As the auto industry races toward the future, a report from Morgan Stanley estimates there could be around one billion battery-powered electric vehicles (EVs) on the road worldwide by 2050. As charging ports become more prevalent, the industry’s proverbial chicken-and-egg problem is being solved. According to chargehub.com, there are 29 public charging ports in and around Peoria, making EVs a viable consideration for local residents.
While electric cars have historically been more expensive than gasoline-driven cars, that is changing as cheaper fuel and maintenance costs displace the higher initial costs, and the price of batteries continues to fall. Bloomberg New Energy Finance estimates that by 2025, electric vehicles will be cheaper to purchase than their conventional counterparts, which could soon go the way of the dinosaur.
John Farrell, who directs the Energy Democracy initiative at the Institute for Local Self-Reliance, offers six reasons your next car should be electric—from ILSR’s latest report on electric vehicles.
- For the fun of it. Electric vehicle motors provide more torque and acceleration than conventional gas-powered engines. Multiple EVs can now go from zero to 60 miles per hour in less than two seconds!
- To save money. Over 10 years, electric car owners will save $10,000 in lower fuel and maintenance costs—a figure that even incorporates the cost of buying a new battery.
- Going the distance. EVs now offer sufficient range to cover most daily travel. The 2017 Nissan LEAF’s 107-mile range covers 83 percent of daily trips taken by Americans, while the 240-mile range of the Chevy Bolt covers nearly all daily travel.
- Cut the maintenance. EVs have 100 times fewer parts in the drivetrain and lack many of the components that must continually be replaced in gas-powered vehicles. Among the 10 most common vehicle repairs in the U.S., none are needed in an EV.
- Lower pollution. Driving an electric car will reduce pollution no matter where it’s plugged in. EVs produce fewer emissions that contribute to climate change and smog than conventional vehicles.
- Luxury for less. Both electric and hybrid cars boast customer satisfaction ratings as high as luxury cars, with the Tesla Model S leading the way, followed by the Chevy Volt and Honda Accord Hybrid. iBi
Download the ILSR’s complete report at ilsr.org/report-electric-vehicles.