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If you’re considering purchasing an electric vehicle, be prepared to spend a lot of money. As infrastructure ages and more vehicles switch to battery-powered models, politicians have been scrambling to find funding for repairs and new infrastructure. As a result, you can expect to pay more for asphalt, concrete, and rebar.
Anxiety about range of electric vehicles
Anxiety about range of electric vehicles is a legitimate concern for many potential EV drivers. This fear stems from the fear that the battery will run out in the middle of a long trip. The truth is that the battery of an electric vehicle can only last so long before it needs a charge. This applies to all vehicles, not just electric ones. Fortunately, there are several ways to alleviate the perceived stress associated with owning an electric car.
For example, most people don’t realize they can charge their electric vehicles at home. Even if they have a 110-volt outlet available, most are unaware that this is an option. According to the 2020 Electric Vehicle Residential Customer Survey, only 26% of respondents could charge their electric cars with a standard three-prong wall outlet. This can lead to range anxiety, but once the owner develops a charging routine, the fear of running out of power is gone.
In addition to battery range, drivers should understand the routes to their destinations. This way, drivers can choose the best time to recharge their electric vehicles. An intelligent in-dash navigation system can even show them where they can charge their cars.
Lack of charging infrastructure
A lack of charging infrastructure is one of the biggest impediments to the adoption of electric vehicles. In the United States, a base-case scenario suggests that EVs will have 120 million buyers by 2030, and an aggressive scenario says the number could double. The EV surge will also create a boom in the charging infrastructure sector, which will benefit the electric utility industry, battery suppliers, and charging technology providers. And it will benefit consumers, too.
EVs need public chargers in order to become widely available to the public, but the lack of such infrastructure is holding back progress. In areas with low-income populations, such as those in Black and Latino neighborhoods, there are fewer public charging stations. Despite this, advocates of electric vehicles are hopeful that more Black and Latino people will opt for them in the future.
The EV industry needs to make more efforts to improve the charging infrastructure. The government offers a $10,000 purchase incentive to new EV owners, but these subsidies expire after five years. The cost of charging stations also remains high, which is not sustainable in the long run.
Cost of batteries
Batteries are becoming expensive as the number of EVs grows and the cost of lithium increases. Lithium, a nonferrous metal, is considered the “white gold” of the EV world. Increasing demand for EVs is already straining global lithium supplies. According to the World Economic Forum, by the year 2040, global sales of EVs are expected to hit 6.6 million units – up from three million in 2015. EVs are expected to account for 9% of total global car sales by that time.
According to a Bloomberg New Energy Finance report, battery prices would be $137 per kWh in Dec. 2020, and would fall to just $100/kWh by 2023. If these prices continue to fall, the average battery pack cost for EVs could fall to as low as $62/kWh by 2030. If the battery costs are this high, replacing a 100 kWh pack may end up costing $6,200.
The cost of batteries for electric vehicles is currently a major impediment for wider consumer adoption. While luxury EVs offer ranges of around 300 miles, the average vehicle-miles driven by the general US population is around 20 miles a day. These figures increase to 30 miles per day for demographic groups that drive more. If EVs are to become a viable option, their batteries will need to be significantly cheaper than the equivalent gasoline-powered vehicle.
Lifespan of batteries
The battery life of an electric vehicle (EV) varies according to driving style. In general, batteries are expected to last 10 to 20 years before needing replacement. Most manufacturers cover battery packs for at least eight years or 10,000 miles, but some, such as Tesla, offer lifetime warranties on their battery packs.
While the batteries in EVs are designed to last for many years, they do degrade over time. The average battery of an EV loses 2.3 percent of its capacity each year, compared to its original capacity. This reduces the initial range, but it still allows you to drive your car.
Another factor that decreases battery life is extreme temperature. Batteries in electric vehicles tend to degrade faster in extremely hot climates. To combat this problem, many automakers have installed thermal management systems in the battery pack. By keeping the battery pack cool, the batteries can last for many years.