Shopping for a new car? If you’re looking for one that makes the most financial sense, you should definitely consider an electric car. With high and volatile gas prices, many car shoppers are exploring alternative fuel vehicles such as hybrid or electric cars.
On first blush, these cars may seem more expensive, but if you conduct a full “cost of ownership” analysis, the gap narrows considerably and electric cars may even come out ahead. What’s really amazing, though, is what happens to the cost of owning and operating an electric car when the electricity you use to fuel it is produced by a solar panel system installed at your home or business. When you add solar panels to the mix, the electric car becomes incredibly economical. Here’s how it works:
PV Solar Compared to Electric Cars: Leaf, Prius vs. Civic
To illustrate, we looked at three compact car options, comparing the costs of buying, maintaining and operating a traditional gasoline fueled car (e.g., Honda Civic), an electric car (e.g., Nissan Leaf or BMW i3) and a hybrid car (e.g., Toyota Prius). If you look only at purchase price, the gas-powered cars are the cheapest, while the electric cars are quite a bit more expensive. Once you factor in the $7,500 federal tax credit for electric cars, however, the difference narrows substantially.But purchase price can’t be your only financial consideration. Over the course of your ownership, you will incur other costs such as fuel, maintenance, insurance, and other expenses related to running and maintaining your vehicle. We totaled up the costs for a 10 year period and this is what we found: the electric car is the cheapest to own and operate at about $48,500, while the gasoline powered car is the most expensive to own and operate at about $63,500. That’s a $15,000 difference in favor of the electric car.
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