Show Me the Money
An EV owner in conversation will often mention the financial benefits. This month, let’s pursue this topic in detail.
To begin with, I will not consider the use of the our 10 free public chargers on SSI. Not all communities have such generous vendors and organizations. Free charging would skew the results. Besides, those chargers are primarily for our valued tourists, emergencies and for our occasional use. They are not for our exclusive use or commercial use. Owners are advised to acquire a Level 2 charger for their home or business. I wil also not factor in the current Federal, Provincial and BC scrap-it purchase subsidies, which are subject to change, and may or may not be available when you purchase your vehicle.
Where do the savings come from ?
EV’s can cost more to purchase, but are the big winners in the long run.
Our friends at Emotive.ca estimate that the cost of electricity to be less than 1/5th of that of the equivalent amount of gas for travelling the same distance. That adds up quickly. If you had a big glass jar in your kitchen and added to it what you used to pay for gas every time you would normally have filled up, it would be most impressive. Watch the savings grow. And you can also add to the jar things like no more bi-annual oil changes, almost all filter swaps and with regenerative breaking, break jobs are almost unknown. EVs are not maintenance free vehicles, but highly reduced maintenance vehicles. There is still the need for tires, suspension (especially on pothole challenged SSI), some fluids and filters. But the maintenance is either identical to a non-EV for those common needs, or almost nothing.
How much are the long term savings ? The 2 degrees report, “Comparing Fuel and maintenance Costs of Electric and Gas Powered Vehicles in Canada”, issued in September, 2018, did an analysis of 2 almost identical cars (a Kia Soul vs. a Kia Soul EV and a Golf vs. an e-Golf). Using BC Fuel and electricity rates, over a vehicle use of 250,000km, the fuel and maintenance savings are substantial. 83% or and average of $35,000. And their calculations were before the higher rates of gas at the pump this past summer ($1.70 per litre - yikes). Those rates had us EV owners smirking. The report can be accessed on the Web or I can email you a copy if you request it.
The more the distance, the more the avoided expenses (savings), so this is especially relevant to higher-use commercial vehicles, who drive a lot and would therefore achieve the overall financial benefit earlier.
Want to be the cheapest (like Ebenezer Scrooge cheapest)?
My 2016 Nissan Leaf is EPA-rated at a range of 171 km. I am regularly achieving 220 km (25% more). Nice ! The big reason is the lower speed limits on SSI. Even 5 km/hour slower can make a significant difference. But there are lots of other tricks you can use to make your dollars take you further. EV’s generally coming with cool data screens that allow for detailed monitoring of your battery use. These allow you to see the difference based on altering your driving habits.
Due to space limitations, I have posted a list of energy efficient driving tips at “http://www.ssiev.ca/maximizing-range.html”. As an aside, there is an economic case to be made for reducing the island speed limits. It could increase safety, making if better for bike riders and e-scooters, as we save our precious transportation dollars.
The bottom line is that diving electric is the least expensive automobile option over time. Take your savings from your filled big glass jar and run to Island Savings (the only financial institution with a free public EV charger).
I encourage your respectful comments. I can be reached at jstanden@ucalgary.ca
An EV owner in conversation will often mention the financial benefits. This month, let’s pursue this topic in detail.
To begin with, I will not consider the use of the our 10 free public chargers on SSI. Not all communities have such generous vendors and organizations. Free charging would skew the results. Besides, those chargers are primarily for our valued tourists, emergencies and for our occasional use. They are not for our exclusive use or commercial use. Owners are advised to acquire a Level 2 charger for their home or business. I wil also not factor in the current Federal, Provincial and BC scrap-it purchase subsidies, which are subject to change, and may or may not be available when you purchase your vehicle.
Where do the savings come from ?
EV’s can cost more to purchase, but are the big winners in the long run.
Our friends at Emotive.ca estimate that the cost of electricity to be less than 1/5th of that of the equivalent amount of gas for travelling the same distance. That adds up quickly. If you had a big glass jar in your kitchen and added to it what you used to pay for gas every time you would normally have filled up, it would be most impressive. Watch the savings grow. And you can also add to the jar things like no more bi-annual oil changes, almost all filter swaps and with regenerative breaking, break jobs are almost unknown. EVs are not maintenance free vehicles, but highly reduced maintenance vehicles. There is still the need for tires, suspension (especially on pothole challenged SSI), some fluids and filters. But the maintenance is either identical to a non-EV for those common needs, or almost nothing.
How much are the long term savings ? The 2 degrees report, “Comparing Fuel and maintenance Costs of Electric and Gas Powered Vehicles in Canada”, issued in September, 2018, did an analysis of 2 almost identical cars (a Kia Soul vs. a Kia Soul EV and a Golf vs. an e-Golf). Using BC Fuel and electricity rates, over a vehicle use of 250,000km, the fuel and maintenance savings are substantial. 83% or and average of $35,000. And their calculations were before the higher rates of gas at the pump this past summer ($1.70 per litre - yikes). Those rates had us EV owners smirking. The report can be accessed on the Web or I can email you a copy if you request it.
The more the distance, the more the avoided expenses (savings), so this is especially relevant to higher-use commercial vehicles, who drive a lot and would therefore achieve the overall financial benefit earlier.
Want to be the cheapest (like Ebenezer Scrooge cheapest)?
My 2016 Nissan Leaf is EPA-rated at a range of 171 km. I am regularly achieving 220 km (25% more). Nice ! The big reason is the lower speed limits on SSI. Even 5 km/hour slower can make a significant difference. But there are lots of other tricks you can use to make your dollars take you further. EV’s generally coming with cool data screens that allow for detailed monitoring of your battery use. These allow you to see the difference based on altering your driving habits.
Due to space limitations, I have posted a list of energy efficient driving tips at “http://www.ssiev.ca/maximizing-range.html”. As an aside, there is an economic case to be made for reducing the island speed limits. It could increase safety, making if better for bike riders and e-scooters, as we save our precious transportation dollars.
The bottom line is that diving electric is the least expensive automobile option over time. Take your savings from your filled big glass jar and run to Island Savings (the only financial institution with a free public EV charger).
I encourage your respectful comments. I can be reached at jstanden@ucalgary.ca