How electric vehicles can save you money & help save the planet

Despite a high initial outlay – new electric cars sell for between £15,000 and £150,000 for a luxury model – electric vehicles (EVs) can save you money. And they can help save the planet. 

Here is how electric vehicles save you money:

  • Charging costs are lower than fuel costs
  • Zero rate vehicle excise duty on pure electric cars
  • No congestion charge on zero emission vehicles
  • Free parking in some towns and cities
  • Zero road tax
  • Overall running costs are lower on electric vehicles

According to the Energy Saving Trust, an average electric car costs between £8-£12 if charged at home, in comparison with fuelling a car at between £26-£32 for a 200 mile run. This could be reduced if the car is charged at home during off peak energy times using a smart charger. 

Overall running costs are lower on electric vehicles, at an estimated £176 saving over every 1,000 miles (GOV UK). This is partly because servicing costs are likely to be lower due to the lower number of moving parts in an electric vehicle. 

How does an electric vehicle help save the planet?

GHG emissions are at an all time high and transport contributed approximately 26.8% of the UK’s total greenhouse gas emissions in 2019. 91% of this was road transport vehicles (111 Mt of carbon dioxide equivalent)(GOV UK). 

Every zero emissions electric car reduces this total. In addition, if an electric car is charged using a renewable energy supplier rather than a fossil fuel, more savings on emissions will be made. 

Electric power from fossil fuels is now less than 35% of the energy used in the UK and it needs to be even lower than that to meet our net zero target. Zero carbon electricity is now nearing 50% of supply. 

By using a zero carbon electricity supplier, like our member Octopus Energy, you can be sure that your electric vehicle use is not contributing to emissions. You might even be able to sell excess energy from your charger back into the grid by using a bidirectional charger.

The Energy Saving Trust has a number of help guides on various aspects of electric vehicle ownership like buying an electric car, new or second hand, charging and electric vans. 

Electric vehicle purchase is not only for individuals. Zhero uses 100% electric vehicles for its logistics business in London. They provide a courier and installation service for artists, galleries, museums, interior designers, auction houses and dealers across London and the South-East. 

Purchasing an electric vehicle is just one way to reduce emissions. Our member NatureSave Insurance suggests that if an electric car is not an option, you can use public transport, car share, cycle or even buy a more fuel efficient car to reduce your fuel consumption. 

Car sharing is not limited to petrol and diesel cars. In 2020, Ethex helped Co Cars raise funds for their electric car sharing scheme. The scheme had already removed 150 private cars from the road and saved 149 tonnes of CO2 per year before the fundraise started. The new funds will help them double this. 

Are you working on reducing the carbon emissions in your business? Blue Patch provides members with free training on how to reach net zero in your business – join today.

Annette Clubley

Annette is a keen wildlife conservationist, mindful of sustainability and our impact on the environment. Outside of work, family is her focus and she loves teaching the next generation to enjoy the outdoors.