New study to compare lifetime costs of electric and gas vehicles
Comprehending the total cost of ownership (TCO) of an EV is an important factor in consumer decision-making. The TCO of a vehicle includes not just the initial purchase price, but also operating costs including fuel, maintenance, repairs and insurance. The inability to make clear comparisons between EVs and legacy vehicles is one factor slowing down widespread EV adoption.
The Responsible Battery Coalition (RBC), together with the University of Michigan Center for Sustainable Systems, is launching a comprehensive research project that aims to fill this information gap.
The new study will take into account regional factors that have not been thoroughly investigated before, including the impact of local climate on fuel economy, refueling patterns based on driver time valuation, and projections of future gas and electricity prices. The team will also assess the carbon reduction potential of EVs and calculate the social cost of carbon.
The first phase of the study will be completed in December 2022, and results from 14 US cities will be available to the public after peer review. The second phase will run through 2023.
RBC’s Executive Director Steve Christensen said, “This research will tell us if, in addition to emissions savings, EVs have cost parity with conventional internal combustion engine vehicles over their lifetimes, including recycling considerations for EV batteries.”
Source: Responsible Battery Coalition