A 2016 study by Bloomberg New Energy Finance (BNEF) says battery prices fell 65% since 2010, and 35% just in 2015, reaching US$350 per kWh. These estimates are based on a national average of British Petrol Economy 7 rates as of January 2012, and assumed 7 hours of charging overnight at the night rate and one hour in the daytime charged at the Tier 2 daytime rate.[52]Much of the mileage related cost of an electric vehicle is depreciation of the battery pack.[53] To calculate the cost per kilometer of an electric vehicle it is therefore necessary to assign a monetary value to the wear incurred on the battery. The resale value of HEVs and BEVs, as well as the cost of replacing depleted battery packs, are other financial considerations that weigh heavily on consumers’ minds.”[56].

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