IEEE Electrification - June 2019 - 31

costs and electricity prices are more prone to see more benefits from EVs.
From a customer perspective, it is interesting to
understand when the total cost of owning an EV
becomes lower than the cost of owning an IC vehicle. For
this purpose, we introduce the TCO match year, which
indicates the number of years needed to own an EV for it
to be as cost effective as an IC vehicle (considering a
yearly driving distance of 20,000 km and the same energy
and vehicle costs described). Figure 9 shows the countries whose TCO match year is fewer than 20 years; only
10 countries meet this criterion. More importantly, Figure
9 highlights the fact that there are three counties (Costa
Rica, Panama, and Uruguay) with a TCO match year
fewer than 10 years, which, in turn, indicates that people
living in these countries are likely to get more economic
benefits from EVs much faster than in other countries.

Latin America. We also listed the number of public charging stations available in different countries and described
a simplified methodology, developed in Costa Rica, for
defining the location of fast-charging stations. Finally, we
presented the results of an economic assessment of EVs
to understand the corresponding cost effectiveness and
highlight potential actions policy makers can take to promote greater EV adoption. The key conclusions are summarized as follows.

Incentives Today
Similar to other regions, Latin American countries are
deploying financial (e.g., reducing taxes) and nonfinancial
incentives (e.g., dedicated parking spaces) to promote the
uptake of EVs. Because import and value-added taxes represent, on average, approximately 65% of the total tax in
the region, Latin American countries are applying tax

What Does It Take to Make EVs
as Cost Effective as IC Vehicles?
The TCO methodology can be adapted to quantify the incentives needed
to make EVs as cost effective as IC
vehicles for a given period and a
given yearly driving distance. This
can help policy makers in the region
promote tax exemptions or rebates
to increase the uptake of EVs.
Table 4 shows the required incentive per country to make EVs as
cost effective, considering 20,000 km
and 6 years of ownership. As mentioned, policy makers in Honduras,
Panama, Paraguay, and Uruguay
need to provide a relatively low
incentive (


IEEE Electrification - June 2019
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