The premium for a new electric car is around $10K. For example, a new Nissan Sentra starts at $20K, and a Leaf is $28K. There are federal and state tax credits that can reduce the cost by $7.5K if the car is eligible. So it's more like a $2.5K premium for electric. That is more than paid for by fuel savings.
There are some very expensive EVs but they are competing with luxury ICE cars that are also very expensive. You need to compare equivalent models. EVs like the Nissan Leaf and Chevy Bolt are not luxury cars and are not as expensive. There is a lack of very cheap EVs. The Mitsubishi iMiEV was too cheap and did not sell well. For a while, used EV prices were very low, and you could get an excellent used BMW i3 or Fiat 500e or Chevy Spark EV for cheaper than an equivalent ICE car. But then gas prices went through the roof and used EV prices followed. Given time, there will be a more robust used EV market. Used EVs are much more reliable and cheaper to operate than used ICE cars. It will be a boon to people of modest means when more used EVs are available.
I remember being excited about the articles in Scientific American about the coming hydrogen economy. It turned out to be a false promise. Hydrogen is an extremely difficult molecule to contain in tanks and to transmit without loss. A battery is big and heavy but so is a hydrogen tank. Moving electrons through power lines is way easier than moving hydrogen through pipelines. Also, most hydrogen is made from fossil fuels and has a bad carbon footprint. Clean hydrogen can be made from water but it takes electricity, and the process is lossy. It is a better use of the electricity to put it in batteries. I think there will be some uses for clean hydrogen in the future, but it will be as a feedstock for making carbon neutral kerosene for aviation and other uses where electricity is not fully practical.
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Date: 2022-08-25 06:32 pm (UTC)There are some very expensive EVs but they are competing with luxury ICE cars that are also very expensive. You need to compare equivalent models. EVs like the Nissan Leaf and Chevy Bolt are not luxury cars and are not as expensive. There is a lack of very cheap EVs. The Mitsubishi iMiEV was too cheap and did not sell well. For a while, used EV prices were very low, and you could get an excellent used BMW i3 or Fiat 500e or Chevy Spark EV for cheaper than an equivalent ICE car. But then gas prices went through the roof and used EV prices followed. Given time, there will be a more robust used EV market. Used EVs are much more reliable and cheaper to operate than used ICE cars. It will be a boon to people of modest means when more used EVs are available.
I remember being excited about the articles in Scientific American about the coming hydrogen economy. It turned out to be a false promise. Hydrogen is an extremely difficult molecule to contain in tanks and to transmit without loss. A battery is big and heavy but so is a hydrogen tank. Moving electrons through power lines is way easier than moving hydrogen through pipelines. Also, most hydrogen is made from fossil fuels and has a bad carbon footprint. Clean hydrogen can be made from water but it takes electricity, and the process is lossy. It is a better use of the electricity to put it in batteries. I think there will be some uses for clean hydrogen in the future, but it will be as a feedstock for making carbon neutral kerosene for aviation and other uses where electricity is not fully practical.