We all know that electric zero carbon-emitting vehicles are kinder to the environment, but did you know that they can also be very good for your bank balance, too?
Although EVs are generally more expensive to buy than their petrol- and diesel-guzzling counterparts, this is largely offset by their lower running costs. Given these potential savings over their lifetime, pure electric cars – i.e. vehicles powered solely by a battery charged by mains electricity – are becoming more and more viable.
Firstly, electricity is a fraction of the cost of petrol or diesel, which instantly has a positive effect on your monthly fuel budget. Pod Point estimates that charging at home costs approximately £3.64 for a full charge, and rapid charging stations (found at motorway service stations) typically cost £6.50 for half an hour.* The £3.64 at-home charge will typically give an average range of 100 miles, making it four times lower than that of petrol or diesel cars that cost up to £16 for 100 miles according to the Energy Saving Trust.**
The price of electricity is also much more consistent than petrol, which has proven extremely volatile in recent years. At-home is undoubtedly the cheapest charging method – especially for owners who have access to an off-peak overnight electricity tariff. There is also an OLEV grant providing £500 towards installing a home charging point to take advantage of.
And it’s not just cheaper to keep your vehicle’s power topped up. Electric vehicles also benefit from a number of attractive incentives, keeping running costs lower than petrol equivalents. Zero-emission vehicles qualify for the lowest band of car tax, and are therefore tax-free. Furthermore, the Ultra Low Emission Discount Scheme (ULED) exempts electric vehicles from paying the London Congestion Charge, which can significantly reduce the cost of commuting in the capital.