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Level 1 Level 2 And DC Fast Charging
Compared cost of EVs/ICE
(EVs) generally tend to be more expensive upfront compared to internal combustion engine (ICE) vehicles. However, it’s important to consider the total cost of ownership (TCO) over the vehicle’s lifespan, as EVs typically have lower operating and maintenance costs, which can offset the initial higher purchase price.
EV Cost
The cost of electric vehicles (EVs) compared to internal combustion engine (ICE) vehicles has been a significant consideration for consumers. Historically, EVs have had higher upfront purchase prices than their ICE counterparts, primarily due to the expensive battery technology. However, over the years, advancements in battery manufacturing and economies of scale have led to a gradual decline in the cost of electric vehicle batteries. As a result, the price gap between EVs and ICE vehicles has been narrowing, making electric vehicles more accessible to a broader range of consumers. The cost/rate to repair EVs is substantially lower than ICE vehicles because of fewer moving mechanical parts. EVs average 18 moving parts in their motor(s) while ICE engines have over 2000. This coupled with the increase in the price of petrol/gas make EVs a compelling choice for consumers.
ICE Cost
While the initial purchase price of EVs may still be higher, it's essential to consider the total cost of ownership (TCO) over the vehicle's lifespan. Electric vehicles generally have lower operating and maintenance costs compared to ICE vehicles. The cost of electricity for charging an EV is generally lower than the cost of gasoline or diesel fuel, leading to potential long-term savings for EV owners. Additionally, EVs have fewer moving parts and require less maintenance, as they don't need oil changes, drive belts, hoses, pulleys, alternators, starters and have fewer components that wear out over time. As battery technology continues to improve and production scales up, the cost of electric vehicles is expected to continue declining, making them an increasingly competitive and appealing option for consumers.
Little L2 & EV Chargers Growth Comparison
Current L2 Chargers In US
EV Growth Over The Next 10 Years
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