According to a new study by Cambridge Econometrics, the cost of motoring will fall significantly, along with the level of carbon emissions, if there is a mass uptake of electric vehicles (EVs).
By 2030, the average electric car could deliver savings in annual energy costs, worth around £960. What’s more, if EVs were to become mainstream, CO2 emissions could be cut by 47% by 2030, and as much as 80% in 2050.
The reduction of air pollutants, such as nitrogen oxides and particulates, would also help lower the incidence of respiratory diseases valued at over £1bn to the UK economy.
While these ultra low emission vehicles are often more costly to buy at the outset, the initial investment will be outweighed by energy-savings within a few years, leaving households significantly better off.
Jerry Hardcastle OBE, Global Chief Marketability Engineer at Nissan, said: “The report clearly demonstrates how battery electric vehicles will continue to positively contribute to the UK economy.
“Beyond the jobs that we have created in Sunderland around the production of the Nissan LEAF electric car there will further developments in the products and services that support zero emissions mobility.
“Over time it is becoming clear that each battery EV is an investment in public health as it will also enable the necessary air quality improvements in urban environments.”
The paper, commissioned by the European Climate Foundation, finds that even if oil prices were to remain at today’s unusually low level, energy-savings would rapidly outweigh the cost of low-carbon technologies.
From a national perspective, by 2030, the total cost of renewing and fuelling the UK car fleet would be £7 billion lower for low-carbon vehicles than if the fleet were to continue running on today’s technology, or £5 billion cheaper in a low oil price scenario.
The reports estimates are based on the assumption that over 6 million electric vehicles will be deployed by 2030, growing to 23 million by 2050.
Philip Summerton, one of the study’s authors, said “there will be a transition in the next five-10 years but you won’t see a sudden shift to electric vehicles until consumers have got over their ‘range anxiety’ concerns and that will only happen with infrastructure spending”
The government is trying to encourage the move towards electric vehicles with the provision of incentives and by investing in necessary charging infrastructure. Recently, they unveiled details of a £43 million support package, which brings their total investment to almost £1 billion.
Read the full report here http://www.camecon.com/FuellingBritainsFuture.aspx
The Guardian, Cambridge Econometrics
