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Can Canadian Households Benefit Economically From Purchasing Battery Electric Vehicles?

by Nina Smith

We all can already feel the effect of the energy crisis. This is a common concern for many families in Canada, particularly for low-income households. More and more consumers wonder what they may do to lower their expenses. Can Canadian households and low-income families benefit economically from buying battery electric vehicles? Keep on reading to find out the answer.

Canadian Surveys on Economic Benefits from BEVs

The national survey investigated the economic suitability of Canadian households for a battery electric vehicle (BEV) purchase. The study compared the total cost of ownership for a BEV and an equivalent internal combustion engine vehicle of a similar vehicle class under several incentives and purchase price scenarios.

According to this study, a considerable share of households (18%) is economically suited for a BEV purchase even with no incentive in place. The results prove that suburban and multi-vehicle families with kids have higher mileages. At the same time, income and education have positive impacts on both ownership period and annual mileage, and hence boosting the economic suitability of BEVs.

Battery electric vehicles are definitely less expensive to operate and fuel, but they are more expensive to buy. The Greater Toronto and Hamilton Area survey found that electric vehicle drivers save on average $1900 annually in maintenance and fuel expenses compared to drivers of internal combustion engine vehicles (ICEs).

Is It Expensive to Run Electric Vehicles?

Is it cheap or expensive to have an electric vehicle? The energy crisis made many households think about ways to lower their costs. People tend to opt for payday Northn Loans Vancouver and across Canada more frequently as thousands of people live from paycheque to paycheque. While it’s more expensive to purchase a BEV, it’s much cheaper to fuel and operate it.

The costs differ depending on the local cost conditions in general. Electricity expenses are more stable whereas fuel expenses are more temperamental. Some countries provide waivers and subsidies on certain taxes if a consumer buys an electric vehicle. So, the overall costs are reduced. A new report states that the average cost of charging a BEV in Canada is about $277.19 per year.

Many surveys of the total ownership costs of equivalent electric and gas cars claim that the BEVs come out cheaper than the gas alternative in every case from purchasing, to maintenance, to refueling.

The Benefits of BEVs

Source: carmagazine.co.uk

They Save You Money

Battery electric vehicles are more affordable to own and drive as they utilize electricity instead of fossil fuels. Drivers can benefit even more if they charge their autos on weekends or overnight when the cost of electricity is generally lower. How much can you save in the long run? If the Canadian driver travels 20,000 km per year, he will be able to save about $2,000 annually on fuel only.

More than that, battery electric vehicles are more durable and sophisticated than internal combustion engines. Oil changes, mufflers, and coolant flushes aren’t required for electric motors as they only have one moving part. It also saves drivers several hundred dollars annually on maintenance.

They Lower Greenhouse Gas Emissions

When fossil fuels burn, they produce dangerous gas emissions and chemicals. These hazardous chemicals pollute the air and change our climate. Your battery electric vehicle will only produce gas emissions from the generation of electricity. The majority of electricity in Canada comes from nuclear and hydro. These sources of energy produce low emissions so the drivers may reduce their auto’s greenhouse gas emissions by 90%.

They Qualify for Incentives

Governments of many countries encourage people to purchase electric vehicles these days. Canada is not the exception as the government wants to reduce air pollution, lower greenhouse gas emissions, and cope with climate change. Drivers who decide to own a battery electric vehicle may qualify for incentives from the Canadian government. It offers an incentive of up to $5,000 for such purchases.

The residents of Quebec may qualify for about $8,000 in government incentives. The residents of British Columbia may obtain up to $5,000 in incentives today. You may visit the official website of Government Incentives to find more information about your province.

They Are Affordable for Many People

Source: wikipedia.com

It’s a common myth that electric cars have sky-high prices. Yes, they may cost more than regular vehicles but you will get more benefits. For example, the electric vehicle in Canada starts from $33,000 (without incentives). You will be able to find a decent option in the $35,000 – $45,000 price range. There is a wide choice of sizes and shapes of electric cars available to consumers today. You can choose between SUV and a midsize or compact vehicle depending on your needs. These vehicles are suitable for every Canadian.

They Are Energy and Cost Efficient

Besides, battery electric vehicles are much more efficient compared to drivetrains and combustion engines. The efficiency of energy conversion from turning the wheels to on-board storage is almost five times greater for electricity than gasoline, at about 76% and 16%, respectively. Furthermore, the efficiency is increased by utilizing regenerative braking technology to recover energy.

Otherwise, this energy would have been lost. Drivers and owners of BEVs may recharge their vehicles from a charging station with 240-volt electrical power. The same kind is used for clothes dryers and stoves in most homes. If you recharge your BEV from a 110-volt service, the charging time will be longer, so keep it in mind.

The Bottom Line

In conclusion, battery electric vehicles may be more expensive to purchase, but there are plenty of options, shapes, and sized available these days. Every consumer may find a reasonable alternative if they decide to purchase a battery electric vehicle. Such vehicles offer many advantages compared to regular combustion engines.

Electric vehicles reduce greenhouse gas emissions, deliver better performance, and are cheaper to maintain and operate. Hence, they offer economic benefits to the owners, and Canadian households may take advantage of purchasing these autos.