Costs and Savings
Electric Vehicle Charging
- Overview
- Home Charging
- Workplace Charging
- Costs and Savings
Overview
One of the biggest concerns when investing in an electric vehicle or an electric vehicle charger is how much it is going to cost you, both in the short term and in the long term.
The initial cost of an electric vehicle can be quite daunting as they tend to be more expensive than a regular petrol or diesel car. However, the potential savings that can be made upon investment in both an electric vehicle and an electric vehicle charger can be staggering!
The long-term running costs are so much cheaper than that of a regular petrol or diesel car… over time you will certainly make your money back, and some!
Costs
Once your vehicle is purchased the only other costs are charging, which will be entirely dependant on your mileage and electricity prices, and maintenance, of which electric cars tend to require very little.
The average driver spends between £1000 and £1200 per year on fuel. Compare this with the average electric vehicle driver who will spend, on average, between £450 and £750 a year on electricity to charge their vehicle. It is important to note that to achieve this level of saving it is crucial to have a home charging system installed.
Another key cost comparison to observe is between the cost of public charging versus the cost of charging at home. On average, a public charging station will charge 30p per kW, compare this to the price of electricity at home being on average 14p per kW, you are saving over half just by charging at home!
With the increased popularity of electric vehicles and the eagerness to increase renewable energy in the UK, many energy companies have begun to offer reduced tariffs tailored to reduce costs for electric vehicle drivers.
The introduction of off-peak and on-peak tariffs allows to tremendous savings for those that charge their electric vehicle overnight, or during those off-peak hours.
The average on-peak price for electricity, including the price offered from regular tariffs, is around 14-20p per kW. The off-peak rates from many energy companies goes down to as little as 4p per kW!
This will result in an 86% (!!!) saving compared to charging at the average public charging station!
Charging Cost Calculator
You can work out your charging costs by multiplying the size of your cars battery in kilowatt hour by the amount your electricity supplier charges per kilowatt hour – look out for the split tariffs.
Alternatively, you can use the Zap Map Home-Charging Cost Calculator to work out how much it will cost you and how long it will take to charge your car. Click Here.
And use the Zap Map Public-Charging Cost Calculator to work out the time and cost of charging your car at a public charging point. Click Here.
Compare these two to see exactly the savings you can be making!
Extra Savings
Along with the all the standard savings you will benefit from by using an electric vehicle, e.g. smaller running costs and less maintenance, there will also be huge potential savings in your taxes!
- The Vehicle Excise Duty which costs the average petrol or diesel driver an average of £175 a year will cost an electric vehicle driver £0 provided the car is under the value of £40,000.
- You will benefit from a massive saving in fuel tax as nearly 60p of every litre of petrol is entirely tax.
- If you drive a company car, say goodbye to benefit-in-kind rates which have been reduced from up to 37% on petrol and diesel cars, to only 1% for electric vehicles from 2021 saving you up to £7000!