The Economic Importance of Going Green

I could stand here and list the litany of reasons we need to end our use of fossil fuels as soon as possible.  But let’s face reality.  If you haven’t been moved by the plight of climate change or don’t believe the science behind it, there is nothing I can do or say to convince you otherwise.  Instead, I’d like to take a different approach.  For the purpose of the article and this article alone, I will be explaining to you why you should avoid gas powered vehicles in favor of electric ones as if you were Ayn Rand.  Ayn Rand was an author in the mid-20th century.  Her central philosophy was that of Ojectivism, what amounts to the pursuit of radical self-interest in all aspects of life.  The premise being that if all mankind acted out of pure self interest, the weak would be culled from the herd and we as a whole would become a stronger society.  I am going to explain to you why it is in your self interest to adopt electric vehicles as soon as possible.

It truly boils down to money.  While America may be falling behind the curve when it comes to climate change legislation, the rest of the world is not.  In fact, they are so far ahead of us that soon it will be difficult for us to catch up.  Specifically, I would like to point out upcoming bans on internal combustion engine vehicles.  There are a dozen or so countries that have upcoming bans on the sale, production, and/or operation of fossil fuel powered vehicles.  Among these countries are the UK, Germany, France, India, and China.  These countries make up more than half the market value of internal combustion engine cars.  Imagine what will happen to that market when they refuse to participate in it.  Simple supply and demand tells us that when the supply remains the same, but the demand drops precipitously, as it will when these bans go into effect, in order to maintain their level of profits, the businesses that participate in that market must raises prices on the consumers that still buy from them.

The effect will be devastating on our economy.  Imagine gas prices doubling or tripling with no hope or means of it ever dropping.  Suddenly, gas, oil, the auto-industry will become niche-markets, servicing only a handful.  The lesson here is get ahead of the disaster.  While the United States has no ban upcoming and no plans to instate one, that doesn’t mean you can’t purchase an electric vehicle and charging station on your own.  In fact, there are a number of government programs to subsidize the purchase of electric vehicles at both the federal and state level.  For example, in Georgia, where I live, there are several tax credits that I can take advantage of if I wanted to buy an electric vehicle.  There is a federal credit of $2,500-$7,500, a state credit of $2,500-$12,000, and a dealership credit of $2,500 that you might be able to convince your dealer to pass on to you.  That is a total of $7,500-$22,000 that you can get back in tax credits.  I’m not sure what other states have, but there are numerous resources to aid you in your search.

Now that you’ve realized that a dependence on fossil fuels is a ticking time bomb, it is time to act.  But where to begin?  What car do you buy and why?  Luckily there are a lot of resources in place to provide you with information on the ins and outs of EV buying.  Here are some of the things that I found that might be helpful.

  • The least expensive model is the Smart for-two electric at $23,800
  • The most expensive model is the BMW i8 at $147,500
  • The least miles per charge is the Smart for-two at 58 mi.
  • The most miles per charge is the BMW i8 at 370 mi.
  • The smallest ratio of Miles per charge/cost of vehicle is the Mercedes B-Class
  • The highest ratio of miles per charge/cost of vehicle is the Chevy Bolt

But the best part of these vehicles is just how much they have changed in the last few years.  Just think about where electric vehicles were just five years ago.  Imagine where they will be in another five years time.  I’m not saying rush out to get your electric vehicle at this very moment.  But sometime in the near future, you may be in the market for a new car, the smartest thing you can do is consider an electric vehicle.  If you wait, and the next car is an internal combustion engine car, you will run the risk of having it when all those bans take effect.  So plan ahead, and avoid the pitfalls of being on the wrong side of a bad business decision.

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