Is an Electric Car Worth the Money?

IS AN ELECTRIC CAR WORTH THE MONEY?


Is an electric car worth it? Probably a common question these days. First of all, it's worth noting that there are many, many factors to consider when determining whether or not an electric car is worth it to you.

Now, there are three variables in the calculations below that can change considerably from person to person - 1) kms per year, 2) price of gasoline per litre, and 3) price of electricity per kWh. Even looking at the price of electricity per kWh, that can change dramatically depending on the time of day in some regions, or depending on the total amount of electricity you use in a month. If you're like most electric vehicle owners, you'll do the majority of your charging at home or at work. That means that your BC Hydro bill will rise, but perhaps not as much as you might guess.

Cost comparison: 3 different scenarios
Here's a look at estimated monthly electricity costs for three different vehicles, over three different distances, with 80% of charging done at home. We've used CAA's Electric Vehicle Cost Calculator to come up with the numbers:
A 2016 Ford Focus EV driven 15,000 km for the year - that's over 40 km a day - would see an average BC Hydro bill increase of $29 a month. That compares to $117 a month for fuel costs in a gas-powered compact car.
A 2015 Nissan Leaf SV/SL driven 10,000 km for the year - that's 27 km a day - would see an average BC Hydro bill increase of $14 a month. That compares to $62 a month for fuel costs in a gas-powered sub-compact car.
A 2015 Tesla S (P85D) driven 20,000 km for the year - that's 55 km a day - would see an average BC Hydro bill increase of $35 a month. That compares to $138 a month for fuel costs in a gas-powered full-size car.

To estimate your BC Hydro electricity costs, use CAA's Electric Vehicle Cost Calculator, keeping in mind that the typical EV owner charges their vehicle at home 80% of the time.

On top of the cost savings, electricity rates are much more stable than gasoline prices. A consistent electricity rate means that fueling an electric car is both more budget-friendly and more predictable.

As battery technology continues to improve, the equivalent cost per km for driving electric vehicles is significantly less expensive than driving gasoline-based vehicles. Your average electric car can go approximately 150 km per 30 kilowatt-hours (kWh) of electricity. Essentially, by driving an electric car you can get double the mileage for your dollar.