Before 2020, the popularity of electric vehicles was already on the rise. The global climate crisis has been, and continues to be, a major motivator for consumers switching from fuel to electricity.
When the COVID-19 pandemic hit, demand for electric vehicles skyrocketed, leading to shortages at a number of dealerships. In May last year, as global conflicts tightened and fuel prices began to rise at an alarming rate, the need to go electric reached an all-time high.
You may have considered investing in an electric vehicle yourself, and you probably have questions. Even if you don’t have to fill a tank of gas, you still have to provide power to your vehicle, which inevitably costs money. So how much are you really saving? We analyze the question below
Evaluation of pros and cons
Before taking the plunge, it’s important to evaluate what’s important to you, and what an electric vehicle could bring to your life: the positives and negatives.
The advantages of purchasing an electric vehicle:
- Fewer emissions and environmental harm
- Extreme energy efficiency
- Public funding available
- Reduced parking fees
- Better resale value
The benefits are obvious, but it’s not necessarily a perfect solution.
The disadvantages of buying an electric vehicle:
- Limited access to compatible car parks
- Expensive parts
- Higher initial cost
- Less time efficient – recharging takes longer than filling a gas tank
The Numbers
But how much extra time does it take? How much do you save with electric charging versus a full tank of gas?
Since October 2022, the average price of gasoline in Quebec is $1.97/liter. The average car holds between 45 L and 65 L, so Quebecers pay between $85 and $130 to fill their tanks.
The average cost of electricity per kWh in Canada is $0.14. Depending on the model of your electric vehicle, its endurance in kilometers and your personal electricity plan, charging an electric vehicle to 100% costs between $16 and $45.
When you take the time to crunch the numbers, the disparity is almost shocking. It is therefore not surprising that the market is rapidly moving towards alternative energy sources.
In addition to the benefits they have for your wallet, electric vehicles are also much less harmful to the environment. In fact, a study conducted by Carbon Brief compared the impact of 150,000 km driven in Europe with an internal combustion engine car and that of the 2019 Nissan Leaf. The study showed that electric vehicles produce half as much emissions than a vehicle with an internal combustion engine.
To remember
In summary, if you have the financial means and the time to wait for your vehicle to recharge, electric cars are undoubtedly the solution. Not only do they cost exponentially less to charge, but they are also much less harmful to the environment.
Nonetheless, it is important to seriously consider the pros and cons that come with purchasing an electric vehicle. While it’s a welcome addition to your life, it comes with an added level of responsibility, especially when it comes to repairs and maintenance.
Have you taken the plunge? Do you need a charging station at home? Contact the experts at Parker Poirier Électrique.
