Engineering Economy: Generating Clean Energy at Home
Fenn College of Engineering
Mechanical Engineering Department
Cleveland State University
ESC 282
Spring Semester, 2012
Project
#2502705
Introduction I am tired of paying too much for the electricity and it has to stop! Being an engineer, I’ve decided to consider alternative ways of generating clean energy at home. It even gets better, if I buy the Nissan LEAF, which is an all-electric car, I will not have to pay for gas any more. My car will be charged up by the electricity I generate at home. In this report, I will do research and decide whether or not, investing in a new Nissan Leaf and solar power source is the most economical solution to my problems. I will conduct two scenarios, the first one is that I sell my current car and purchase the Nissan Leaf and solar panels, the second one will be I keep everything the same with my current car (Toyota Prius c). These are the current financial conditions:
Savings:
$20,000.00
Yearly income (before tax):
$80,000.00
Certificate of Deposit (i=2%, bi-yearly):
$12,500.00
Mortage (monthly, 20 years left to pay off):
($825.00)
Current car value:
$14,500.00
Car insurance (bi-yearly):
($600.00)
Property tax (yearly):
($5,000.00)
Utilities (electricity excluded)
($300.00)
Electricity
($85.00)
Gas
($200.00)
3% interest rate
Research The past few years, gas prices have been on the rise. However whenever they drop, car dealerships can see a rise in sales for small SUVs and other large trucks. Now with our new technology advancements on electric cars, electricity may prove to be a better source or power than gasoline at a certain price. The Nissan Leaf has an shocking 73 miles for every charge on its 24 kilowatt-hour battery, given that 3.3 miles per kilowatt-hour of charge. Charging the car’s battery at the current cost, it averages about $2.97 in electricity.
The Theory That Electric Cars Are More Efficient
Electric motors are very efficient, converting over 90% of
Mechanical Engineering Department
Cleveland State University
ESC 282
Spring Semester, 2012
Project
#2502705
Introduction I am tired of paying too much for the electricity and it has to stop! Being an engineer, I’ve decided to consider alternative ways of generating clean energy at home. It even gets better, if I buy the Nissan LEAF, which is an all-electric car, I will not have to pay for gas any more. My car will be charged up by the electricity I generate at home. In this report, I will do research and decide whether or not, investing in a new Nissan Leaf and solar power source is the most economical solution to my problems. I will conduct two scenarios, the first one is that I sell my current car and purchase the Nissan Leaf and solar panels, the second one will be I keep everything the same with my current car (Toyota Prius c). These are the current financial conditions:
Savings:
$20,000.00
Yearly income (before tax):
$80,000.00
Certificate of Deposit (i=2%, bi-yearly):
$12,500.00
Mortage (monthly, 20 years left to pay off):
($825.00)
Current car value:
$14,500.00
Car insurance (bi-yearly):
($600.00)
Property tax (yearly):
($5,000.00)
Utilities (electricity excluded)
($300.00)
Electricity
($85.00)
Gas
($200.00)
3% interest rate
Research The past few years, gas prices have been on the rise. However whenever they drop, car dealerships can see a rise in sales for small SUVs and other large trucks. Now with our new technology advancements on electric cars, electricity may prove to be a better source or power than gasoline at a certain price. The Nissan Leaf has an shocking 73 miles for every charge on its 24 kilowatt-hour battery, given that 3.3 miles per kilowatt-hour of charge. Charging the car’s battery at the current cost, it averages about $2.97 in electricity.
The Theory That Electric Cars Are More Efficient
Electric motors are very efficient, converting over 90% of