All electric vehicles have the potential to increase efficiency, decrease prices, and lessen environmental impacts.
See Also: Technology — The Impact on Business Operations
Safety of Power Sources
Imports of 7.86 million barrels per day remained an important aspect of balancing supply and demand for domestic and international markets. By 2020 the United States had become a net exporter of petroleum due to exports exceeding imports. About 30 percent of U.S. energy needs and 70 percent of U.S. petroleum consumption are met by the transportation sector. U.S. economic growth and transportation fleet diversification are both aided by the increased use of hybrid and electric vehicles. The electrified segment of the transportation sector benefits from a more stable energy source. This is thanks to the usage of numerous fuel sources in electricity generation. These developments strengthen the energy independence of the United States.
Costs
Electric vehicles often have lower energy expenses than comparable conventional vehicles, although their initial purchase price may be much greater. As production volumes increase and battery technology continues to advance, prices are expected to converge with those of conventional vehicles. Fuel cost savings, a federal tax credit, and state and utility incentives can all help reduce the outlay of funds required to get started.
If an EV is purchased from a manufacturer that hasn’t yet reached a specific sales threshold, the buyer is eligible for the federal Qualified Plug-In Electric-Drive Motor Vehicle Tax Credit. The tax credit ranges from $2,500 to $7,500 for brand-new purchases. This is depending on the size and capacity of the battery in question. The Laws and Incentives database includes information on a variety of incentives. Such include those provided by some states and energy providers. Get in touch with your regional Clean Cities group for further specifics on possible incentives.
Third, the Fuel Economy
Since electric-drive components are so efficient, electric vehicles can significantly cut down on fuel expenses. Fuel efficiency is calculated differently for all-electric and PHEVs because they use electric power exclusively or in addition to gasoline. Common measures of fuel efficiency include miles per gallon of gasoline-equivalent (MPGe) and kilowatt-hours (kWh) per 100 miles. Today’s light-duty all-electric vehicles can achieve over 130 MPGe and go 100 miles on only 25-40 kWh.
In comparison to conventional vehicles of the same type, HEVs often achieve greater fuel economy and have lower fuel expenses. The 2021 Toyota Corolla Hybrid, according to FuelEconomy.gov, has a combined city/highway EPA estimate of 52 MPG. Whereas the conventional 2021 Corolla (four-cylinder, automatic) has an estimated 34 MPG.
While the fuel economy of medium and heavy-duty all-electric cars and PHEVs is largely dependent on the load carried and the duty cycle, all-electric vehicles still have a significant fuel-to-cost advantage over their conventional counterparts when used in the proper applications.
Access to Necessary Facilities
Since the electric grid is typically located close to where people park, drivers of both all-electric and PHEVs can take advantage of flexible charging. Electric vehicle supply equipment (EVSE) refers to the charging station used to safely transfer energy from the electrical grid to a car’s battery. There are a variety of places where motorists can plug in to charge their vehicles, including overnight at home, in multi-family dwellings, in the workplace, and at public charging stations. In addition to its electric range, PHEVs can also be refueled with gasoline, diesel, or even future fuel options.
While gas stations are plentiful, public charging stations are not. Fast progress is being made in the installation of a nationwide network of public charging stations by the charging equipment industry, automobile manufacturers, utilities, Clean Cities coalitions, municipalities, and government agencies.
