GoSun Just Developed a Solar Charger for EVs, Which Could Save Drivers $650 a Year

Using the giant, flaming ball of free energy that hangs out in the sky all day seems like the most obvious way to charge electric vehicles, but creating one has proven to be a challenge for solar power companies — until now.

GoSun believes its new EV solar accessory could be on the market as soon as 2025. The price is estimated to be approximately $3,000 on release; however, for a mere $100 refundable deposit, you can reserve one at the guaranteed best price and first delivery.

According to Kelley Blue Book, the average American driver drives more than 1,000 miles per month, which adds about $58 to home electric bills. GoSun's new solar EV charger will only process about 30 miles of driving time per day, but that is still a life-saver for drivers stranded far from any charging stations.

Charging station infrastructure was one of the biggest hurdles in rolling out EVs nationwide to eager consumers, but there are other reasons it is expensive to switch to an EV. Discover 10 reasons EVs have a high upfront cost despite the long-term savings of switching to electric.

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1. Cost of research

Because EVs have different systems — of almost every type — from regular gasoline-fueled vehicles to hybrid vehicles, developing EVs is like starting from scratch (especially for companies that only make EVs, such as Tesla and Rivian). This means higher research and development costs for EVs than regular vehicles, which are updated yearly but rarely completely revised.

The cost of R&D is built into the prices of the vehicles, and since each company makes fewer EVs than regular vehicles, those more considerable R&D costs are divided among fewer vehicles. It’s reasonable to think that as more and more EVs are designed and manufactured, R&D; costs will decrease to be closer to the R&D; costs for regular vehicles.

2. Lack of competition

This is the classic supply-demand chart from your college economics class: Fewer competitors in the market means higher car prices. As more manufacturers enter the market and make EVs, the prices should decrease.

As cool as it is to discover that something you took a test on decades ago still applies to items in daily life, it’s frustrating that part of the price of an EV is a market force and not an actual cost.

3. Production economies of scale

“Economies of scale” mean that the more of something you make, the cheaper each item is. Many inputs into economies of scale exist, from materials costs (which tend to decrease as you buy in bulk) to faster processes caused by repetition and inertia, higher equipment utilization, and decreased labor costs for differentiated jobs in larger production runs.

Manufacturers make more regular vehicles than they do EVs, so regular vehicles are cheaper for them to make than EVs. The higher manufacturing costs of EVs get passed on in higher prices.

Pro tip: If you're set on getting an EV, consider ways to boost your wealth despite the higher costs.

4. Inertia

This one’s a little frustrating: Consumers are used to paying more for EVs, so they’re willing to pay more — thus, manufacturers charge more.

This inertia could be broken if a competitor entered the EV market with a significantly lower-priced vehicle.

5. They’re seen as a luxury item

Some people who buy EVs see them as a luxury item or status symbol, and want to pay more for them than they would for a regular vehicle. Exhibit A: Tesla. Is a Tesla worth it, though? That’s up to you.

6. Expensive lithium batteries

EVs run on lithium-ion batteries, which cost way more in materials and to manufacture than do batteries for regular cars and hybrid vehicles.

The costs of lithium batteries have dropped precipitously over the last 12 years since the Nissan Leaf and Chevrolet Volt were introduced, but they are still expensive relative to other batteries.

7. Insurance costs are higher

This isn’t a vehicle cost, but it adds to the entry cost of buying an EV: Insuring an EV is more expensive all across the country than insuring a regular vehicle is. The reason is that repairs and parts for EVs cost more than repairs and parts for regular cars.

Replacing a battery alone for an EV can cost $15,000. It’s important to shop around for the best car insurance for any vehicle you drive, but shopping around and getting quotes from multiple companies is even more crucial for insuring an EV since the prices vary more and are higher overall.

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8. More energy and time managing charging the vehicle

The actual costs to run an EV are lower than running a regular vehicle because electricity is much cheaper than gas. However, the time and energy involved in keeping an EV charged and ready to drive can be significant, and those are largely hidden costs. Most people don’t put time, energy, and logistics into budgeting .

It can take 40 hours to charge an EV at a Level 1 home charging station (the default charging cord shipped with the vehicle). Charging a car in half an hour at a public charging station may require some planning if a consumer is even close enough to one to make it worth it.

There are currently three times as many regular gas stations as EV public charging stations in the U.S., which means it’s not always a simple or easy option. This makes EVs out of reach for people who don’t live near these charging stations or have the time flexibility to charge their vehicles.

9. Installation costs of Level 2 chargers

The happy medium between a Level 1 charge at home that can take 40 hours and a Level 3 charge at a public charging station is installing a Level 2 charger at your house. That costs around $2,000, which adds to the entry costs to start using an EV.

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10. Tax credits aren’t for everyone

There’s a lot of talk about the tax credits available for EV buyers and how they can lower the entry cost. However, those tax credits are only for the first 200,000 vehicles sold by each manufacturer.

General Motors and Tesla have already sold more than 200,000 vehicles, so there’s no tax credit available for buying an EV from either of them. In addition, these credits are only for new sales of EVs, not for used car purchases, which limits the benefits even more.

Bottom line

As consumer demand for EVs increases, driven by increasing gas prices, it’s realistic to wonder if prices will come down, either now or in a few years. It’s reasonable to expect EV prices to eventually migrate closer to regular vehicle prices as more EVs are manufactured and design costs decrease.

However, the largest input is the lithium-ion battery, so until these special battery costs come down, EVs will continue to cost more than regular vehicles. If you're shopping for a new EV or gas vehicle, you can always reduce your expenses by finding a more affordable car insurance policy .

In the meantime, hybrids remain a good alternative to EVs and regular vehicles. They have lower purchase prices than EVs and lower costs to run and maintain than regular vehicles.

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