Electric vehicles (EVs) have moved from a luxury for the wealthy to a mainstream option for UK drivers, with falling prices, lower running costs, and more accessible charging points. While financial factors such as charging and maintenance still need consideration, these expert tips can help keep EV ownership as economical as possible.
Choosing the Right Model
A few years ago, most fully electric cars were priced well above £30,000. Declining battery costs, stronger competition, and government incentives have shifted the market, making genuinely affordable EVs widely available to UK buyers.
Before anything else, Alex Lee, motoring expert at Dick Lovett, says it is important to consider what you will be using the car for. He told Metro: 'Once you know what you're needing from the car, it's key to look at battery capability, charging speed, and price per mile of your vehicle, as these are all key considerations that will impact your EV experience.'
'If you're only needing it for city driving, commutes, or short trips to local shops, then lower battery sizes and horsepower can suit you perfectly.' For long commutes or regular motorway driving, he says vehicles with less horsepower or a lower battery range probably will not be suitable, as using public charging points for long journeys can mean higher running costs.
Charging at Home and on the Go
Once you have your EV, the next step is to charge it as cheaply and efficiently as possible. With demand for EVs on the rise, there is now a range of tariffs designed to deliver inexpensive electricity for charging, particularly overnight when demand is lower. Most EV tariffs require a smart meter to unlock off-peak rates, and some only work with certain home chargers or EV models.
Charging at home is almost always the cheapest option, whereas public charging, particularly rapid stations, can be expensive. According to Octopus EV, charging at home costs around 7p per kWh during off-peak times, almost 90% less than the average pay-as-you-go price of 80p per kWh on 50kW chargers. If caught short, Alex points out that some supermarkets and shopping centres offer charging points at no cost, which he views as the best public option if you do not want to break the bank.
Cutting Costs with Solar, Salary Sacrifice, and Maintenance
Since the start of the year, close to 172,000 solar panels have been fitted, with around 6.1% of UK households having them, translating to approximately 1.7 million families. Storing surplus energy in a home battery to charge your EV can bypass grid costs on sunny days, although upfront costs are involved.
Employer EV salary sacrifice schemes can substantially reduce upfront costs and running expenses, allowing employees to lease electric cars using pre-tax gross salary. Many packages also include insurance, servicing, maintenance, replacement tyres, breakdown cover, and road tax.
How you drive matters too, as improving efficiency reduces the total number of charging sessions and kWh used. Alex suggests avoiding harsh speeding up and braking and using eco mode where possible to limit power consumption. Proper maintenance, from ensuring correct tyre pressures to staying on top of software updates, is key to helping your EV run more effectively. 'Keeping your car in a healthy condition will also stop your running costs from creeping up,' Alex explains. 'When driving, try to keep your charge levels between 20% and 80% to keep your battery health optimal and stick to recommended maintenance and servicing schedules to stay aware of your car's condition.'
Grants and Incentives
Government schemes can reduce costs, such as grants for home charger installations. The UK Government runs one offering £500 towards the cost of fitting a chargepoint inside your home, applicable if you own and live in a flat or rent and live in any residential home, with access to private, off-street parking. For on-street parking, another grant of £500 is available with different eligibility criteria, with details via Gov UK.
