EV drivers stick with cars despite rising electricity costs – ‘still financially smarter!’

Vallance: It’s impossible for majority to buy electric car

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Owners of electric vehicles are not being discouraged from ownership despite rising energy costs, a study carried out by Smart Home Charge has shown. The home EV charging retailer looked into the opinions of its customers as to whether or not rising energy bills are causing them to re-think their vehicles.

Of the 300 customers surveyed, 72 percent said that they were still in favour of owning an electric vehicle as costs rise.

Until the recent spike in energy prices, home charging has been one of the most cost-effective ways to charge an electric vehicle.

Domestic energy prices are much cheaper than what a driver would have to pay at a public charger.

However, with the electricity costs rising the gap has now slightly narrowed.

The survey revealed that there were certain prices at which EV drivers would find it too expensive to charge at home.

Some 21 percent of participants said that their limit was 15p/kwh or more, with 32 percent saying that 20p/kwh or above was too much.

More than 38 percent of people said that 30p/kwh was out of their price range for charging an electric vehicle at home.

Danny Morgan, editor and marketing manager at Smart Home Charge said: “From speaking directly with our customers through our recent survey, we can see that regardless of rising electricity prices, there is an overall lean towards ownership of EVs, which matches the uptick in nationwide EV sales over the past year or so.

DON’T MISS 
Drivers divided over plans for new EV charging points [INSIGHT] 
BMW named as the most popular used car brand in the UK [REVEAL] 
Drivers warned of new driving laws coming into effect this month [WARNING] 

“Energy price rises are all but confirmed across the country so, despite these rising costs, our advice would be for EV owners to find an energy tariff designed for electric car charging at home, helping them to further reduce the running costs of their EV.”

EV owners also face higher costs when it comes to the installation of the electric vehicle chargers following the Government’s removal of the grant that brought down the price of having a charger put in place at their home.

The news comes after it was revealed that EV owners could pay as little as £5 to travel 100 miles on average, despite the rising costs.

It has been estimated that electric car owners may see their home EV charging costs rise by around £200 per year, depending on their energy tariff.

Book here

Book your MOT with the UK’s #1 MOT tester – just click the link to book online.

View Deal

With the average UK electricity price now sitting at around 17.2p per kWh and under the assumption an electric car will travel 3.5 miles per kWh on average, to travel 100 miles would cost around £5 or 4.91p per mile.

Ofgem, the Government’s regulator for electricity and downstream natural gas markets, raised the energy cap by 54 percent.

Taking into account comparative petrol and diesel costs per mile, the same length journey would cost approximately £15 in a petrol car and £13 in a diesel vehicle.

Becky Whitmore, Senior EV Product Owner at Volkswagen Financial Services UK, commented on the data, saying that owning an EV was often a cheaper option.

She said: “In light of the news that energy costs are on the rise, and causing concern across the nation, it seems to have created a lingering doubt for motorists who either own or are looking to buy an electric vehicle.

“Motorists have voiced apprehension that the increase in energy prices will significantly increase the cost to charge an EV and may eventually become too expensive to maintain.

“However, research from Volkswagen Financial Services UK (VWFS), suggests that owning an EV may still be financially smarter.

“At VWFS UK we believe it’s reassuring that electric charging remains a viable option to running an ICE (internal combustion engine) car.”

Source: Read Full Article