Driving electric costs less. See here how we calculated savings per 20,000 km point based on reduced costs for energy and maintenance. Discover how these savings on usage-related costs are used to identify the price equivalency point of a plug-in vehicle.
For each plug-in model, savings per 20,000 kilometres were calculated taking into account energy costs (A) and two basic maintenance operations (B).
For energy costs, we start with the efficiency ratings for plug-in vehicles and gasoline vehicles published by Natural Resources Canada (NRC). In the case of plug-in hybrids, the distribution of fuel and electric efficiency takes into account the vehicle's electric range: the greater its range, the greater the electric percentage.
The plug-in model’s efficiency is then compared with the average rating of the 10 most efficient gasoline models in the same category following NRC’s classification.
|Station wagon: small||7,53|
The difference between the cost of gasoline and the cost of electricity (or electricity and gasoline for plug-in hybrids) equals savings on energy costs.
Savings on maintenance are calculated by comparing the maintenance costs of a gasoline vehicle with those of an electric vehicle. The cost of such operations can obviously vary from one model to another and from one company to another. For ease of comparison, data are standardized as follows:
|Operation||Gasoline||Plug-in Hybrid||Fully Electric|
|Oil||$60/10,000 km||$60/20,000 km||$0|
|Brakes||$500/50,000 km||$500/80,000 km||$500/120,000 km|
These same vehicle usage-related savings parameters will be used when calculating price equivalency point.
The price equivalency point corresponds to the number of years after which usage-related savings will have covered the net additional cost for the acquisition of the plug-in vehicle.
To calculate this indicator, the additional cost of acquisition of a plug-in vehicle is first estimated at 25% for plug-in vehicles with a battery capacity of less than 50 kWh, and 30% for plug-in vehicles with a battery capacity of 50 kWh or more.
A generic gasoline vehicle with a $34,000 MSRP serves as a comparison for a plug-in model of less than 50 kWh listed at $42,500 (125% of $34,000 for an additional cost of $8,500) and for a plug-in model of 50 kWh and above listed at $44,200 (130% of $34,000 for an additional cost of $10,200).