The price of low carbon emission cars is set to drop within the next twenty years according to a recent study that has been carried out by UK based consultancy firm Element Energy, and released to the finance and stock market. However, despite the cost of a low carbon emission vehicle being set to drop, they are likely to remain more expensive than conventionally fuelled cars.
Whilst electric cars may be a healthier option for the environment, they still receive criticism for their poor range and infrastructure. Earlier this year it was estimated that around 47 million vehicles worldwide are run using alternative fuels and other modern advanced technologies.
Earlier this year a report was carried out by the Low Carbon Vehicle Partnership assessing both conventional and low carbon emission vehicles, comparing the two in areas such as running costs, price and maintenance.
The report also predicted that by the year 2020 alternative vehicles and fuels are likely to have bridged the gap, becoming more cost effective for the user of the vehicle. By 2030 it is estimated that the price difference in owning a vehicle powered by either hydrogen or electricity when compared to a conventional vehicle could be as low as £500 to £700.
The report drew to the conclusion that the most cost effective form of low carbon emission vehicle would be plug electric cars as they are likely to be the cheapest to run for the end user. However, hydrogen vehicles drew criticism as it was argued that they are likely to remain an expensive option in terms of the cost of the vehicle.