By Kevin Jang | December 4th, 2012 2:52 pm

In the global rat race to quell fears of the controversial and overused global warming doomsday scenario, car manufacturers have begun to pump millions of dollars into electric vehicle research in order to appeal to the growing green technology revolution that is sweeping throughout the modern world.  Words such as “green,” “clean,” and “energy efficient” have become huge selling points on advertisements for products of all shapes and sizes.  People seem to absolutely love hearing how their products are friendly for the environment or how they are made of recyclable material.

More importantly, the average consumer likes a green product that saves the environment and saves them money at the same time.  This point is important because if electric vehicles do not present themselves as economically and environmentally friendly, then there is little chance that they will ever overtake the conventional gas vehicle in terms of sales.  So with gas prices rising all around the world and polar ice caps melting day by day, why has the electric vehicle not yet become the new fad in today’s “environmentally-friendly” society?

To help answer this question, scientists at the National Renewable Energy Laboratory used cost-benefit analysis to help compare the economic difference between purchasing an plug-in hybrid electric vehicle (PHEV) and purchasing a conventional gas vehicle.

Cost-benefit analysis is a powerful tool that can take many different variables and use them to find the pros and cons of any economic comparison.   In this case, the scientists took into account the size, weight, efficiency, and cost of the most important components in a modern electric vehicle such as the battery, electric motor, and engine.  Instead of directly comparing gas prices and electric utility prices, the scientists created a new variable called petroleum consumption displacement, which measures the amount of gasoline that has been “saved” through electric power in PHEVs.  In order to measure the efficiency of PHEVs in comparison to conventional gas vehicles, both types of vehicle were subjected to driving tests which are used and approved by the U.S. Environmental Protection Agency.  These driving tests mainly looked for fuel economy (how efficiently fuel is used) and electric power usage.  Through the use of mathematical equations, the scientists were able to take the data from the driving tests to find out how much money can be saved by driving a PHEV.

Why go Green?

The most obvious cost difference with PHEVs is not having to purchase gasoline, which in the past few years has gone up in price worldwide.  With gas prices nearing four dollars per gallon at the highest, it seems like a no-brainer to buy an electric vehicle and watch the gas money savings being to pile up.  Although electric vehicles cost much more than their gas counterparts due to the expensive battery packs and other new technologies, the U.S. Government has created a tax credit to offset the cost by $7,500.  Not only can PHEVs lighten the load on your wallet, but they also have other benefits to make your life easier.  Electric motors are a lot simpler than gas engines, which leads to fewer maintenance problems down the road.  Also, PHEVs allow you to charge your car at home, which is way more convenient than waiting in line at a gas station.  For car enthusiasts, electric vehicles can provide a thrilling driving experience because electric motors have instant torque unlike gas engines which have to take a few seconds to reach maximum torque.  This means that electric vehicles do not need to “rev” up in order to deliver maximum power.

The Green Machine

The future of electric vehicles depends on many factors such as future battery cost and gas prices that do not always directly equate into the cost-benefit analysis.  Most importantly, the general public must adopt the PHEV in order for demand to grow.  Once demand is high, automotive companies will begin to accelerate research on electric vehicle technology, which in turn will discover cheaper methods and materials for creating PHEVs.  This trend has been shown by the story of the EV1, which was a PHEV created by General Motors back in the 1990s.  The EV1 showed amazing technology that had never been seen before, but without the support of the general public, General Motors scrapped the program and consequently stalled PHEV development for many years to come.

The final conclusion of the cost-benefit analysis is simple this: PHEVs just cost a little too much to make up for the savings from gas.  Battery costs must be lowered or petroleum prices must go higher in order for the general public to fully adopt the PHEV.  The cost-benefit analysis showed that PHEVs can reduce petroleum consumption by 45% per vehicle, which should serve as evidence to consumers that PHEVs can save them money in the long run.  Nevertheless, there is not enough economic incentive for people to buy the “clean green machine” when the “gas guzzler” is tens of thousands of dollars cheaper.  But to all of the green enthusiasts out there, no need to fear, with new discoveries in PHEV technology being found every day, the future of the electric car is very optimistic.

Reference: Simpson, Andrew. Cost-Benefit Analysis of Plug-In Hybrid Electric Vehicle Technology. Proc. of 22nd International Battery, Hybrid and Fuel Cell Electric Vehicle Symposium and Exhibition, Yokohama, Japan. N.p.: n.p., n.d. Print.  http://epiphergy.com/uploads/40485.pdf

Further Readings: 

“Emerald Automotive: What Does Its Plug-In Hybrid Delivery Van Have That Bright’s Didn’t?”
“All-electric Chevy Spark will have better range than rival mini-cars and cost less, GM says”

CATEGORIZED UNDER: Technology, Environment

 

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