This blog post may be the draft of a forthcoming article for the “EV in Paradise” column on Maui Weekly. I’ve been mulling over writing a piece on deciding whether to buy or lease an electric vehicle. Current financing options on leasing a new plug-in electric vehicle passes the federal tax credit of $7,500 to the lessee, good for those whose income is not high enough to otherwise take advantage of such tax incentives.
At an EV industry strategy conference at the Honua Kai Resort, I heard the mention of an incredible offer of a $3,000 cash bonus for the purchase or lease of a Nissan LEAF with the quick charge port. JUMPsmart Maui has since advertised it in the Maui Weekly paper.
Combine this with Nissan’s Vehicle Purchase Plan (VPP) for employees of all accredited colleges and universities, for which my employer UH Maui College is one, this has got to make it affordable for the following types of situations:
- a replacement for a (primary) gas car that needs maintenance, the cost of which would exceed monthly payments for a lease
- a second car to lower the mileage and gasoline usage of the first car and depreciation
- a new load to reduce accumulated credits from Net Energy Metering customers (i.e. those with roof solar)
- a second car for short commutes to prevent idling and starting of the primary gas car
- a vehicle for those who have none and to wean one off depending on carpool, walking, running, and the public transportation system
- rationale to get the savings now before the offer ends (end December 2013)
- any of the above combined with free charging at the work place and elsewhere
- a second car for the flexibility of transportation when off-island guests visit
The Nissan VPP for UH employees gives two benefits. One: no hassle or haggle with the auto dealer licensed to sell Nissan LEAFs. In other words, this is the best deal you can get. Two: an upfront cash savings of $1 to 1.2K on downpayment, everything else being the same. Had I leased a 2013 LEAF in April 2013, I would have paid $1,999 upfront. If I were to do it now, I’d pay about $800 and drive away with a new LEAF, everything else being the same (i.e. monthly installments, lease-end value).
Two wage earners who share one car, one of who works for an accredited university or college, would find this attractive. However, for a single person who owns a car that’s already paid for, he or she may need to think twice, to cover the costs of
- insurance: comprehensive for leasing a new car — range from $700 for 6 months to a year
- electricity: max $10 per day to charge a Nissan LEAF from completely empty to full once a day at current residential rates
- long commutes with few opportunities to stop to charge or stop and park long enough to charge
The decision to lease a plug-in electric vehicle (PHEV or EV) should not rest only on pure economics. There are the added factors mentioned by many EV owners:
- it’s fun to drive
- you join a new club – other like-minded individuals speaking a new lingo; you will meet them whenever you stop to park and charge at a public charging station or attend a Maui EVA or JUMPsmart Mauii meeting
- it’s a practical car
- you learn about a new technology – it’s a paradigm shift in how you drive and charge
- it’s good for the planet
- it helps to meet the Hawaii Clean Energy Initiative: 10,000 EVs by 2015 and there’s just over 2,000 registered in the state now.
Right now on Maui, you can park and charge for free at the following locations:
- Level 2 and Fast Charger at the County Building in Wailuku (need to get a keyfob for the latter)
- JUMPsmart Maui’s Hitachi Fast Chargers at 5 locations on Maui if you qualify and join as a EV Volunteer
- Better Place Charging Stations if you have a fob
- Elleair Golf Course in Kihei, Ritz Carlton in Kapalua, Airport Beach, Westin Ka’anapali Ocean Resort, Maui Ocean Club
- Jim Falk Motors Maui – if you are a customer or would-be customer
- UH Maui College Auto Shop if you are staff or student – during opening hours
- Whaler’s Village – award-winning Volta Industries is installing a level 2 charging station paid by advertisements and free to the public
As I write, more stations are being planned and installed. Maui Electric Company (MECO) will have a fast charger on its site. After the solar carport is installed at UH Maui College, as many as 43 EVs can be charging simultaneously.
Photo shoot of EV in Paradise, February 2013