Electric cars set to be just as affordable as regular vehicles sooner than anyone thought

If you have always wanted to switch from your gas-guzzling vehicle to an electric car, but hesitated because of the higher price, you may be just three years away from finally being able to do so because that’s when electric cars will reach cost parity with conventional cars.

A new report by Bloomberg energy analysts is now forecasting that the price of electric vehicles is expected to drop significantly by 2022, and perhaps even earlier since this same annual report has predicted the drop earlier and earlier.

And the main reason why the cost of electric cars is dropping is because the batteries are more efficient and have become easier to produce, thus lowering the overall cost of batteries that currently make up 50 percent of the overall price of an electric vehicle.

According to the Yale School of Forestry and Environmental Studies:

The trend is due to the plunging price of EV batteries. Batteries made up 57 percent of an electric vehicle’s total costs in 2015. Today, that number is down to 33 percent, and it is expected to drop to 20 percent by 2025. The new forecast highlights the rapid development of EV technologies globally.

A decade from now, consumers will also benefit from reduced costs on other electric car parts and systems as the cost of conventional vehicles rises in an effort to compete with the energy efficient and environmentally friendly cars.

By 2030, costs for motors, inverters, and power electronics could be 25 to 30 percent cheaper than today. The affordability of EVs will also be helped by a modest rise in costs for combustion vehicles as they utilize lighter-weight materials or other technologies to meet fuel efficiency targets.

Adding to the excitement is the fact that other kinds of vehicles are also being developed to run on the EV battery.

“The incredible shrinking electric vehicle battery doesn’t just mean cheaper electric passenger cars,” Bloomberg writes. “It also means all sorts of other vehicles that weren’t previously practical to electrify now are — and beyond proof-of-concept scale, too.”

In the very near future, planes, boats and excavators will all be able to run regularly on battery power whereas it was too expensive in the past.

Not only does this mean we will be able to cut carbon emissions even further to help save our planet from catastrophe, it justifies the adoption of the Green New Deal, which calls for a clean energy revolution that will transform our transportation system into a powerhouse of energy efficiency. Putting the plan in action would speed up the change.

Now that electric cars are about to be just as affordable or even more so than regular vehicles, clean energy opponents are running out of excuses to not get on board.

Featured Image: Wikimedia

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Stephen D. Foster Jr.

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