Pro’s and Con’s of an Electric Vehicle | Wireworks Electrical Services Ltd. Sherwood Park AB
Believe it or not, the EV or electric vehicle has been around since the 1900’s. There are basically 3 types of electric vehicles available for consumers to buy today in Canada.
BEV- Battery Electric Vehicle
PHEV and HEVs– (Plug-In) Hybrid Electric Vehicle
FCEV – Fuel-cell Electric Vehicle
To find some examples of each here, with links to their respective OEM websites.
There are some pro’s and con’s in owning an EV ( Electric Vehicle ). If you are considering this as your next automotive purchase we have outlined some things to ponder over.
The plus side:
Lower overall operating costs with some saying 35% over time compared to a regular combustion vehicle
No maintenance to exhaust system, no oil changes and no tune ups
Significant benefits to the environment
Rebates and incentives for residents in some Canadian provinces
Low or Nil Fuel Consumption
The negatives:
Higher purchase price
Battery life decreases due to wear and tear
Distance Driving
Availability of charging stations
Asset depreciation
EV’s have not been around long enough to establish a valuation benchmark
Each new year brings a better version of the previous model
Outside of the positive or negatives sides to this decision, there are a couple other things one should also consider about the ownership of an electric car.
When it comes to the installing the Home Charging Equipment that required to power these vehicles can cost you anywhere from $500 to $1,500 in upfront costs, or potentially more depending on a few variables such as distance from the power supply, current wiring and availability in the breaker box to add a new circuit. This cost includes the purchase of the equipment and the installation of an EVSE (Electric Vehicle Supply Equipment), which is the 240-volt wall-mounted box that pumps the electricity into your car.
Another area to research is your insurance company. A few progressive insurance companies will apply small discounts for EV owners, however it is just as possible to get hit with higher rates as these vehicles are designed with advanced technology which is more expensive to repair should there be a claim made.
All in all, there seems to be a trend and is becoming the consumer’s choice to go green with the potential of some noticeable savings over time.
If you are a proud new owner of an Electric Vehicle, Wireworks Electrical Services Ltd. is proud to work with you to get your electric car on the road. We provide many electrical services, including the installation of the home charging equipment to get you started for both residential and commercial applications. Contact us today at 780-289-1660 or by email at ray@wireworksltd.com to discuss your EV options!