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Lower your energy bills with an EV

By 9th December 2020 December 14th, 2020 No Comments

Worried about higher energy bills following the installation of more charge points? These helpful tips will help to keep your bills low

 

Electric vehicles have seen a huge spike in popularity in recent years. This is due to brands like Tesla exploding onto the market, and energy suppliers offering tariffs for electric vehicles. There is a much wider range of models available, which has led to an increase in sales of 61% in 2019.

Just like owning a petrol or diesel car, the cost of buying and maintaining an electric vehicle varies depending on the model. Luckily for electric car owners, maintaining an EV is much cheaper than an ICE (Internal Combustion Engine) car. But undoubtedly the most costly part of owning an EV is charging it.

How much does it cost to own an electric car?

Running and maintaining an electric car tends to cost less than 5pence per mile compared to more conventional petrol and diesel vehicles which cost circa 15pence per mile. Given that you don’t have to spend money on fuel, but rather electricity, combined with the fact that electric cars have more mileage value for money, ie £5 worth of charging overnight at home will deliver 150 miles as a rule of thumb calculation, the running costs can be cut with electric vehicles. In fact, EDF energy predicts that electric car owners can save around £41,000 on fuel over the course of their lifetime by switching to an electric vehicle.

Moreover, owning an electric car means you are exempt from excise duties, such as the congestion charge in London. This is because they don’t release harmful emissions, so they are more welcomed in big cities. In short, the savings can be pretty impressive.

At home charging stations

Electric car owners save a lot on fuel and road tax, that’s for sure. However, there are some big savings to be made when charging your electric vehicle, too. 87% of electric car owners charge their vehicles at home, using a home charging system, according to https://electricnation.org.uk/.

These systems work from your electricity supply. So, opting for an energy supplier that offers tariffs especially for electric cars means your energy plan will be better suited to you and your vehicle. For example, Octopus Energy has very popular EV energy tariffs. However, constantly charging your car at home can cause your energy bills to skyrocket, so how can this be avoided?

The best way to save money via your electric vehicle is by making the most of off-peak energy rates. Usually, electricity is much cheaper during the night time, since the demand is far lower than during the day. You can even switch to an economy tariff, such as economy 7 or economy 10, which helps you to save money by charging your car at night. Switching suppliers or tariffs with www.switch-plan.co.uk can help you to save a lot of money in the long run. How much you pay per unit of electricity will implicate how much you are paying to charge your electric vehicle.