Electric Bicycle Economic Issues

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Bicycles


Saving Money

Electric bicycles, as of now, are one of the cheapest and most efficient forms of motorized communication on the market. On average, operating en electric bicycle costs owners about 0.3¢ per mile, and that includes the money spent on charging the battery. In contrast, operating automobiles costs on average 0.10¢ per mile. According to the American Automobile Association, it costs about $6,720 a year to own and operate an automobile. On top of all of the operation fees for vehicles, a license is needed to operate the machine at all, where none is needed for electric bikes. Read more at [Electric-Bikes]

Travis Carroll


According to [EcoWheelz] it costs $0.15 per mile in gasoline to drive a car, which is 1500% more than an electric bike. Also in the US, an electric bike does not require insurance, saving owners hundreds of dollars a year. You can also use the site to figure the savings you would generate in a year by riding an electric bicycle vs. a car. Doing conservative analysis, $450.00 can be saved not including insurance, repairs and other miscellaneous fees.

Team Gold Diggers


According National Trails to having a strong bicycling activity in a tourist area can provide economic benefits to that area. According to this study a large portion of tourist said that the bicycle facilities were one of the things that attractive them to that area. With more people visiting the area other industries are impacted such as hotels and restaurants. The study showed that people were more likely to return to an area that had strong bicycle facilities. Also the bicycle industry supports 1400 jobs in the northern Outer Banks area alone. This study supports the idea of investing in bicycling facilities. This would include more and wider bicycle lanes. Also they would like to see existing bicycles paths connect for a better experience for the bicyclist.

Team ZLAK


According to [1],[2] electric bikes are in the same category as regular bicycles and do not require expensive insurance and taxes. This saves the regular commuter a lot of money when compared to conventional automobiles. Priced from as low as $600, it is affordable. With running costs as low as $0.06 for a full battery charge that provides power for approx. 20 miles, the operation costs are very low when compared to regular gasoline costing approx $3 for 20 miles. Example: The cost of running a 1994 Ford Escort is $3980 for 10,000 miles, while the electric bike just requires $30 for the same distance. That’s just 0.75% cost as compared to the car. This a super low mode of transportation which will tremendously benefit the people of all income class.

Team Abhilash, Siddhesh


According to [3] having an electric bike which would cost around £ 400 - £ 1,000 ($630-$1590) has an advantage of high resale value % than a conventional bike, almost majority of the money will be back. The main reason it is true is because it is a new technology and due to its rapid growth and demand in countries like China, USA, England, etc, it cause it to be resold to the market at high price. It is more like a win-win situation.

Tejas Joshi


According to [4] the elmoto electric bike is a different mode of transportation that is a lot more economical than other modes of transportation such as a car. A fully charged battery costs about 70 cents per charge and can last about 45 miles. This is 1.5 cents per mile. Comparing that to a car which can average around 9.25 cents per mile and you can see where you can start saving money. The bike all together cost around $4,425 which is a lot cheaper than most cars too. Motorcycles can cost up to 5.8 cents per mile according to [totalmotorcycle.com] This bike can provide a cheaper, more fun, alternative way of transportation.

Team John, Mitch, Luke


In urban areas with heavy traffic and limited parking, bicycling can often be a very practical alternative to driving. In San Francisco, however, steep hills make bicycling very difficult. Bikes with electric assist can make riding up those hills much easier, but most commuters are not willing to pay the $2500 or more that these bikes cost. A company called The New Wheel was given a $750,000 federal grant to start an electric bike rental program. The program is starting out with 90 bikes which can be rented by visitors or locals. The bikes can travel up to 36 “hilly” miles on a single charge, and recharge in two hours. [5] Electric Bike Network New Wheel

Clare Nadig (Team CHDDY)


For those who believe the YikeBike isn't a cost friendly purchase, you may want to think again. The total cost in purchasing a YikeBike is about the same as the cost of just running a car for a year, meaning that in the long run, a YikeBike could be a valuable alternative to high-priced gas-guzzling automobiles. The average cost of running your YikeBike on electricity for a month is less than the cost for a single Big Mac meal from McDonalds. On another note, I'm sure you've all noticed how expensive apartments in a central city or close to good train stations can be. Well, you can get one 3 times further away, still get home at the same time on your YikeBike, and save thousands on your apartment. You may also want to ask yourself, "How much do I pay for parking in roughly one year?," or "Do I enjoy looking for parking spaces and driving aimlessly around parking garages?" If the answer to these questions are "a lot" and "absolutly not" then I would propose to you that you find an inspired interest in the ever-so friendly YikeBike, which can be parked safely almost anywhere you can imagine. And one final question I have for those still trying to rationalize their decision in purchasing a YikeBike is, "How valuable is your time?" I'm willing to bet most of you will not be lying on your death bed wishing you had spent more time stuck in traffic or sitting at home because getting out and hitting the road was just too much hassle. So before you go calling the YikeBike a waste of money, think of all the compelling reasons economically it can save you. [YikeBike Economics]

Michael Torch (mat5419@psu.edu)