As people become increasingly aware of the importance of preserving our planet and saving money, they are discovering the advantages of electric vehicles. However, it is important to clearly understand the costs involved in running an electric vehicle (EV).
In this guide, we will look at the different factors that contribute to the costs of an electric car, from the purchasing price to the cost of charging. Furthermore, we will provide you with top tips for reducing the running costs of an EV. By the end of this guide, you’ll have a clear understanding of the cost involved in running an EV and how you can save money by switching to an electric vehicle.
Understanding electric car running cost
When purchasing an electric car, the upfront price of a new electric vehicle is a significant factor to consider.
It is important to remember that electric vehicles vary in their purchasing price, like petrol and diesel cars. The cost of an electric vehicle can vary depending on the brand, model, extra features and battery size.
Electric cars range from affordable options like the Nissan Leaf to luxury options like the Tesla Model X.
So make sure to do your research and find the right EV for your needs, preferences and budget!
Cost of charging your electric vehicle at home and away from home
One major benefit of owning an EV is that you do not have to pay for diesel or petrol. However, EVs need to be plugged in and recharged.
The cost of charging an electric car depends on the battery size and unit price of electricity. Furthermore, the price of recharging an electric vehicle varies based on how much charge is needed; charging from empty to full costs more than from half full.
You can charge your EV at home, work or on the road. But how much does it cost to charge an EV in different places? Let’s have a look into this.
Charging costs at home
Installing and using a home charging point has many advantages.
- Charging your electric vehicle at home is convenient as you can charge it anytime. Whether working during the day or sleeping at night – you can simply plug your car in and leave the charger to do the rest.
- Although installing an EV home charge point has an upfront cost, it can help you save a significant amount of money when charging your EV. Charging an electric car at home will cost much less per mile than charging with public chargers. In addition, you can save even more money by swapping to an EV-friendly tariff. Having the right home charger and EV-friendly energy tariff can save you, on average, £400 a year when charging an EV.
Charging costs away from home
Public charging network
A large network of public charging stations across the United Kingdom (UK) exists. At the time of writing, there are over 25,000 charge point locations across the U.K. You will find public charging stations at a range of places such as motorway service stations or shopping centres.
Many public charging stations have rapid EV chargers, which can quickly charge an electric vehicle. This means the charge points are great when you need to top-up your car on a longer journey.
However, regular use of public chargers can harm an electric car’s battery. The pricing of charging electric cars at a charger varies depending on the network used. Charging your electric car with a public charger is often more expensive.
The cost to charge at work depends on whether your company offers free charging or charges you.
You might be lucky and get free electric car charging from your employer!
Electric car maintenance costs and extra costs
As with any type of car, you are required to get an MOT for your EV. However, maintenance costs of EVs are usually lower than for a petrol or diesel car.
In addition, EV drivers are exempt from many extra costs that traditional petrol or diesel drivers must pay. Currently, EV drivers are exempt and do not have to pay any road tax or congestion charges!
Comparison costs of electricity vs. fuel prices
A comparison of costs per mile or the cost benefits per kilometre
EV drivers who have recently swapped from diesel or petrol to electric cars can expect to save a significant amount of money on their travelling costs.
‘Re-fuelling’ an EV compared to a petrol car
Assuming the average person drives around 8,000 miles a year. Let’s look into the difference between re-fueling an EV and a petrol car.
Recharging a Nissan Leaf (EV) by scheduling your home charging during off-peak times would cost, on average, £200 a year.
Comparatively, refilling a VW Polo (Petrol Car) would cost an average of £1000 a year.
Using this example, the average driver of 8,000 miles a year can save up to 4/5th of their ‘fuel’ costs by swapping to an electric vehicle.
So why not swap to an EV today and start your home charging journey? Switching to an EV is not only convenient and cost-effective but also eco-friendly.
Top tips to reduce the running costs of your electric car
- To maximise your savings on your home car charging, you will want to switch to an EV-friendly energy tariff specifically designed for electric car drivers. Once you have done this, you should schedule your charging using your smart charge point to charge your car during off-peak hours. Off-peak hours are when the energy demand is low, and often this electricity is cheaper.
- Try to avoid charging at public charging stations. Public EV chargers are often much more expensive than charging your car at home.
Government incentives and grants
- Charge point government grant – If you are eligible you can get £350 off your charge point installed
- No road tax – EV drivers do not have to pay any road tax
- No congestion charge – EV drivers currently do not have to pay any road tax
Frequently asked questions
1. Will the weather affect how efficiently my car charges?
Yes, the weather can potentially affect how efficiently an electric vehicle’s battery charges. It is possible that in colder weather, electric vehicle batteries will take longer to charge.
2. What is the range of an electric car
How many miles an electric car can drive on a full battery depends on many factors, including the car’s brand, model and battery capacity.
3. Can I charge my car through a regular three-pin socket?
Yes, you can charge your electric vehicle through a normal plug socket. However, charging an electric car through a standard socket can take much longer than using a charging point. You should use a charge point when charging your electric vehicle for faster and safer charging.
In summary, the costs associated with an electric vehicle include multiple factors, such as purchasing, charging, and maintenance costs. Although there is an upfront cost when purchasing an EV. It is important to consider charging costs as you can make significant savings here.
Charging an electric car at home also offers convenience and also allows you to save money. Home charging is often more affordable than public charging. You can significantly reduce your charging costs by switching to EV-friendly energy tariffs and scheduling your charging during off-peak hours.