DOE report reveals striking price drop for critical EV component: ‘Now almost as cheap as gas-powered cars’

The cost of electric vehicle lithium-ion batteries plunged by an impressive 90% between 2008 and 2023, according to the U.S. Department of Energy, per recent reporting by CleanTechnica. Better materials, enhanced designs, more efficient manufacturing processes, and ramped-up production all contributed to the marked decline.

It’s another promising development in making EVs — vehicles fueled by battery-powered electric motors instead of gasoline — more accessible to consumers. “The price of electric cars is plummeting so fast that they’re now almost as cheap as gas-powered cars,” The Washington Post said in March.

One reason why? Cheaper batteries mean cheaper EVs. “Batteries can make up as much as 40% of the cost of the vehicle,” Stephanie Valdez Streaty, industry insights director at Cox Automotive, told the Post.

That means you don’t need to break the bank to make the switch to an EV and reap major rewards. Think: cleaner air, lower fuel costs, quieter streets, fewer health problems, more jobs, and even access to rebates and tax credits.

The public health impacts and economic boosts mean that even those who don’t drive EVs can benefit from their more widespread use. EVs, Reuters noted, are critical to the U.S. strategy to reduce the toxic, harmful pollution caused by dirty energy production.

That strategy includes increasing the availability of user-friendly, cost-effective EVs. “As consumer and commercial interest in EVs continues to grow, now is the time to plan for a future of electrified transport that delivers maximum benefits to EV owners,” DOE Office of Energy Efficiency and Renewable Energy official Michael Berube stated in a recent brief on EV grid integration.

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In late August, Reuters reported, the Biden administration provided grants totaling $521 million to national initiatives expanding access to, and efficiency of, EV chargers.

Meanwhile, experts across multiple sectors are hard at work on other sustainable innovations to power and travel our world. (Eco-friendly transportation can also be surprisingly simple.)

Change can be complicated, but cost and convenience are hard to ignore.

“EVs are an incredible bargain,” one Post commenter said. “Cheap fuel, basically no maintenance.”

Another wrote, “Once you drive an electric vehicle, you will never want to go to a gas station ever again.”

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