Letters: saving money with electric vehicles

Monday, June 27, 2022 5:00 a.m.

Although electric vehicles are an expensive purchase upfront, they can bring big savings in the long run.

[Re: To turbocharge our own EV revolution we must ensure affordability for all, June 21]

Electric vehicles are considered the car of choice for the elite. This is primarily due to cost – a major hurdle many drivers face when considering investing in an electric vehicle. More than half of electric vehicle owners are among the top 20% earners in the UK. And, with the government’s recent announcement that it plans to scrap its notorious plug-in subsidy scheme, it makes little sense to think that electric vehicles are where you should turn if you’re looking to save money. money.

But the fact remains: electric vehicles are cheaper to operate than gasoline-powered cars, and many leasing options are emerging. The cost of living crisis has driven fuel prices up at a phenomenal rate. Now the cost of charging your car is around £100, while the average cost for the same mileage via an electric vehicle would be £24 when charging at home.

Not only are they now cheaper to run, but EV drivers can use something as simple as an app to save money on their energy bills. Smart charging (which automatically uses the cheapest, greenest energy available when you connect at home) can save an extra £250 a year on top of that.

And that’s just the beginning: grid-connected electric vehicles can also help smooth the UK’s overall energy demand. By smoothing out peaks and troughs in energy demand, prices will come down as we can better utilize excess renewable energy on the grid.

Electric vehicles aren’t the only solution to the cost of living crisis, but they’re certainly starting to shine when it comes to their long-term saving capabilities.

Nick Wooley

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