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Cost Savings

There are multiple ways that choosing an electric vehicle can save you money – and you do so before even taking to the road.

Buying

There are grants available which could help you buy your car. The low emissions grant – valued at up to £3000 – applies to some models. The Electric Car Store, or any EV dealer, will help you understand more, but in the meantime you can learn more at gov.uk.

In Scotland, the government offers loans of up to £35,000 for the purchase of eligible EVs.

Charging

When it comes to charging, the Electric Vehicle Home Charge Scheme offers grants of up to £350 towards the purchase and installation of home charger units. This scheme is offered by the Office for Low Emission Vehicles (OLEV).

We’ve also teamed up with BP Chargemaster who can install your unit from £599 – and help you with your OLEV grant application.

Road tax

There are road tax gains from EV ownership: zero emission vehicles are exempt from Vehicle Excise Duty tax, although supplements can be applied depending on factors such as the vehicle’s list price.

Zap-Map is a great site that can help you figure out your comparative gains.

Day-to-day

You’ll also of course enjoy savings in your day-to-day running expenses. Electric costs for charging your EV at home could be as little as 4p per mile – potentially up to five times cheaper than a petrol or diesel alternative.

An important point to note here: you may wish to check your energy provider tariffs to ensure you’re getting the best deal – the better your tariff, the more you’re saving on charging costs.

Business Owners

Business owners can capitalise on the Workplace Charging Scheme (WCS), which provides grant support of up to £350 (including VAT) per socket, at 75% of the total cost of the installation up to a maximum of 40 sockets per company.

There are a succession of fiscal gains for businesses of bringing EVs into their fleets. These include tax benefits, capital allowances, fuel tax gains, workplace charging tax exemptions, and – for London road users – congestion charge exemptions.

More business benefits…

Maintenance

Maintenance costs are typically lower for EVs thanks to their simpler engine systems and fewer moving parts. Studies have indicated such costs are up to 23% lower for an EV when compared to an internal combustion engine vehicle.

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