, they concluded the "results indicate that the relative costs are favorable for the LEAF..." to the tune of a not inconsiderable savings of some $11,000 over the operating life of comparable vehicles.
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