Electric Car Math in London
Zap Electric Cars, Inc. (OTC:ZAAP) says that owners of its ZAP Xebra electric city car commuting into London can save so much on parking, charging and tolls that it could help pay for the car within a year.
London is expanding the number of charging stations, according to recent news reports. The London Evening Standard said that Westminster council is putting in 10 roadside posts following a trial of two in Covent Garden. About 50 more will be installed in 13 of its car parks. Funded by Transport for London, the Energy Savings Trust and EDF Energy, users have to register with the council and pay a one-off fee to cover administration costs after which charging is free. Colliers International estimates parking in London to cost US$55 per day. With free parking, charging and no congestion tolls, the incentives start adding up.
"If you do some quick math on the incentives for electric cars, the numbers are staggering," said ZAP CEO Steve Schneider. "Assuming there are no parking, charging or congestion toll charges for your electric car, the car will be saving an estimated $50-80 per day and could pay for itself within one year." [See Graph] Graph Costs of Gas Car vs. Electric Car in London with Incentives Gas Car Electric Car Parking $55/day $1.54/day Congestion Toll $16/day $0/day Fuel $12/day $0/day* Daily Total $83 $1.54/day Annual Total $21,580 $400 (260 days/yr)
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