Abstract:

To save our planet from climate change, reducing automotive pollution worldwide is a cumbersome challenge. One solution to reducing pollution may be the introduction of electric vehicles. In this paper, various factors of total cost of ownership of conventional and electric cars from both financial and environmental perspectives are studied. To equalise the cost drivers of vehicles with diverse lives, equivalent annual annuity (EAA) procedure was used to show that the total cost of ownership of an electric car is more economical than that of the fossil-fuelled ones. Additionally, electric car was found to be more environmentally benign than the conventional cars, even if EV is energised with electricity generated from coal-based thermal power plants. This research would therefore promote the promotion of EVs for rapid adoption for the good of society and help the government frame its policies related to e-mobility.