Electric Vehicles, Renewables

EV costs: New calculator helping drivers save

Australian consumers seeking to buy an electric vehicle can now weigh up the cost savings compared to petrol or diesel cars thanks to Macquarie Bank’s new EV Savings Calculator.

The interactive calculator deduces potential savings of an EV balanced against the cost of fuel and electric charging, running and insurance costs, and environmental benefits through a measure of reduction in operational emissions.

It displays results in a graphical format that compares the purchase and running costs of an EV against a petrol, diesel or hybrid equivalent.

“We often hear that cost is one of the biggest barriers to EV uptake so we developed the calculator to support customers in understanding costs associated with purchasing and running an EV,” says Peter van der Westhuyzen, Macquarie Bank’s head of institutional, direct and customer solutions.

“While upfront financial costs of an EV might currently be higher than a petrol, diesel or hybrid equivalent, there may be a break-even point further down the line where the cost savings on fuel and maintenance mean an EV can become relatively more attractive during the life of the vehicle.

“Many of our customers are also conscious of the impact their current vehicle can have on the planet so our calculator also measures potential operational emissions savings to be made through the purchase of an EV.”

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Users of the EV Savings Calculator can set parameters for potential savings across five, 10 or 15 years, and can include any applicable state or territory benefits or rebates into the calculation.

It also has an option to select how an EV is powered, either through the grid or off-grid from solar.

“Our goal is to support customers who are interested in transitioning to an EV by helping them realise potential financial and environmental benefits in a digestible format,” says van der Westhuyzen.

“The calculator displays practical everyday comparisons of potential CO2 savings so customers can relate to the environmental benefits of any reductions of operational CO2 emissions in a tangible way.

“For example, one tonne of CO2 emissions would be equivalent to the emissions from approximately five return economy flights for one person from Sydney to Melbourne.

“We believe the EV Savings Calculator will make it much easier for customers to source the information they need when deciding on their new vehicle purchase.”

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