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Just like traditional fuel engine vehicles, the cost of running an electric vehicle varies depending on the model, make and specifics of the vehicle – it means there's an option for everyone and this includes buying an EV too.
Good news – electric vehicles are likely to cost you less over the course of ownership. Electricity costs much less than petrol or diesel and electric cars require less maintenance than an internal combustion engine (ICE).
In addition, there are various incentives offered such as Vehicle Excise Duty discounts or exemption and also exemption from Fuel Duty. You could also get a discount or possibly drive in Congestion Charge zones for free!
How much does it cost to charge an electric car?
The cost of charging your electric car at a public charge point depends on the charge point network and the location of charge points. Many local authorities offer a pay per session approach to on-street chargers. Occasionally they can be free to use if you have access to a network subscription
Public charge point costs also vary depending on the power rating and whether it's slow (lamppost charging), fast (Car parks) or Rapid (Motorway service stations).
Rapid charge points are typically found at motorway service stations and can also be free for certain drivers but are generally seen as one of the more expensive options. In essence, because they offer a faster charge (drivers can typically charge an electric car to 80% in 20-40 mins) and greater convenience, they tend to come at a premium.
Pod Point rapid chargers cost 23p/kWh at Lidl and 24p/kWh at Tesco, which is about £6-7 for 30 minutes of charging (about 100 miles of range).
Cost of charging an electric car at home.
Charging your electric car at home is the main charging option for most EV owners. It's important to be on the best home energy tariff to keep this cost as low as possible because the cost of charging will be included in your normal electricity bill.
How much charging costs will depend on the amount of charging you do, the type of charger you have and also how much you use public charging.
The cost of installing a home charge point is around £1,000 but with grants or manufacturer installation offers, you could reduce the upfront cost significantly.
Before you get an electric vehicle, you may want to think about how it will impact the cost of your home electricity bill. For instance, if you travel 8000 miles per year in your car, this might equate to around 2800 kWh of additional electricity on your yearly bill if 1 kWh equals 3.5 miles. Therefore it pays to look for the right energy tariff.
For example, you might want to look at off-peak prices, as many energy companies offer lower electricity prices at night when the demand on the grid is reduced and energy prices are cheaper. Another thing to consider is the number of off-peak hours available to charge your electric car.
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