EV Cost Savings?

Jul 13, 2022 | Ask "Z" Economist

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Summary: $5 gas certainly makes a push for electric vehicles (EV) more appealing given that the cost to charge up for a 300-mile trip is a fraction of the cost of filling up a tank of gas. This is especially true when charging an EV overnight at home. However, with gas at $2.50/gallon the economics for EV filling stations do not work so well. Of course, the fuel savings must be weighed against the significantly higher cost of purchasing an EV, to begin with. Also, consumers must consider the inconvenience of waiting a long time to charge their EV on the road if they are planning a long trip. Then there is this issue of sourcing lithium for the batteries (see this post) and the environmental issues of strip mining for lithium and disposing of old lithium batteries when they are spent. Lastly, we will explore in our next post the incremental load on our electric grid as more EVs are added to the national fleet and the associated need for more fuel for the power plants to meet this growth in demand. 

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