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actually used to propel and operate the vehicle; most of the energy is actually lost as heat, so it's,
<br /> it's wasteful. Heather already mentioned that EVs are easier to maintain, there are much fewer
<br /> moving parts, no oil changes, etcetera. In fact, there was this recent consumer report study that
<br /> showed the average savings over the lifetime of an EV is around 4,600 dollars, and this is mainly
<br /> because of the fueling and maintenance savings. Key takeaway here is that most of the energy
<br /> that you put into your electric car is used, it's not wasted, and it's also very cost-effective to
<br /> maintain. The other thing that I want to highlight or emphasize, and this was already mentioned,
<br /> is that long-range EVs or EVs that have over like 150-mile range, for example, they are
<br /> becoming more and more affordable and within the reach of many. So EVs are no longer
<br /> playthings for the high-income households; they are now becoming available for and accessible
<br /> to everybody. And this is thanks to competition, economies of scale, policy pressure, and
<br /> consumer demand, which is resulting in more manufacturers stepping up. And the other thing
<br /> that I think is also really important here and especially to Hawaii is that the makes and models
<br /> are starting to expand. We will soon start to see the electric F-150 and also the Rivian, which are
<br /> these electric trucks that I predict once they are available here, they are just going to ramp up the
<br /> demand for electric cars.
<br /> An important development is that many governments across the world have announced future
<br /> bans on the sale of gas cars or have now aggressive goals to electrify their fleet. And what you
<br /> see here is a list of these governments, and their announced phase-outs for the sale of gas cars.
<br /> And Biden recently also mentioned the goal of 50 percent of new cars needing to be
<br /> zero-emission by 2030. So you'll see that there's increased global recognition of the need to
<br /> decarbonize ground transportation. And manufacturers are starting to respond; many of them
<br /> have declared that in the future, not too distant future, the cars that they produce will not be fossil
<br /> fuel vehicles. Even Toyota, right, really popular brand here, they've committed to billions of
<br /> dollars to electrify their cars over this decade. So this is a, you know, it's a wake-up call for fleet
<br /> owners, for car dealers, for consumers, and at some point, it's going to be really difficult to
<br /> purchase a new gas car, and this really highlights the need for us to future-proof Hawaii.
<br /> So where are we here? This is an update as of March, and we have close to 19,000 EVs in the
<br /> State. Here in on our island we have about 1,300. We have about 185-190,000 cars here,
<br /> registered cars here on this island, over a million in the state, so we are like about less than a
<br /> percent of the cars that we have here are electric at the moment. What's interesting is that the
<br /> trend is really positive, right, it's almost like a 30 percent growth here over a year. So we are
<br /> going to see more and more of these cars being made available and adopted.
<br /> So what's holding us back? Cost is less of an issue. Form factor is less of an issue. We believe
<br /> that public charging, or inadequate public charging, is a challenge. It's also an enabler for us.
<br /> And I'd like to dive into that a little bit. This just explains the different types of charging. Level
<br /> 1 is essentially your, you know, your standard 110, 120 outlet at home. Some people rely on
<br /> that, and they can get about 40 miles of range overnight. Level 2 is the most popular, and for
<br /> people who have sort of like a dryer vent in their garage or they can afford to get a fast, sorry, a
<br /> Level 2 charger in their garage, they can get 20 to 25 miles or so per hour. And then the fastest
<br /> is DC fast charging, this is what was mentioned earlier, so, you know, you can top off your car in
<br /> less than an hour with a DC fast charger. For those of us who have access to an outlet at home,
<br /> 240 outlet especially, you can do most of your charging at home; 80 percent or so of your
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