How much is the cost of running an electric car in the UK?

Home Leasing Guides How much is the cost of running an electric car in the UK?
How much is the cost of running an electric car in the UK?
Electric cars are the future, there’s no doubt about it. We all knew cars would turn into futuristic voltaic vehicles. But they’re still quite new, and many of us are apprehensive about getting an EV with the fear of it running out of juice mid motorway with nowhere to plug in into. Does the constant need to charge up and EV wind up costing more than a petrol or diesel? This guide about the cost of running an electric car will answer all of your questions and who knows, you might even decide to go for it and join the EV club.

How Much Does It Cost To Charge An Electric Car?

Just like anything electric, the answer always varies depending on the make. Different phone batteries have different lifespans, as do laptops. And it’s no different with cars. How much it costs to charge an electric car depends on the manufacturer and model. Not all cars are designed to make long journeys, therefore they won’t need to be charged as long, meaning the cost will be lower. Although those that require more power will cost more to charge, it’s still more likely to cost you less in total than that of a petrol or diesel.

Just like petrol and diesel cars, the cost of charging an EV varies more depending where you’re charging your car. There are many different types of charging stations, and they are all designed for different types of situations.


Cost Of Charging An Electric Car At A Public Station

Public charge stations are usually on-street charging facilities located at shopping centres, car parking areas and other public buildings, some lampposts are also fitted with a charging port for those parked on the side of the road. The cost of charging at a public station depends on the network and locations, with some areas offering pay per session, and others offering a network subscription.

The cost of charging at a public station also depends on the power rating. These can be slow, fast or rapid. Slow charging tends to take place when using a lamppost charging station, whilst rapid charging is more common in Motorway service stations, this tends to be the more expensive charging station, costing on average £6 for 30 minutes.


Cost Of Charging At Home

There are two possible ways to charge an EV at home. Like most other electronic devices, a three pin plug may be used. However this is often time consuming and is best done overnight. On average, you’ll be paying about £4-5 if charging overnight. Charging during the day, however, may rise to £6-7, depending on the car and battery.

The other option is a wallbox, this home charging unit can be installed when you get yourself an EV. With the OLEV grant scheme provided by the government, the up front cost can reduce from about £1000 to about £350. Once installed, you only pay for the electric that you use for the car, which is about the same as if you were using a three pin plug, however it’s faster and more convenient.


Electric Car Charging Cards

An electric car charging card is a membership provided by some of the main public charging networks, they also may provide smartphone apps or RFID (Radio frequency identification).


How Much Do Electric Cars Cost To Service?

It’s good news for EV drivers, as a study from Cap HPI has concluded that the average cost of running an EV for 3 years and 60,000 miles is 23% less than that of a petrol vehicle. Along with the overall cost of EV’s continuously declining, it’s likely that the roads will be electric faster than we thought.


How Much Do Electric Cars Cost To Insure?

For now, insuring an electric or hybrid car is more expensive than a petrol or diesel, although like the price of an EV, this is changing. Electric cars are generally more expensive due to the cost of repairing their batteries. Another reason is only a fraction of engineers are qualified to work on electric cars, and with electric cars getting evermore popular, the demand is increasing. According to Premium Drivers Report, the average annual car insurance premium is £755.


Cost Of Running An Electric Car VS Petrol

As we’ve established, the cost of running an electric car is generally less than a petrol car based on fuel consumption. This table from JCT 600 shows the comparison between electric, diesel and petrol:

  e-Golf Golf 1.5 TSI Golf 2.0 TDI
Fuel type Electric Petrol Diesel
Power 136PS 130PS 133PS
0-60mph 9.6 seconds 9.1 seconds 8.7 seconds
Top speed 93mph 130mph 133mph
       
Price/unit 14.4p/kWh 121.03p/litre 130.32p/litre
ZapMap cost/mile 3.7p 14.0p 13.0p
Source: JCT600

When taking everything into consideration, from charging cost to insurance cost, we believe that the increased demand for EV’s is only going to get higher, as the overall cost of electric cars declines, it’s very likely that we’ll all be driving them soon, will you?

If you’re interested in getting your hands on a brand new electric car, why not have a look at our latest EV lease deals and see if anything catches your eye. 


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