Exploring the Potential of the Combination of Electric Vehicles and Solar Power

January 9, 2015

imagesAccording to the chairman of SolarCity and Tesla Motors, there has always been a huge potential association between electric vehicles and home solar power. In California, the bundling of solar energy and electric vehicles is trending already. This may be a combination that is too good to ignore, considering the fact that there has been a gradual technological advancement over the last couple of years. One of the blog posts from the Washington Post emphasized this issue last week. According to the blog post, Magal Delmas and two other colleagues from the UCLA Environmental Institute are working on a paper that reports on the increasing appeal for solar panels and electric cars. This implies that suburban consumers may soon become accidental environmentalists.

The monthly expenses for a household purchasing an electric car and at the same time owning a solar panel generating enough power for the car and the home might be approximately $89. This is in comparison to $255, a rough paper estimate of a household that runs a regular vehicle and does not own a solar panel. This study is a clear indication that it is possible to achieve such huge saving, thanks to the fact that the installation of solar and purchase of electric vehicles have increased options for zero-down payment. A significant overlap was found in two groups, the rooftop power installers and Tesla buyers. According to the data obtained from the Clean Vehicle Rebate Project in California, rebate applicants with all-electric cars utilizing home solar panels or planning to install the panels, accounted for 45% of the total number of applicants.

The paper further indentified other trends indicating a positive relationship between Tesla Motors’ stock price and shares of many solar firms. In other words, solar panels and electric vehicles are getting cheaper and better with time. There is also a gradual improvement in Tesla’s financing options. Mathew Kahn, a UCLA’s economist and one of Delmas’ co-authors, has written a paper on the increasing “synergistic possibilities” for people who own both technologies. Currently, it is increasingly possible to own both the solar panels and electric vehicles by taking advantage of the great financing packages available. With SolarCity, the money generated from the system can be used to pay for installation of the solar panels. Meanwhile, figures cited in the study have been coined in Clean Technica, and they show that the average prices of solar panels have steadily declined since 1977. In 1977, a solar panel costs around $76.67 per watt and currently, it cost $0.613 at today’s prices.



Filed under: Electric Cars,hybrid cars

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