Electric Vehicles are an increasingly common sight not only on the roads up and down the UK, but across the globe as a whole as we begin to move towards more sustainable forms of transport. The benefits of electric vehicles for the environment are well documented, but what about their effects on our wallets?
The cost of living crisis continues to dominate the news, and as we start to look at ways to save money, one of the first things we look at is our cars. With both Petrol and Diesel costs continuing to sky-rocket the electric car is a seemingly obvious switch.
Do Electric Cars Really Save You Money?
Determining if Electric Vehicles are more economical than combustion driven vehicles is more complicated than you might think. There are several factors we need to consider in order to determine whether the cost of buying an electric car saves you money in the long run.
- Infrastructure needed and home charging.
- Cost of buying the car.
- The price of power.
Infrastructure and Home Charging
The deciding factor behind whether or not electric cars can save you money comes down to the infrastructure in your local area and your ability to charge your car at home.
On paper, superchargers and other forms of EV charging stations that have begun to pop up around towns and cities should be cheaper than petrol and diesel stations. However, in a recent article put out by the TopGear team, it was found that you pay almost as much as you would for petrol per kilowatt hour.
On top of that, despite the recent increase in charging stations, the infrastructure still isn’t able to support some sub-urban and rural areas. If you live in an area that isn’t as densely populated, you may have to drive longer distances to find a charging station if you don’t have one installed at home.
The Price of Power
The cost of electricity isn’t immune to the effects of geopolitics. Whilst petrol and diesel are more immediately affected by world events, electricity prices are still influenced by factors outside of the UK’s control.
The recent energy bill controversy is a reminder that even if you make the switch to an electric vehicle, the cost of running the car will still vary from year to year. Despite this, an efficient home EV charging system will still be significantly cheaper than a tank of petrol.
Buying an Electric Car.
One of the biggest hurdles to overcome with making the switch to electric cars is the price of entry. Currently, the cheapest electric car that you can buy in the United Kingdom is around £30,000 according to the BBC.
This is significantly more expensive than the average combustion engine car, which normally costs around £12,000 to £28,000 to buy brand new.
The good news is that there is work being done to produce affordable, entry level electric cars into the market before the ban on new combustion engines. The Seagull, for example, that was announced last April will cost around £8,400.
The Bottom Line
If you are able to buy an electric car, installing a home charger is essential if you want to save on petrol costs. Superchargers and other roadside charging stations charge a high premium for the convenience of being able to charge up on the road.
Thanks to the high effective range of modern electric vehicles, you shouldn’t need to use public chargers for day-to-day driving so long as you have an efficient home charging station.
If you are considering an electric vehicle, please get in touch with us on 0345 257 3532 to book your free EV charger survey. We will visit your home at a time that is convenient to you, check your existing electrical setup, discuss all of your requirements and EV charger options and provide you with a comprehensive quotation for your installation. We will also make any applications necessary to your electricity supplier to ensure you have the correct voltage going into your home to enable you to power your car. This free service will be carried out by one of our friendly technicians to ensure that you use the space you have as efficiently as possible to charge your new electric car.
If you’d prefer, you can also contact us via our contact form and a member of our team will get in touch with you as soon as possible.
