How Can EV Drivers Save Money?

As electric vehicles become more mainstream, the government has vowed to phase out the sale of diesel and petrol vehicles by 2030. There are incentives in place for potential EV drivers.

There are many benefits to making the switch to carbon-free solutions. This includes helping lower the planet’s carbon footprint by reducing the number of harmful emissions that enter the atmosphere. But, did you know EV drivers can actually save money by switching to electric? Find out more here.


Government Incentives

EV drivers can get up to £3,000 in government incentives right away. This can help with the expense of buying a new electric car. The government offers a “Plug-in Car Grant” to encourage drivers to adopt electric by lowering the list price of an EV. Firstly, drivers must purchase an electric car with a suggested retail price of less than £50,000, including VAT and delivery fees, to be eligible for the subsidy. The award will pay 35% of the purchase price, up to £3,000 in total.

These discounts are intended to encourage more people to purchase electric vehicles, therefore they are unlikely to stay indefinitely. The closer we get to 2030, and the more people switch to electric vehicles, the less the government will feel compelled to provide such financial incentives.


Tax Benefits

Aside from the Plug-in Car Grant, there are a few tax incentives that can assist EV drivers to save money. In regard to road tax, all “pure” electric vehicles are exempt from paying. However, for plug-in hybrids or standard hybrids, the cost is still reduced as it bases on the level of carbon dioxide emissions the particular vehicle is emitting.

EV drivers can also claim mileage back when their electric vehicles are used for work, under the HM Revenue and Customs Approved Mileage Allowance Payments Scheme (AMAP). This programme is applicable whether you drive an electric car or a gasoline or diesel vehicle. 

In addition, EV drivers can claim 45p for each mile they drive for work up to 10,000 miles per year under HMRC guidelines. You can then claim a 10p per mile reimbursement for any distance travelled above 10,000 miles in a calendar year.


Driving in London

For those driving in the nation’s capital, there are many incentives to switch to an electric vehicle. With the Mayor, Sadiq Khan focusing on reducing the number of carbon emissions, there is now a congestion charge (£15 per day) in place that has certain zones (like the Ultra Low Emission Zone) in an effort to stop unnecessary driving.

This means, that vehicles that are fully electric, do not have to pay. The London Congestion Tax, as well as the Ultra Low Emission Zone charge, are completely exempt for fully electric vehicles.


EV Charging Solutions

With the prices of petrol always on the rise, charging an electric vehicle is considerably less expensive over the long term. Hiring portable EV chargers is a viable solution, especially for fast charging solutions. Renting mobile chargers means that your fees do not add up every time you recharge. All of your additional charges are included in the final total, after paying a set price.

Portable EV chargers can also assist in the sale of electric vehicles. The RAC has warned EV drivers that the lack of charging points will hinder the number of EVs sold in the UK. Even with new battery factories. Having an independent charger means EV drivers are also helping solve this problem. Whilst, reaping the benefits with cost-effective solutions.


Elite EV Charge

Here at Elite EV Charge, we provide temporary and permanent mobile charging solutions for EV drivers across the UK. Whether this is destination charging or hiring charge points for events; we advocate the use of portable EV chargers to help lower the planet’s carbon footprint. One charger at a time.

To receive a quote on our mobile chargers, or to speak to one of our specialists, fill in our online form. Alternatively, follow us on Instagram. Our social media team posts daily updates on the best-selling EVs and the benefits of destination charging.