Monday, September 17, 2012

Operating cost for the Mitsubishi i-MiEV just got cheaper

Astrological Event - Mitsu matures in Virgo

The planets must be nearing alignment because things just keep improving in the realm of the Mitsu. 

To recap previous “events”:
·         $7,500 Federal (U.S.) tax credit
·         $3,000-$4,000 Illinois state refund
·         $81.50 reduction in license plate renewal fee for state of IL
·         $4.00 a gallon gas (that the Mistu will never have to worry about)
·         0.0% interest for 48 months on vehicle loan

What’s the latest improvement?
            48.8% lower residential electricity rates!  Prior to the new rate, the cost per kilowatt hour of electricity was $0.0911.  The new rate is $0.0466.  The reason for the rate reduction was the elected officials from the city of Rockford supporting an aggregation program with ComEd, our local electricity supplier.  Here is how the operating costs are affected.  My calculated cost per mile, for electricity only, was $0.022, (2.2 cents per mile).  Why state “for electricity only”?  Because an alternative way to calculate cost per mile would be to include things like insurance, license plates, (long pause while I try to think about what else the Mitsubishi requires) no to oil changes, no to radiator flushes, no to tune ups.  It will need new brakes eventually.   See the blog on hyper-miling and regenerative braking to find out how brake pad use is reduced.  So getting back to topic, the new cost per mile is essentially $0.011, just over one penny per mile.  Compare that to a gasoline powered car that averages 25 MPG and uses gas that costs $4.00 per gallon, which computes to $0.16 per mile.  I have gone from being more than 7 times cheaper to operate to being over 14 times cheaper.  Imagine the euphoria if the price of gas suddenly and permanently dropped to $2.00 a gallon.  Then drivers of gas powered cars might experience what I'm feeling.

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