What are the costs and savings of running an Electric Vehicle?

ev charging

Electric vehicles (EVs) are becoming increasingly popular in the modern automotive market. Driven by technological advancements and higher environmental awareness, more consumers are considering switching from traditional petrol or diesel cars to electric options. This blog post looks at the costs and benefits of owning and charging an electric vehicle, offering a clear view of what to expect regarding expenses and savings.

Saving on fuel costs with EVs

One of the most appealing aspects of electric vehicles (EVs) is the major savings on fuel costs compared to their petrol and diesel counterparts.

The average price of electricity required to power an EV is considerably lower than the fuel price per gallon or litre, making EVs much cheaper to drive per mile.

While diesel and petrol vehicles suffer from fluctuating fuel prices, electric vehicles offer a more stable and predictable cost due to the more consistent price of electricity.

In the UK, driving an electric vehicle (EV) is generally more cost-effective per mile than driving a petrol or diesel car. The average EV running cost is between 8p and 11.5p per mile, depending on the model and charging conditions.

In contrast, petrol cars cost about 13p to 17p per mile to fuel. So, while the upfront cost of buying an electric vehicle might be higher, the fuel savings can offset these initial costs over the time that you have it.

Reduced maintenance costs

Beyond fuel savings, electric vehicles also demand lower maintenance costs. Unlike diesel and petrol models, EVs lack complex engines and do not require oil changes, fuel filters, or regular emissions testing. This reduction in moving parts decreases the likelihood of mechanical failure and cuts maintenance costs.

The upfront cost of an EV and home charging setup is balanced over time by the lower operational and maintenance costs. While owners might face additional costs like battery replacement after several years, overall, the total cost of ownership tends to be lower than traditional vehicles.

Home Charging vs. Public Charging

Owners have two options when charging an electric vehicle: charging at home or using public chargers.

The cost of electricity at home is typically lower than at public charging stations, making home charging the more economical choice for daily use. The average cost of electricity from a home charger is often about 32p per kWh. In contrast, public charging, especially rapid charging, can cost around 48p per kWh or more, depending on the location and provider.

Home charging offers a cheaper price per kWh and the convenience of charging overnight or during off-peak hours, potentially leading to further savings on energy prices.

In contrast, public chargers, particularly rapid chargers, are priced higher to accommodate the technology and infrastructure costs associated with providing high-speed charging capabilities.

How much does a home charger cost?

The initial setup for a home charging station involves some upfront costs, typically ranging from £800 to £1,200.

How much does it cost to charge at a public charging station?

The average cost per charge at public stations can vary significantly; however, expanding these networks often leads to more competitive pricing and better availability of services, including rapid chargers capable of charging EV batteries to 80% in as little as 30 minutes.

Public charging, especially rapid charging, can cost around 48p per kWh or more, depending on the location and provider. Whilst the total cost varies, the average cost is around £26 for a full charge on a 60kWh car.

When it comes to rapid charging stations that can be found at motorway service stations, the typical cost can be around £20 for 30 minutes/90 miles.

Maximising cost efficiency in charging

Electric vehicle (EV) owners can reduce running costs by optimising how and when they charge their cars. Understanding the dynamics of electric car charging, including the cost per kWh and the charger type, will help maximise efficiency and manage travel costs effectively.

Charging at the right time

Charging your EV during off-peak times can lead to major savings on electricity costs. Energy prices vary significantly throughout the day, with off-peak hours typically offering lower rates. You benefit from a cheaper price per kWh by scheduling your charging sessions during these times, such as overnight.

Choosing the best charger type

The type of charger used can have a big impact on the cost and speed of charging. A standard home charger typically provides enough miles of range overnight for daily use at a reasonable average price.

However, public chargers that offer rapid charge capabilities are ideal for quick charging on the go. While rapid charging tends to be more expensive due to higher rates at public charge stations, it provides a quick and convenient way to add substantial miles of range when needed.

Use public charging stations wisely

When using public charging stations, plan your charging sessions to avoid peak times, which might attract higher costs. Although public charging costs are generally higher than home charging, choosing the right time and type of charger can still offer drivers savings.

Choosing the right energy provider

Selecting an energy provider that offers special tariffs for electric vehicle owners can further enhance potential savings. Many energy providers now have plans specifically tailored for EV owners, focusing on more attractive rates during off-peak periods or even providing special incentives for using renewable energy sources.

Embrace commercial EV charging with Path Energy

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With Path Energy’s commercial EV charging installations, you can easily manage and monitor your charging stations via a mobile app, guaranteeing peak efficiency and real-time tracking.

Our EV chargers are universally compatible with all electric vehicle models, simplifying your setup and cutting costs. Invest in

14 May 2024
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