In 2010, there were only around 12,500 electric cars cruising the world’s roads.
Now there are more than 5 million.
This means production costs are falling, which we’ve already seen with battery prices coming down significantly in the last few years.
Well, there are several things to consider.
Firstly, you need to choose the make, model, and trim level you want. Many people then compare the cost of this to the on the road (OTR) price of its petrol or diesel equivalent.
In nearly all cases of direct comparison, the EV is more expensive than its internal ICE counterparts.
However, there are many other factors that make an EV cheaper than an ICE vehicle once running costs and lifetime costs are considered.
Factors to consider include Road Tax, which BEVs are exempt from, Vehicle Excise Duty which can be £320 for the first 5 years for any vehicle over £40,000 and the cost of installing a home or workplace charger for which government funding is available. Also consider:
This is one of the best parts about owning an EV and the biggest attractions of switching from petrol or diesel.
On average you can save up to 80% on fuel costs when you switch to EV.
There are different types of charges, all with different speeds and costs which we have covered on this
Here we will be focusing on home charging.
Most people charge up overnight when energy is cheapest, and there are now special EV energy tariffs where you can pay less than 6p per kilowatt-hour during off-peak hours.
Let’s say we have a Nissan LEAF Acenta with a 40kWh battery.
If your electricity costs 6p per kWh, a full charge is only £2.40. (0.06p x 40kWh)
With a WLTP range of 168 miles, the savings you can make on fuel are astronomical. If you cover 10,000 miles per annum, this means you will pay less than £150 for the year to charge your LEAF at home.
EV CHARGE TOOL
Now let’s take a look at a comparison between an electric car and a diesel.
If you cover 10,000 miles in a Nissan Plusar 1.5 dCi N-Connecta, which has a combined fuel economy of 60.6 mpg, and diesel costs 120p per litre, then you will pay out around £890 for fuel.*
When compared with our Nissan LEAF Acenta 40kWh you’ll save almost £750 a year on fuel alone!
* Assuming your able to hit the 60.6 mpg consistantly