EV - Cost Benefit Analysis

An EV should save you a significant amount of money compared to the majority of new ICE vehicles. This is primarily due to the costs to power an EV which range from zero (if you primarily charge from home solar or use Destination Charging) to around a third of an ICE vehicle if you pay for the electricity.

In addition, servicing and maintenance is far cheaper for an EV. An EV has around 20 moving parts compared to over 2,000 for an ICE vehicle. Tesla for example, have no service windows and no associated annual charges (assuming you can check the tyres and wiper blades yourself). The regenerative braking of an EV also means the brake pads can last 10x longer than an ICE vehicle. The upfront cost of EVs should also continue to fall as car manufacturers scale up production and gain better economies of scale.

Data behind the above chart