Electric vehicle battery replacements could soon cost less than repairing the engine of a gas-powered vehicle, Green Car Reports shared based on predictions from battery-analysis firm Recurrent.
The continued decrease in EV battery prices is credited with prediction. In 2020, battery replacement costs represented 100% of the value of a $15,000 used car, but that percentage has since dropped to just 75% of its used value.
According to Recurrent, this trend will continue exponentially, with the cost to replace a battery at just 30% of the value of a $15,000 used vehicle by 2030.
EV battery prices are not just recently starting to decrease, though, and have been on a steady decline. According to the U.S. Department of Energy, EV battery costs are currently 90% lower than what they were in 2008.
Recurrent expects there to be an expanding market for used EV batteries by 2030 if the trend continues. With the growing potential of second-life use applications like stationary energy storage, charging infrastructure support, or backup power, EV owners may have even more room to negotiate when offloading their used battery packs.
This article was originally published on RatchetandWrench.com
