Are you considering purchasing an electric vehicle? Electric vehicles are often the first step you can take on your journey to be more sustainable.
70% cheaper per kilometre than a car with a combustible engine. This results in an average savings of $1,600 in fuel costs each year, electric vehicles are also cheaper to service.
It’s important to take in all factors when considering purchasing an electric vehicle, let’s go through them below.
Low running costs
The low running costs of electric vehicles compared to petrol or diesel vehicles benefit the owner in the long run. While the upfront cost may be higher, there are cost savings with maintenance and servicing, with an average saving of $2,400/ year.
Transport is Australia’s third largest source of greenhouse gas emissions, with more Australians opting for electric vehicles, a nationwide transition will help reduce emissions and decarbonise the country.
If you only have an electric vehicle you will still create some CO2, although it is in much smaller quantities due to;
- Charging directly from the grid
- Raw materials for Battery Electric Vehicles
It’s worth noting with the growing electrification of homes and decarbonising of electricity grids, the lifetime emissions of Battery Electric Vehicles (BAVs) will reduce even further.
In the meantime, your vehicle is truly zero missions if you are:
- Connected to Green Power, or
- With a 100% renewable retailer, or
- Use on-site solar to charge your vehicle
In 2020, Japan pledged to drastically reduce the production of petrol and diesel cars, to meet their climate change commitments by 2030, this may seem irrelevant to Australians, but Japan is one of the few countries producing right-hand driving vehicles.
This places Australia at risk of becoming a market for outdated vehicles that the rest of the world discards as they move towards electrification.
Car makers around the world are publically committing to the electrification of their fleet and pledging billions of dollars towards electric vehicles, the good news is that governments are also following suit:
- Norway plans to end sales of new petrol and diesel vehicles by 2025, with the UK banning sales in 2030
- France is planning to prohibit the sales by 2040
- The US plans to spend $174 billion to invest in EVs and transition the government fleet over to electric vehicles
Electricity vs fuel security
Australia can generate electricity to power electric vehicles, making them immune to international risks such as shipping lanes being disputed by international conflicts or inflated prices.
Electric vehicles operate like petrol or diesel car, however, they do have additional perks for the driver and owner:
- Less noise when slowing the car down or increasing speed
- 'One pedal driving' due to regenerative braking, as you lift your foot off the accelerator the car will slow down, reducing energy consumption and wear and tear on brake pads
- A lower centre of gravity makes turning corners a better experience
- Acceleration is generally faster thanks to the battery's instant power
Are you looking to purchase an electric vehicle and use your home electrification to charge your EV? Brighte can provide finance for a range of sustainability initiatives including; solar, batteries, air conditioning, lighting and more.