EVs or electric vehicles are lower in fuel cost and better for the environment. With possible incentives coming to expand the EV and battery market, let’s go over the basics and our thoughts on where the industry is heading.
- The Basics
EV is a catch-all term for any car that is powered by electricity, not gas. Sometimes referred to as battery electric vehicles (though there are other abbreviations for other types) because they run on an electric motor and a large traction battery pack to power the electric motor. These cars must be charged, so they also require electric vehicle supply equipment or EVSE, to keep them running. EVs do not emit exhaust from a tailpipe, therefore no CO2 emissions get released into the air, making them better for the environment. In many cases, battery electric vehicles or BEVs can travel more than 200 miles on a full battery charge, and more advanced models can reach about 400 miles between charges.
- What’s The Difference?
According to the Department of Transportation, The average U.S. household spends nearly one-fifth of its total family expenditures on transportation. Considering that EVs have lower fuel costs, it is half as much to travel the same distance in an EV than a conventional vehicle. Even in a hybrid car or HEV (hybrid electric vehicle), the fuel cost is less because of the reliance on battery power. This decreases how much gas the internal combustion engine uses and if you are not ready to commit to a fully electric vehicle, can be a great start. In addition to the many helpful qualities of an EV, they do not require engine oil, thus there are no oil changes, they do not require spark plugs and wires, and they have no exhaust system. All of this means less maintenance.
- The Future
The future of EVs seems very bright. If the Build Back Better bill passes, more subsidies will be given to the EV market so it could expand, and the industry could add about 150,000 jobs in the next ten years. Of course, this assumes that there will be fast widespread adoption of electric mobility in the near future, which is why a domestic supply chain and launching new EVs are essential to the expansion of the industry. According to a Bloomberg NEF report, in 2021 drivers from all over the world purchased about 5.6 million electric passenger vehicles, and there are now more than 500 models of EVs and fuel cell vehicles available for sale.
- Final Thoughts
We are at a tipping point with the climate crisis and advancing new technologies to offset the problems our environment is facing. As companies like Ford and BMW shift towards energy-efficient cars and existing EV models lower in price, both in Europe and the U.S., the future seems to be electric. For more information regarding EVs, batteries, and Solar reach out to us via email.