Electric Vehicles + Solar Panels, The New Dream Team

Imagine, low monthly electric bills, no vehicle fuel charges, and freedom from electric utility price increases. No, this is not a dream and it’s not unattainable. The combination of these two technologies in supporting roles has taken shape and now growing in popularity throughout the country. People are going solar and charging their electric vehicles (EVs) with the solar energy they produce. Your zero-emission vehicle deserves to run on zero-emission solar energy. Installing solar to charge your EV(s) is even less expensive and more environmentally friendly than using power from the grid. 

What Does the Future Look Like for Solar And EV’s?

The future is very bright for the growth of solar and EV partnerships. As the country works toward the goal of net-zero greenhouse gas emissions by 2050, nearly all vehicle manufacturers have committed a significant portion, if not all of their product lines to be fueled by electricity within the next decade.

In fact, “The U.S. solar industry grew 43% and installed a record 19.2 gigawatts (GWdc) of capacity in 2020,” according to the U.S. Solar Market Insight 2020 Year-in-Review report released by the Solar Energy Industries Association (SEIA) and Wood Mackenzie. Additionally, EV sales are expected to grow to reach nearly 30% of all new car sales by 2030 up from 3.4% in 2021, according to EVAdoption.

Why Do You Want Solar If You Have An EV?

When solar is added to the EV mix, you simply save more money. Electric and hybrid vehicles cost less to run and emit less (or no) pollution when compared to standard gas cars. But the question is, can you gain even more benefits from your EV with the adoption of solar? When you install a solar array on your home or business, you can use it to power your home or business as well as charge your electric vehicle or fleets of vehicles. You can also store any access solar energy in a battery and charge your vehicle in the evening long after the sun has gone down.

A great benefit of solar (pending space availability) is you can continually add panels to your array if you find you consume more energy. The levelized cost of solar energy is cheaper than grid power in most cases by more than 50%. The cost of grid power will continue to go up over time due to the infrastructure needs required to transmit the power and the costs associated with the various power plants producing the energy. Solar arrays generate power without additional costs. Solar panels come with manufacturer warranties of 25 years and these renewable, sustainable energy systems are designed to produce clean, affordable energy for 40 years or more. So, when solar is paired with your new EV(s), you’ll be potentially saving tens of thousands of dollars in fuel costs long into the future while making a positive difference in your local environment. 

Should I Invest in Solar or an EV First?

This is a question we receive a lot at Eagle Point Solar and there is no particular order which would cause you to benefit differently if you purchased one technology before the other. Both solar and EVs provide owners with greater financial savings and huge carbon reduction benefits over their energy or transportation predecessors. The solar and EV industries have plenty of incentives to help spur adoption. The key is to take advantage of industry incentives for the purchase of solar or an electric vehicle before they’re gone.

However, there are a few advantages of having solar in place before purchasing your first EV. First, the savings on your electric bill can help to offset the out-of-pocket cost for the purchase of your electric vehicle. Second, an EV charger and battery storage can be installed with your solar array prior to rolling your new EV ride into the garage. Allowing you to produce your own low-cost fuel from day one.

The Bottom Line

If you decide to purchase an electric vehicle to cut fuel and maintenance expenses or seek to make a positive environmental impact, then it may be time to consider installing solar to supply your EV with clean, sustainable energy. The initial costs in solar and your new EV can be quickly offset by tax credits, fuel savings, and purchased electricity from your utility, helping to make the economics of either technology a dream team reality.

Sources:

• “EV Sales and Forecasts.” EVAdoption,  https://evadoption.com/ev-sales/ev-sales-forecasts/.
• “EVs + Solar Panels: The Newest Power Couple on Your Block.” Sunpro Solar, 26 March 2021, https://www.gosunpro.com/news/evs-solar-panels/.