A new software tool that compares the costs and emissions of hybrid electric vehicles (HEVs) to conventional vehicles is now available in the
The tool, called the Hybrid Electric Vehicle Fleet Cost and Benefits Calculator Tool, was developed by the US Department of Energy’s (DOE’s) National Renewable Energy Laboratory (NREL), the Center for a New American Dream, and the American Council for an Energy Efficient Economy (ACEEE). The new tool is available for free either here or here.
“Fleets have a large influence on how much oil our nation uses and HEVs are an important option for fleets to consider,” said Stan Bull, NREL’s Director of Science and Technology.
The use of hybrid vehicles in the
While the retail price of HEVs can exceed that of their conventional counterparts by several thousand dollars, they can save money when the total cost of vehicle ownership is considered. Federal and state tax incentives can help offset the financial impact for taxable entities, and higher resale values, strong warranties and lower fuel costs can reduce cost of ownership. HEVs are also easier on the environment because they produce fewer emissions and get better fuel economy than conventional vehicles.
The Hybrid Electric Vehicle Fleet Cost and Benefits Calculator Tool, with fleet cost estimates developed in consultation with PHH Arval, helps fleet purchasers assess potential savings from purchasing HEVs by taking into account purchase price, fuel costs, repair and maintenance costs, resale value, and applicable tax incentives.
For example, the tool indicates that at the current average fuel price of $2.20 per gallon, hybrids are often the most cost-effective vehicle choice. If fuel prices rise to $2.50 to $3.00 gallon advanced hybrid vehicles will become even more financially beneficial. Other factors, such as the percentage of city driving and the total number of miles driven per year can also increase the cost-effectiveness of hybrid vehicles.
NREL also provides a cost comparison tool for fleets considering alternative fuel vehicles through the