Electric Vehicles: Benefits and Top Manufacturers in India
Table of Contents
Introduction To Electric Vehicles
Of all the oil consumed in the percent U.S., 70 is used for transportation. Further, passenger vehicles use 70 % of transportation oil.1 globally, a rising middle class in China and India is causing demand for the passenger EV cars to balloon, and with it, demand for oil. By 2050, there may be as the many as 1.5 billion EV cars on the road, compared to 750 million in 2010.This type of demand represents both the challenge and the opportunity to capitalize on new EV vehicle technologies, and in the operation, reap substantial and economic development benefits it. In a world where oil is the limited resource of alternate source of transportation fuel electricity- is not only the smart investment, but as some would say, it is an inevitable one. Further the switch to electric vehicles (EV) will be generate demand for existing jobs and create new jobs as well. As study after study confirms the job growth in EV industries will outweigh any decreases of jobs in traditional fuel industries, resulting in net job growth. Electric vehicles create additional economic development opportunities by the improving quality of life, reducing energy spending, and decreasing reliance on foreign oil.
Methodology and Assumptions
This is the research study applied this established model for the evaluating clean source energy programs to the evaluation of electric vehicles using the Societal Cost Test. Seven (7) benefits were quantified this study to be create a more complete picture of the true costs and benefits of an electric vehicle. Instead of simply comparing to the sticker prices of an electric vehicle (EV) with a conventional gasoline vehicle, this analysis includes fuels savings, maintenance savings, environmental impacts from reduced Co2 emissions, health impacts, and increased national security through reduced reliance on fossil fuel, economic development benefits, and grid resource benefits from transportation electrification.
Although this study estimates to the value of electric vehicle benefits (EV) within the framework of the societal cost test, it is not a fully executed cost-benefit analysis and should not be interpreted as such. The purpose of the analysis is to identify the various benefits of electric vehicle benefits (EV) that are not currently captured and accounted for. The goal of this research is not a put in accurate dollar value on these benefits, but rather to identify the benefits of electric vehicle in a broader context and show of the overall magnitude of the benefits of electric vehicle (EV). Ideally, this research will be expand the understanding of the range of electric vehicle (EV) benefits and serve as a tool to policy-makers when contemplating and determining electric vehicle incentive levels.
To be measure electric vehicle (EV) benefits against those of a traditional gasoline vehicles, a 2016 Nissan leaf with a 24 kWh battery pack was selected as the representative electric vehicle (EV) as it is the world best-selling all electric car. The Honda Civic 2016 4-door vehicle equipped with a traditional gasoline internal combustion engine was used as the baseline or comparison vehicle as it is a popular vehicle comparable the size and function to the Nissan Leaf (NL).
The assumptions used in the evaluation and comparison are as the follows: Vehicles are the both cash purchases. Vehicle lifetime is 10 years most electric vehicles come with a 10-year battery warranty and annual mileage is 12,000 miles average vehicle miles travelled for passenger vehicles resulting in total vehicle mileage of 120,000 miles. Gasoline prices are the assumed to $2.00 an gallon over the life of the vehicle. The electric vehicle is the purchased with level 2 charging equipment which is installed at the electric vehicle (EV) operator’s residence. Both vehicles are the driven the same mileage under the same conditions.
Electricity costs charging for the vehicle will be 12.50 cents per kw hour which is the average price of electricity for World Electric Vehicle Journal, Hybrid and Fuel Cell Electric Vehicle Symposium 3 U.S. residential customers in December 2015 (5). Again, for the purposes of this analysis, it is the assumed that electricity prices will remain are stable over the life of the vehicle. The electricity for the vehicle will be obtained by 100 % clean renewable generation and will not be generated using fossil fuels. While using 100 percentage clean, renewable generation may not be a realistic assumption in many locations, this scenario simplifies the analysis, highlights the potential benefits of electric vehicles, and sets the goal for which is to be strive in the electrification of transportation.
This benefits in this analysis are monetized based on the existing research and literature. This values in the analysis are estimates and are subject to great variability based on the inputs such as gasoline prices, electricity prices, vehicle prices, and other variables, all of which are the expected to change multiple times over the 10 year life of the electric vehicle. For this reason, we did not the calculate net % value of the investments or adjust for inflation over the life of the vehicle. All values shown are in 2015$ dollars. Some of the benefits we are assessed covered to range of values. In these cases we are selected mid-range and conservative values within these ranges to the present a balanced analysis. While care was taken to find values that accurately reflect the benefits of electric vehicle assessed in this study, the results of this analysis are simplified to expand the understanding the scope of electric vehicle (EV) benefits and are for illustrative purposes only.
Analysis of Fuel Savings
Using the NYSERDA Watt plan calculator and the based on the assumptions stated earlier in the paper, fuel savings from driving a Nissan Leaf instead of a Honda Civic are estimated to be $688 each year. Residential electricity consumption will be increase for the electric vehicle (EV) operator, whose electric bill will increase by $275 a year from EV charging. As a result, the net energy savings for the electric vehicle will be $413 per year. Over the 10-year of life of the electric vehicle, this will result in a cumulative savings of $4130 on energy costs. Electricity cost will be likely be more stable than gasoline prices which are currently at a 10-year low, so it is very possible that fuel savings will be significantly higher than the value % here over the 10 year life’s of the vehicle.
Benefits of electric vehicles
- Low Maintenance Costs for EV
- Low Running cost for EV
- No more fuel price hikes
- Convenient charging at home
- Easy to drive vehicle
- Environment friendly
- Comparable cabin and more storage option
- Government Incentives
- Electric vehicles are future proof
List of Electric Vehicles EV Manufacturers in India
- Verge Motors
- Lush Motors
- Mahindra Electric
- Kia Motors
- Tata Motors
- Honda Kona Electric
Why Electric Vehicles (EV)
There are the many more reasons why are people are moving to the Electric Vehicles (EV) to get them to the places they need to be. These include:
- Electric vehicles are fun to drive because they are fast and smooth.
- Many more studies show that the emissions from burning fossil fuels such as gasoline produce harmful greenhouse gases. Electric vehicles produce no smelly fumes or harmful green-house gases.
- EVs are innovative and cool.
- Electric vehicles only cost approximately $360 a year to operate compared to $3600 for a gasoline vehicle.
- Electric vehicles are a smart and convenient choice