Electric Vehicle Economics

This study carried out a survey on the adoption of electric vehicle in Trinidad and Tobago. The analysis was carried out by utilizing the SPSS software for statistical analysis where Cross-tabulations were executed to determine traits affecting electric vehicle adoption and Principal Component Analysis was conducted to determine the main factors affecting EV adoption. The analysis conducted displayed that no human factors such as age and gender influences the purchase decisions of an electric vehicle. The three main factors discovered were Lack of Support Systems, High costs associated with the Electric Vehicle and Safety. The most feasible form of alternative energy to power the Electric Vehicle was determined as Solar Energy, and this was obtained using the pairwise comparison method. From the analysis it was realized that Lack of support systems was the main factor affecting electric vehicle adoption. Recommendations, such as developing charging infrastructures will make electric vehicle adoption in Trinidad and Tobago a success.