The cost of charging an electric car?
Surprisingly cheaper than you may think!
In 2021, electric vehicles have become a viable and green alternative to diesel and petrol cars by making you savings at the fuel pump.
In recent years, the size, choice and ease of use of electric cars have all been improved. In 2015, only over 1% of new registrations were plug-in vehicles; by the end of 2020, this proportion was 10.7%.
Electric vehicles are likely to be the best choice for future drivers with Ofgem’s latest statistics (May 2021) showing that a quarter of Britons plan to buy an electric car in the next 5 years. Ofgem also plans to invest 300 million pounds to rebuild the country’s roads and increase the number of ultra-fast charging points to three times the amount. So what is it like to own an electric car in 2021, and how much does it cost?
Uswitch has put together some valuable insights…
The cost of charging an electric car at home:
While we can see the savings made on fuel and taxes, we must also consider the cost of charging.
Electric Nation’s 2018 smart-charging data shows that 87% of household electric vehicle charging comes from household charging stations.
Full installation starts from £449, including government OLEV grants. The grant can provide up to £350 for the purchase and installation of the charging points. Just as the cost of fuel depends on the type of car, the cost of charging for electric cars will also vary.
This depends on two factors:
- The size of the car battery.
- How much you pay per unit of electricity.
Based on the electricity price of 16 pence per kilowatt-hour, the cost of fully charging the Tesla Model 3 EV is 9.60 pounds.
However, there may be better electricity transactions that can reduce the cost of charging a car at home – the cheaper the electricity bill, the cheaper it is to run an electric car.
An electric car with a smaller battery, such as the Nissan LEAF, costs about £3 per charge. ELectric car drivers generally have higher home electricity costs, although these additional costs usually exceed these additional costs. Significantly saving on operating costs and environmental benefits.
The cost of charging an electric car at home is included in your regular electricity bill, so you should carefully weigh your electricity bill and choose a suitable power supply to avoid overpaying.
The cost of charging an electric car on the go:
An overnight charge at home will provide enough range for most of your journeys, road-trips beyond your car’s range will mean the car needs topping up on the way.
Thankfully the UK’s charging infrastructure is improving all the time, with the number of public charge points increasing from around 1,500 in 2011 to more than 30,000 in more than 10,000 locations in 2020. Ofgem is investing millions to install 1,800 ultra-rapid charge points at motorway service areas and key trunk roads and a further 1,750 charge points across towns and cities.
You’ll find charging points at motorway service stations, some petrol stations, shopping centres and car parks. They cost around £6-£7 for a 30 minute rapid charging, enough for up to 100 miles of travel. Some public charge points work on a subscription basis and some even offer free charging.
While it’s worth knowing the cost of charging on the go if you need to, the vast majority of charging will be done at home between trips.
Conventional Hybrid (HEV)
Hybrid Electric Vehicles or HEVs have both a battery and a petrol/diesel engine. You can’t plug these cars in and you will be using the petrol/diesel engine for the majority of the time.
Plug-in Hybrid (PHEV)
Plug-in Hybrid or PHEV’s also needs to be plugged in to charge its medium-sized battery. However, PHEVs have a traditional petrol or diesel engine as well.
100% Electric (BEV)
Battery Electric Vehicles or BEVs, are powered just by a large battery and an electric motor. Meaning zero CO2 emissions!
Looking for a new EV?
Talk to the Leasing Made Easy team today.