EV SAVINGS EXPLAINED – WHEN WILL YOU MAKE THE SWITCH?

EV SAVINGS EXPLAINED – WHEN WILL YOU MAKE THE SWITCH?

Whilst we are learning and hearing more and more about electric vehicles with pressing government targets and manufacturers scrambling to develop new models to keep in line with competition, relatively little is known from a driver perspective, particularly in terms of the issues surrounding charging and costs. Rob Byrne, Managing Director of Franklin Energy explains and unearths the true cost of EV driving:

“In the past , there have been a lot of unknowns and perhaps negative connotations surrounding EV driving particularly in relation to cost and alimited battery life with few charging points. These issues are all now almost a thing of the past.

“Firstly the cost of an electric vehicle is considerably lower than ever before and whilst not on a par in terms of like for like, is comparatively in sync when considering the savings made through the use of electric and support available through various government schemes. Next year, Tesla , the pioneer of the electric vehicle brings out its mark 3 model. At £35,000 and with a range of 250 miles through a single charge, this makes the brand an affordable option for the mid-range driver. At the lower end of the market the new 2018 Nissan Leaf can be purchased for £21,000 whilst having a real-life range of 160+ miles, making Electric Vehicles affordable for all motorists.

“The government is driving forward the EV concept as part of a wider green agenda and there are several funding and grant opportunities available to anyone including…”

CHARGING GRANTS

UK residents (with the exception of those living in Scotland) can receive up to 75% off the cost of a home charging point to a maximum of £500 from OLEV (Office for Low Emission Vehicles). In Scotland you can receive that as well as up to £300 from Energy Saving Trust Scotland.
https://www.energysavingtrust.org.uk/scotland/grants-loans/domestic-charge-point-funding

PLUG-IN CAR GRANTS

  • Vehicles that can travel up to 70 miles without any C02 emissions will receive up to 35% up to a maximum of £4500 to the cost of a new or used vehicle.
  • Vehicles that can travel up to 10 miles without any C02 emissions will receive up to 35% up to a maximum of £2500 to the cost of a new or used vehicle.
  • Motorcycles that can travel up to 31 miles and mopeds up to 19 miles without any C02 emissions will receive up to 20% up to a maximum of £1500 to the cost of a new or used vehicle.
  • Vans that can travel up to 10 miles without any C02 emissions will receive up to 20% up to a maximum of £8000 to the cost of a new or used vehicle.

https://www.gov.uk/plug-in-car-van-grants 

TAXABLE BENEFITS

Rob continued: “There are also benefits for businesses who are able to deduct the full costs from your profits before tax https://www.gov.uk/capital-allowances/first-year-allowances

LOWER RUNNING COSTS

“Considering an eclectic vehicle from a personal or business perspective, the savings in terms of petrol or diesel compared to electric are pretty staggering. Whilst the cost per mile of petrol or diesel can range from 9p to 21p, the average cost of electricity in the UK is around 13p kWh which works out at around 3p per mile. https://www.gov.uk/government/publications/advisory-fuel-rates/how-advisory-fuel-rates-are-calculated

EXTRA PERKS

“Currently exemption from the congestion charge in London is currently open for any vehicle which has less than 75g/km of C02 which accounts for almost all electric and hybrid vehicles. https://tfl.gov.uk/modes/driving/congestion-charge/discounts-and-exemptions#on-this-page-1.

Free parking and use of bus lanes for electric cars is also available from some councils.
https://www.confused.com/on-the-road/cost-of-motoring/extra-perks-for-electric-car-drivers

Rob concluded: “It’s important that anyone considering an electric vehicle does their homework, understands the concept, the benefits and vehicles available. We know that electric is the future and that one day that will be the energy that drives all our vehicles – the question that really remains is ‘when you will get on board?”

To calculate your switch to EV visit franklinenergy.co.uk/ev-savings-calculator/