RE:RE:EV Charging Stations It's ironic that batman and robin main thrust of EVs are their massive cost saving of ownership, the big $$$ rebate, the low cost charging, the low maintenance. Batman and Robin, with their great financial analysis and investment background, touted buying EV on the cost saving alone. Batman and robin always said they ain't into EV for green or noble causes but just on the cost saving advantages alone.
After i show them the math, i hear crickets.
What discussion, where are the debate???
mrbb wrote: Lets do some math. I have to make some assumption here coz i dunno which 2023 IONIQ 5 model you ordered so i use the lowest price model shown here for 51,651.70 CAD
Build and Price | Hyundai Canada
51651.7 x 13% HST - $5000 free money = 53,366.42 CAD out the door
You said above it would cost $14.5 in the summer and $25 in the winter to charge, i assumed per week. Let average that out to 19.75 $/week versus $65 for gas per week. The saving is 45.25 $/week. Payout on EV from fuel cost saving is 53366.42/45.25 = 1263 weeks or 24.3 years
Of course you would argue that you will be home charging at night rate of 2.8 cents/kwh but i have to look at the national level and for average EV drivers. If everyone is charging at home, you wouldn't be boasting charging stations available everywhere now. Even that i'll give u benefit of the doubt and assumed electric cost is halved of 19.75 $/week to $10 per week, rounded up. So home charging with some supercharging on trips would save $65 (gasoline)-$10 = 55 $/week
New Payout for home charging drivers = $53366.42/$55/week = 970.3 weeks = 18.7 years
If course you would say you will save on oil changes. Yes, but i can use your same argument for home charging as me home oil change at $30 per 15,000 km. or $30 per year max. So an ICE car will cost an extra $561 (30$x 18.7 years) to the EV payout life of 18.7 years.
The question to ask now is, would any sane person want to buy a new ev to replace a working existing ICE car that pays out in 18.7 years?
The math doesn't stop here. in about 9 years, you will need a new battery. Let assume the installed cost is $8000 HST included (today $).
So the real cost is 53366+8000 gst included on = $61366/55 $/week saving = 21.46 years for home charging EV (with little bit of supercharging on long trips)
The question to ask now is, would any sane person want to buy a new ev to replace a working existing ICE car that pays out in 21.5 years?
Not done yet. On the 18th year, the EV worth very little as it require a 2nd new battery replacement. EV owner has to decide to sell at low value or install 2nd battery at $8000 again. Based on your iphone experience, most people would sell their electronic toy instead of replacing the battery and reuse.
Feel free to correct any error in my calcultion.
Experienced wrote: Was grocery shopping today at the local Loblaws Superstore and noticed a new installation of four EV charging stations. Went over and checked them out.
So we were in the store grocery shopping for 32 minutes including getting through the checkout line. The EV charging stations had a $1 dollar hookup fee and the cost was 50 cents a minute for the 150kv charging speed. With a typical long range EV battery and charging from 10% to 80%, it would take 27 minutes for a total cost of $14.50. To fill up my SUV gas tank from 10% to 80% at local gas prices would be $65. Based on current mileage estimates for the IONIQ5 I ordered, this pice comparison would be close for the summer and in the winter the comparison would be about $25 dollars for the EV.
Now, I plan to do my own charging at home but this illustrates two things. One, that even at commercial charging stations, the fuel cost is significantly lower and two, more and more retail outlets are installing EV charging stations. So while I used Loblaws as an example there is a Metro grocery store next door that has 3 chargers. The other point is that even those EV buyers that can't charge at home/their condo/apartment, there are facilties alreasy available to charge while you are doing something else like grocery shopping.
Anyway. Something to consider when making investment decisions.