Swedbank, in cooperation with Elektrum, has developed an electric car cost calculator that allows drivers to compare the operating costs of electric cars with the costs of an internal combustion engine-powered car, taking into account each driver’s driving habits.
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Such a tool has been developed with the aim to facilitate the decision-making of the population in favor of purchasing a more environmentally friendly car, because although the prices of electric cars are still relatively higher, their advantage is determined by the low operating costs. The calculator is available by clicking here.
“According to survey data, two out of three Latvians would like to buy a more environmentally friendly car, but relatively high prices deter such a decision. Therefore, together with partners from Elektrum, we developed a tool that allows to compare not only car purchase but also use costs. , which for electric cars are most often lower than for internal combustion engine vehicles, “comments Adriāna Kauliņa, Head of Sustainability Development at Swedbank.
“The main advantages that make the use of electric cars more advantageous compared to internal combustion cars are both low electricity costs per 100 kilometers of mileage and low costs of regular maintenance. In order to give preference to the choice of electric cars now, the most important factor is the mileage you plan. “The higher the mileage, the more profitable the calculation of a good electric car. Clearly, the calculation will also be improved by the possibility to perform most of the charging from the electricity connection at home or in the company,” says Edgars Korsaks-Mills, electromobility expert at Elektrum Energy Efficiency Center.
The developed tool calculates the approximate monthly car maintenance costs, including leasing, CASCO insurance, fuel / charging, operating tax, parking and car maintenance costs.
For example, the leasing interest rate for environmentally friendly cars, which affects the monthly lease payment, is lower than for cars with high CO2 emissions. In turn, a discount is applied to CASCO insurance for electric cars, which also reduces the total annual operating costs of the car.
Fuel costs are determined on the basis of the average monthly mileage, applying the assumed fuel price and the user-specified fuel consumption per 100 km. Electric car charging costs are determined by the average monthly mileage by applying the electric car capacity specified by the user of the tool and the forecasted charging frequency at the home network and public charging stations. The price of electricity in the home network is applied at 0.13 EUR / kWh, which is the price minus the fixed distribution and OIK components, because it is already paid by each user even if he does not charge the electric car at home. The price of a public charging station is assumed to be 0.24 EUR / kWh.
The monthly vehicle maintenance tax is determined according to the CSDD CO2 emission table and the corresponding tax for a traditional car, while there is currently no electric car. Car maintenance costs are assumed to be 0.01 euros per kilometer for electric cars and 0.03 euros per kilometer for conventional cars. In turn, parking costs are calculated based on the amount indicated by the user of the tool, how much is currently spent on average per month for parking a car in “Rīgas Satiksmes” parking lots. Electric cars are currently free of charge.