The financial savings that come from driving an EV instead of a petrol or diesel car, have always been one of the primary motivations for switching to electric driving for many drivers.
Despite the increases in the cost of energy we have seen over the last couple of years, driving an EV is still a fraction of the cost of running a petrol or diesel car.
“EVs remain much cheaper to fuel than a petrol or diesel car”
Particularly if you mainly charge at home, then there are huge savings to be made, especially if you charge on a cheap-rate night-time EV tariff. This is how the most savings can be made, as despite the overall higher headline price of energy, these EV tariffs can enable you to charge at a 3rd of the cost, at around £0.07p – £0.08p per kWh.
If you can charge at home in the day, and you have a solar PV system, your charging can even be completely free.
Public charging is a more expensive charging service than charging at home, but as most EV owners only need to charge publicly occasionally this isn’t a major issue for most drivers.
“If you switch to a low rate EV Tariff with your energy supplier you can charge your EV for as little a £0.07p per kWh, and under 2p per mile”
But if you are more reliant on public rapid chargers, then the cost of EV charging starts to become more comparable to ICE vehicles. This is due to the current high cost of public charging. Hopefully this is soon set to change, due to government intervention, as well as greater competition in this marketplace.
When using the calculator be realistic about how often you think you will need to public charge (as for most drivers it is only very occasional,) and factor in the fact you will most probably move to a cheaper EV smart energy Tariff and as a result your charging energy cost will most likely drop to 7/8p per kWh.
Especially when you factor in these cheaper charging rates you will be able to see just how much you can save by switching to an EV.
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