Auto31 March 20223 minute read

Landmark Plenti/Accenture study finds EVs are now cost-competitive

Our new study confirms electric vehicles are now cost-competitive with internal combustion vehicles over their lifecycle and explores the potential $8.9B market for electric vehicles with household solar and battery systems.

  •  EVs are now cost-competitive with internal combustion vehicles over 15 years’ ownership when charged with grid power, and are significantly cheaper when coupled with home  solar-battery systems;
  • Households with an EV and a home solar-battery system can expect an average total  electricity bill of ~$230 each year, down from the current average household’s $1892 annual electricity bill where grid power is used (and no EV);
  • Non-financial reasons (such as access to charging infrastructure and narrow model choice) were highlighted as key barriers to EV uptake through the customer survey. These are being rapidly addressed – EV models available in Australia are expected to almost double by the end of 2022 and thousands of charging points are in the process of being deployed state governments;
  • EV, home solar and battery system ownership can reduce average household emissions by 83% when compared to using an internal combustion vehicle and grid power; 
  • An $8.9 billion market for EVs and home solar and battery systems could emerge by 2026 if affordability concerns and non-financial barriers are addressed. 

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