Electric Vehicle Cost Analysis
Finally, we come to the most important consideration: how much can you potentially save by switching from a gas-powered car to an EV, even after the extra expense of the equipment needed?
Let's say that you currently have a gas-powered car that gets 30 miles per gallon, and you drive an average of 30 miles per day. If the average cost of gas stays around $2.50 per gallon (and as oil becomes ever more scarce, it should only continue to rise in price), you will pay $2.50 per day or $912.50 each year in gas.
If you converted to an EV that gets an average of 3 miles per kWh, and the average cost of electricity is $0.13 per kWh, then it would cost you $1.30 per day or $474.50 in electricity costs, even if you were charging your EV from the municipal powered electrical grid.
Suppose you invest in a 1 kWh solar PV system, including a Tesla Powerwall battery and an efficient charger. In that case, the long-term savings begin to add up for your transportation needs. You can find a quality household EV charging station for under $600, and the Tesla Powerwall 2 currently is priced at $9,250, including all necessary hardware. The solar panel's cost stands at just under $3 per watt or $3,000 for a 1 kW system. Including installation costs, you might be looking at an investment of about $13,000 for a PV system that will autonomously power an electric vehicle for up to 25 years (the average lifespan of solar panels).
Even assuming that the price of gas remains steady over the next quarter of a century (which it surely will not), you could expect to save upwards of $12,000 over 25 years, even after factoring in the costs of installing a solar-powered EV charging system. Moreover, if you were to incorporate a solar power EV system into an already existing residential solar array, the prices would even be lower.
