The fast growing popularity of electric cars has been caused by a number of factors, including influential industry backers, government subsidies and the evident financial benefits. However, the technology is yet to take over the mainstream automotive industry as is hoped by industry players and environmentalists alike. As the electric vehicle industry booms and new technologies continue to be released, the time has never been better to invest in this industry of the future.
You’ll save money in the long run
Buying an EV will save you money – and is only set to save you more and more as battery prices plummet due to the battery revolution. Electric vehicles are considerably cheaper to run than regular fuel and gas powered cars. The US Environmental Protection Agency says that electric vehicles require $3.74 worth of electricity to travel 100 miles, in comparison to the $13.36 of fuel required by fuel reliant cars. Currently, electric cars are more expensive in relation to regular vehicles. However, this is set to change as electric vehicles become more popular.
You won’t be harming the environment
This is quite an obvious one, but there’s never been a more relevant time to pursue a carbon neutral lifestyle – both for your conscience and your bank account. Buying an electric car will drastically reduce the direct environmental impact that a regular car causes. In addition, the growth of renewable energy is set to lower the emissions of electric cars even further by enabling the electricity they require to be entirely fossil fuel free. In light of a massive international push for carbon emission reductions, going green can pay off – quite literally – as governments dedicate more funding and subsidies to green initiatives.
Prices are dropping
Electric cars are becoming much more plentiful in the car market, and as electric car manufacturers release more prices are slowly coming down – making going green not just affordable in terms of everyday costs, but also in terms of the upfront cost of the car. A higher number of EVs on the roads will also increase the demand for charging stations, making the issue of EV driving distance limits a much smaller issue.
They require less maintenance
According to Plug In America, an EV advocacy group, EVs have 10 times fewer moving parts than regular cars. With no engine, transmission, spark plugs, fuel tank, tailpipe, distributor, start, clutch, muffler or catalytic converter, electric vehicles are evidently going to require much less maintenance than their petrol powered predecessors.
Electric vehicles complement the solar storage revolution
It’s no accident that industry revolutionaries like Elon Musk want a slice of both the electric vehicle and solar storage pies. The reason for the incredible growth in both areas is no coincidence. In fact, solar energy and battery storage are creating incredible potential for streamlining green living from your home to your car. Solar PV power generated and then stored in high tech lithium-ion batteries can not only supply green energy to your home, but can charge your electric vehicle while it’s parked at home. Unsurprisingly, talk about partnerships between electric vehicle companies and solar energy suppliers is not far around the corner.