The Money Part of Plug in Technology...

[ronjuan]

I have been reading and considering the decision to install one of the Hymotion 123 units. This unit sells for $10,300 installed. I am an average driver who drives 12000K per year. At the average current cost of gas at 2.50/gallon, I am spending $75 per month on gas. Trying to figure the pay back, one has to keep their Prius for over 12 years to break even on this install and that is being generious.

Am I missing something?

[Tweev]

It will never pay for itself. Particularly if you consider the opportunity cost of spending that 10,300 now. Make 10% (aggressive but easy math) you could make $1000 a year if you invest that money. After taxes, that's close to how much you pay on gas.

A hymotion is cool but a money loser.

[Zythryn]

On strict finances the hymotion pack does not make sense.
Neither does power windows, a sunroof, moonroof, JBL speakers, navigation, or leather seats.

If you are looking decrease our dependance on foreign oil, or expect gas to become scarce in the next 3-6 years, it makes a lot of sense.
But strictly on a financial basis, you are better off walking

[TheForce]

My projected savings at 100,000 miles over a 25MPG car is about $7000. And thats using my combined data. I have not even had a year with my Hymotion yet so I expect that $7000 to grow when I get a few more years with the plug-in.

[Tweev]

Originally Posted by TheForce

My projected savings at 100,000 miles over a 25MPG car is about $7000. And thats using my combined data. I have not even had a year with my Hymotion yet so I expect that $7000 to grow when I get a few more years with the plug-in.

Wouldn't a more meaningful measure be saving compared to a 50 MPG car (such as a prius)? Why 25MPG?

[TheForce]

Originally Posted by Tweev

Wouldn't a more meaningful measure be saving compared to a 50 MPG car (such as a prius)? Why 25MPG?

Because if I was going to buy a regular car it would most likely be about 25MPG. The average MPG of the cars out on the road is about 21MPG. So I like to tell people these numbers are compared to a 25MPG car. Another way to look at it is what is the savings from your last car?

[FL_Prius_Driver]

Originally Posted by ronjuan

I have been reading and considering the decision to install one of the Hymotion 123 units. This unit sells for $10,300 installed. I am an average driver who drives 12000K per year. At the average current cost of gas at 2.50/gallon, I am spending $75 per month on gas. Trying to figure the pay back, one has to keep their Prius for over 12 years to break even on this install and that is being generious.

Am I missing something?

Assuming 2.50/gal for one year is OK, but for 12 years???? Back when I got the 2001, the same naysayer calculations were the rage. They were way off on gas prices, so the "payback" they proved wasn't there...... was there.

The Hymotion option should be based on more than a spreadsheet. A big factor would be how many vehicles you (or your family) uses. If one car of many is just to be a short range, daily commuter, then it may be a viable option. If this is your one vehicle that makes many, many long trips, then this is not such a good tradeoff.

[drees]

Originally Posted by ronjuan

Am I missing something?

Nope, you're not missing a thing as the others have mentioned.

Personally, I think $10k is better spent on a PV system.

You live in SoCal, 1BOG.org is a group that puts together group buys for solar systems and they have one active right now for LA County.

For example, I live in San Diego County and they have just announced that they have secured two contractors to install systems at $6.09/watt.

So let's say you install a typical 3kW system, that will cost $18,270, but once you factor in the Federal Tax Credit (30%, $5,481) and the State Tax Credit (varies depending on the utility, but SDGE is currently $1.90/watt. $5,700) and all of a sudden that system will only cost you $7,089 - that's less than half the cost!

Looks like Encino (LA County) is currently active with a cost of $7.08/watt which I think is still a below typical retail price where I've seen quotes of $8-10/watt installed.

Your typical system will pay itself off in 8-12 years if you're not a heavy user - if you're someone who frequently goes into the expensive usage tiers it can pay off much faster - I've seen cases where a system will pay itself off in 6 years when the person uses a lot of electricity and they only build a system to avoid the high cost usage levels. For someone like that, it really should be a no-brainer.

You can use this Solar Power Calculator to get an idea of how big of a system you need.

[Arthur]

Originally Posted by ronjuan

I have been reading and considering the decision to install one of the Hymotion 123 units. This unit sells for $10,300 installed. I am an average driver who drives 12000K per year. At the average current cost of gas at 2.50/gallon, I am spending $75 per month on gas. Trying to figure the pay back, one has to keep their Prius for over 12 years to break even on this install and that is being generious.

Am I missing something?

Here's my attempt at a calculation (with lots of simplifying assumptions to make the math easy):

The assumptions:

1) Your commute is long enough to fully delplete your battery going one way.
2) You can charge back up at work.
3) Your battery takes a full 5 kWh to charge up.
4) In EV mode, you have a range of 20 miles.
5) Before you got the battery, you were getting 40 mpg.
6) Electricity (at work and at home) costs 10 cents/kWh.
7) The price of gas will have an average price of $5/gal over the next several years.

Two full charges means you use 10 kWh per day.

Since 5 kWh takes you 20 miles (in EV mode), you are getting 4 mi/kWh. You don't have to drive in EV mode all the time. This calculation just means that (for every kWh of battery energy used) you are going 4 miles further than you used to be able to go on gasoline alone.

If 5 kWh takes you 20 miles, 10 kWh will take you 40 miles. If you were getting 40 mi/gal before you had the Hymotion system installed, this means that 10 kWh is taking you as far as 1 gallon used to take you. So, you are saving one gallon of gas each day.

If electricity is 10 cents/kWh, you will pay $1 for 10 kWh.

If the price of gas is $5/gal, you are saving $4 each day.

If your new Hymotion system cost you $10000, it will take you 2500 days to recover your money. 2500 days, divided by 365 days/year, is about 6.85 years to pay for your system with the money you save.

Granted, my assumptions are rather generous, especially the one about gas prices staying at $5/gal for several years.

The bottom line is that you might be saving the planet (or some miniscule fraction of it), but you're not saving your wallet ...unless gas prices really do go way up and stay there.

It could happen.

Arthur

[Tweev]

Originally Posted by Zythryn

If you are looking decrease our dependance on foreign oil, or expect gas to become scarce in the next 3-6 years, it makes a lot of sense.

Well that is a complete lie.

If you really are interested in reducing our dependence on foreign oil, give the 10K directly to fund a MS or PhD scholarship doing research into battery technology.

Putting in an EV to reduce dependence on oil, what a load of BS! It's to show off to your friends - it's the green movement solution to the 'small penis syndrome' just like buying a hummer is to rappers. Garbage.