Electric car charging costs

Understanding the costs of charging your electric car before you buy or lease a shiny new EV are essential. While the charging costs depend on the electricity rates in your home or area, and the type of charging point you use, recharging your electric car is generally significantly cheaper than filling your tank with petrol or diesel.

But to make the best out of your electric car, you should consider installing a charger at home, because the charging costs are typically lower than using a public charge point especially if you can find a tariff that has been created for EVs at off-peak times. 

Maintenance and repairs of electric cars

For most people, it’s cheaper to run an electric vehicle than a petrol or diesel car – with a recent study suggesting that owning an EV could save you an average of £700 a year.

That’s because an EV car’s battery, electronics and motor need very little maintenance, all electric cars are automatic too. Plus, there’s less fluids like engine oil, and wear and tear of your brakes is generally lower too.

Your electric car will need a service though like ICE cars including:

• Fluids and coolant – Though your electric car does not need oil, it requires a routine check on these 3 fluids in EVs; coolant, brake fluid, and windshield washing fluid.
• Brakes – Electric cars are clever, using ‘regenerative braking’, which means brake pad and disc wear is significantly reduced. But they will of course need replacing every now and again.
• Tyres  – EV’s are naturally going to be heavier than normal cars due to their batteries, so you’ll need to ensure your tyres are kept within legal limits.
• Suspension – Like the tyres, EV car suspensions will be impacted by the weight of your vehicle, but they’ll be checked as part of your regular servicing.

We also explore more about servicing electric cars a bit further on in this article.

Electric car insurance

And finally, insurance is another essential cost to think of when purchasing or leasing any car and it’s worth keeping in mind that some electric cars can be more expensive to insure compared to petrol or diesel vehicles.

The reasons behind higher insurance costs are simple – there are more expensive materials in electric cars, so the repairs can be lengthy and more expensive. Read our blog to find out more about why electric cars are more expensive to insure. 

But if you’re leasing your EV through an electric car salary sacrifice scheme with work, then sometimes the insurance costs are included in your monthly fee, and because this comes out of your pay before tax, you’ll benefit from added tax relief.

Home charging is the most convenient and cost-efficient way to charge an electric car. You can technically plug your car directly into a 240-volt outlet (these are the standard plugs you have in your home). However, this type of charging is not always recommended as there could be safety implications with EV’s requiring a lot of power and the charging will be very slow. For those without the space to install a home charger, they should find out if there is on-street-charging or the proximity of other public chargers – you can do that here. 

If a driver has access to a driveway or off road parking, its common to install a home- charger for faster charging. It’s worth noting that EV chargers draw a considerable amount of power, so make sure you get an appropriate survey before having anything installed. 

Home charging costs can vary, depending on factors such as what type of EV you own and which electricity tariff you use – but it could be as little as 2p per mile.

Most people who have an electric charger installed at home and charge at night when tariffs are lower. Off-peak tariffs cost less because the demand for electricity is low and energy providers often have lower rates.

You can learn more about charging your electric car at home by reading our Ultimate Home Charging Guide.

Public EV charging points

If you’re away from home or travel longer distances, using public charging points is a convenient way to recharge your electric car on the go. While the prices of some public charging points are based on the amount of electricity used, certain stations charge you for each minute of the charging process. 

If you’re regularly using public charging points, it’s worth considering signing up for a subscription plan, as they sometimes provide discounted rates. 

Finally, don’t forget that the UK offers a network of free EV charging points, usually located at supermarkets, as well as public and workplace car parks or hotels. While using free charging points is obviously the cheapest way to charge your electric car, it might not always be the most practical option as they may have access restrictions or lower charging speeds.

We’d recommend downloading an EV charge point map like Zapmap to plan the best option ahead of time! If you have your eye on a Tesla, you can use their trip planner to help plot range and chargers en-route for you.

Electric car cost per mile

Calculating the cost per mile for driving an electric car involves considering a number of factors, including electricity rates, vehicle efficiency, and maintenance expenses.

How to calculate the cost per mile of your electric car

Battery kWh Size / Your Cost Per kWh to charge = Cost per Range

Your Cost per Range / The Vehicle’s Stated Driving Range = EV Cost per Mile

Or, if your electric car shares its efficiency by kWh per mile:

• Determine your EV’s efficiency in terms of kWh per mile. This figure can usually be found in your vehicle’s specifications or documents.
• Check your electricity rates, typically measured in pence per kWh. In the UK, the average price of kWh sits around 24.5p/kWh.
• And finally, multiply the kWh/mile efficiency by the electricity rate to determine the cost per mile. For example, if your vehicle consumes 0.3 kilowatts over one mile and your electricity costs 30p per kWh, the cost per mile would be £0.09. 

Do electric cars need servicing?

One of the biggest advantages of electric cars is that they require much less maintenance. Electric cars operate on a battery rather than an internal combustion engine like petrol or diesel cars, so they have fewer moving parts.

But just like any vehicle, electric cars still need regular servicing and attention. For example, qualified car mechanics will connect your electric car to a diagnostic machine to detect any possible fault codes that might require some work.

Common routine maintenance of electric cars

• Tyre rotation and alignment 
• Inspection of your car’s charging point and charging cables
• Brake inspection 
• Coolant system check

The battery is a critical part of all electric cars, and while it shouldn’t require any professional attention when you purchase or lease a brand-new EV, there are a few simple tips to follow to maintain the battery’s health and prolong its life, including:

• Minimising exposure to high temperatures
• Avoiding the use of fast chargers every time you charge
• Only charging fully for longer distances

Summary

So, what’s the conclusion? The costs of running an electric car can vary depending on the type of vehicle you choose, the electricity tariff you sign up to, and the mileage you make on average.

But the financial benefits of owning an EV could be big. There are potential tax incentives through an EV salary sacrifice scheme or an electric car business lease. And that’s on top of lower running costs and fewer maintenance requirements. All of these savings will add up, benefiting your budget while making a positive impact on the environment.

Leasing

Leasing is another way of saying ‘rent’ or’ hire’. You usually pay a deposit and make payments every month until your contract runs out, then you hand the car back. This is a great option if you like changing your car quite often. You can enjoy driving it without having full responsibility for it. The downside is you’ll need to look after it carefully and hand it back in good condition.

Leasing with an option to buy

PCP stands for Personal Contract Purchase and this means you lease the car in the usual way but when your contract runs out, you either hand your car back or pay a final lump sum to buy it. 

This is great if you want to try an electric car to see if you like it and keep your options open. It’s also good if you know you want to buy a car but paying the full showroom price up front is a bit of a stretch. It’s a way of spreading the cost.

And the government wants us all to move towards electric so there are other incentives too.

1. Through your work. Some companies offer a salary sacrifice scheme where they deduct the money for your electric car lease before they deduct your tax. So the cost of the lease is usually the same, but you save money on tax.
2. In Scotland you can get an interest-free loan of up to £28k on a new electric car and £20k on a used one. You buy your car and spread the cost without paying any interest.
3. If you’re running your own business the benefit in kind on electric cars is 2% until 2025 so they can be a cost-effective company car. 

Why does it cost more?

Electric cars cost more because It’s partly to do with the tech in the car (which is also why they cost more to buy right now). The batteries in electric cars are expensive and cost a lot to fit if you need a new one. So if you have an accident and yours needs replacing, it can have a hefty price tag.  

Now we’re certain batteries last years and years, car makers are building them into the cars. The downside is if something goes wrong you could end up replacing the whole car, as you can’t just pop the battery out. And unfortunately, it doesn’t have to be a major accident for the battery to get damaged, sometimes even air bags going off can wreck it.  

Electric cars are also a bit more expensive to buy than petrol or diesel. This makes them pricier to replace. And that means a few more quid on your insurance premium.  

If you’ve tried out an electric car, you’ll know they can be pretty speedy and that sometimes catches people out. For that reason, until everyone gets used to driving electric and the way it delivers instant acceleration, you’ll see higher insurance quotes.  

On the plus side there are safety features in electric cars, like the tech in Teslas which reads the road and helps you avoid pedestrians and other obstacles.And all car makers, like Nissan and VW, are working on safety too, which in the longer term should bring insurance prices down.