It’s a surprise to no one that inflammation continues to occur, especially for petrol and diesel prices. Drivers may need to consider alternatives for those who are worried about the increasing costs. As the EV revolution continues to offer newer models of electric cars and the latest technology in charging, are electric vehicles a cost-effective solution to this ongoing issue? Find out more here.
Fuel Prices Increasing
Recently, petrol prices have skyrocketed. The RAC reports that the current average price for petrol is 191.43p per litre and for diesel is 199.05p. That means that the cost of filling a family car is over £100. Since many businesses had to temporarily close and there was a decrease in demand for energy, crude oil (which is needed to make petrol and diesel) was less expensive at the start of the Covid pandemic.
The need for energy increased as life resumed its normal course. Crude oil prices and therefore, fuel prices increased. This has meant an increase in petrol and diesel as a result of suppliers’ struggles to keep up with this new demand. The fact that the oil used to produce petrol must be purchased in US currency is another issue. The current strength of the pound relative to the dollar also drives up the price of fuel.
How Much Does it Cost to Charge an EV?
Despite recent rises in energy prices, charging at home often costs less than half of petrol or diesel; roughly £41. Typically, drivers may implement a hybrid charging approach, which includes 70% at home and 30% at public chargers, which costs around £48. This is substantially less than petrol and diesel, however, home charging can result in various utility expenses depending on the household tariff.
Much like petrol and diesel costs, this figure has increased significantly over the last year. These costs can all depend on how long you are charging the vehicle, which type of EV charger and the electricity costs.
What About Other Costs?
Currently, in aid to getting the EV revolution going, the government have offered incentives for drivers, including tax benefits and congestion charges for those driving in London. The “Plug-In Car Grant” encourages drivers to adopt electric solutions by lowering the list price of an EV. This can include a discount of up to 35%, with around £3000 in total.
In addition, petrol and diesel cars require more ongoing maintenance throughout the year and need an MOT every year than electric cars. Without a valid MOT, drivers may be faced with fines up to £1000. However, this is not the case for electric vehicles. Although EVs still require an MOT every three years, typically they break down less than fossil-fuelled cars. This is primarily due to electric vehicles having fewer components; for example, no clutch, gearbox or oil filter. This already saves costs on breakdown coverage, needing frequent repairs and paying for a yearly MOT.
Portable EV Chargers
For those who cannot set up a home charge point, due to their renting agreement, no on-street parking or available space, alternatives should be considered. Portable EV chargers are a great way to still maintain this charge no matter your journey. Lack of chargers is one of the main reasons why drivers are wary of switching to electric vehicles; as there still aren’t enough chargers to meet the EV revolution.
With portable EV chargers, drivers are paying a set price (or subscription fee) and can easily store the chargers within their vehicle. Ideal for long road trips or just the daily commute. EV drivers simply have to find a suitable location, ideally a car park) and set up their own charge point with the comfort of knowing their vehicle will be fully charged once they return.
Elite Electric Vehicle
Our team at Elite provide the opportunity for electric cars to set up their own portable charge points. Whenever and wherever they best see fit. As there will be a ban on new petrol and diesel vehicles in 2030, it is important that there are charge points available to meet this substantial demand. Portable EV chargers are ideal for this situation and can act as an incentive for drivers to make the switch to electric.
For more information on the EV revolution, or to receive a quote, fill in our online form here. Or, follow us on Instagram. Our team posts daily updates on the best-selling EVs and the benefits of portable EV chargers.