Until very recently, one of the main reasons given by many for switching to an electric car was money saving. With the price of petrol and diesel still high, and showing no signs dropping significantly, an EV suddenly made lots of financial sense.
Yes these machines were often more expensive to buy or lease, but the far lower cost of ‘refuelling’ often meant that owners quickly offset the higher purchase price.
However, as the energy crisis continues to rumble on, stoked by the ongoing conflict in Ukraine and the subsequent inflation in prices of electricity, the swap from ICE to EV doesn’t appear so clear cut. This is especially true for public charging stations, with the cost topping up your battery using rapid DC units occasionally matching that of replenishing the tank with fossil fuels on a traditional motor.
And of course prices for domestic energy bills have also been hiked, making this previously cheap source of energy much pricier. The Government has even been forced to step in with assistance for those households that are struggling to meet the massively inflated costs of gas and electricity.
Yet does that mean it no longer makes as much financial sense to an EV, especially when you take into account the higher upfront cost? To uncover the facts, here’s our in-depth guide to the cost of charging an EV.
How much will it cost to charge my car at home?
According to the government-backed Go Ultra Low electric vehicle campaign, around 90% of owners charge their EVs at home, and this the cheapest way to charge. Obviously it depends on the car you’re charging and your electricity supplier’s tariff, but even with the recent hikes in electricity prices you’ll still be saving cash on every ‘refill’ compared to a traditional petrol or diesel engined car.
For example, when plugging in a 64kWh Kia e-Niro with a claimed 281 mile range it should cost around £20 for a full charge, which is based on the current average cost of 34p per kWh.
Better still, invest in one of the latest ‘smart’ wallboxes and you can use an app on your phone to programme the unit to only charge when electricity is cheapest, typically overnight. Moreover, if your home has solar panels, then some chargers can use this ‘free’ energy to charge your EV, further reducing bills.
How much will it cost to install a car charging point at home?
It is possible to use the factory-supplied three-pin plug charger when refilling your car’s cells, but charging times are lengthy and most manufacturers claim this device is for emergency use only.
Either way, if you’re committed to EV ownership and you have access to a driveway or garage, then it’s always best to use a dedicated wall-mounted unit, which can charge at up to 7kW, more than twice as fast as the three-pin alternative.
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