What is the cost of charging an electric car?
The cost of charging an electric car depends on several factors, which can significantly affect the final charging price. Because electricity prices are constantly changing, the exact cost will change too.
You can think of this as calculating the cost of a full petrol tank, and it depends on factors like the price per litre at the pump and the number of litres you can fit in your vehicle’s fuel tank.
Electric vehicles are subject to more variables than internal combustion engines — so what affects the cost of charging an electric car?
Size of battery
The total capacity of your vehicle’s battery is like the size of its ‘fuel tank’. It’s a direct factor on the cost of charging. For example, an average electric car has a battery capacity of about 40 kWh, whereas some of the top makes and models of electric cars offer 100 kWh.
Because of this, it can cost 2.5 times as much to fully charge a 100 kWh battery from zero, when compared with a 40 kWh battery. In real life, you are unlikely to charge it fully from zero, but more likely from around 25% charge to nearer 75-80%.
Remember that the battery’s size also determines your vehicle’s range. You might find it easier to think of the cost per mile of range, rather than the simple cost of charging your battery to 100% without considering its capacity.
Energy Prices
The electricity unit price per kWh will directly impact the cost of recharging your vehicle, and this is the closest equivalent to the price per litre of petrol or diesel. Like petrol prices, different public charging stations will offer different prices.
When charging at home, you may be able to ask your energy supplier for a tariff that costs less at night. By charging your car at this time — for example, when fewer people are using electricity for cooking or watching TV, you can make substantial cost savings over time.
EVs are usually fitted with a kinetic energy retrieval system, sometimes called ‘regenerative braking’. When you apply the brakes, the kinetic energy from the tyres is used to recharge the vehicle’s battery slightly, giving you some extra range for free.
Speed Of Charging
Generally speaking, the faster you charge your vehicle, the more it will cost you. Charging at home overnight can cost as little as about £6, according to the RAC. Use a typical public charging point, and that rises to between £7 and £10.
Again, this is all subject to changing wholesale electricity prices and market dynamics, but it’s a useful rule of thumb when comparing prices of public charging stations. To estimate the total cost of charging your car, you’ll need to multiply the unit cost (per kWh) by the battery size (or the amount of charge you want to add).
Business leasing customers may benefit from tax deductions when providing an electric fleet with on-premises charging, and some local authorities may incentivise this further. It’s worth checking the current rules to see what savings you can make by installing at-work charging posts.
Free Charging?
Completely free charging is becoming harder to find as more councils are adding payment capabilities to previously free-charging spaces in public car parks. However, it’s still possible to find places to charge ‘for free’ if you look carefully.
Some examples of this are not really free. For example, you might be allowed to plug in your vehicle at certain shops, hotels and restaurants, but only if you’re a paying customer visiting the establishment.
In general though, especially if you’re heading away for several days, it can be sensible to plan your journey around the availability of somewhere to charge your car. This is particularly true of overnight stays if you can charge your vehicle at your accommodation.
Some Tesla drivers may qualify for free charging from the Tesla Supercharger Network, depending on the age of their vehicle. This can be a big advantage when you need to top up from an ultra-rapid charge point while on the road, which is normally among the most expensive options.
How To Reduce Ev Charging Costs
Putting all of the above together, how can you cut electric car charging costs? There are several different options which, used together, can help you to avoid the most expensive ways of charging an EV:
• At home: Switch to a dual-rate tariff and charge slowly overnight
• At work: Make use of your business’s charging points if available
• On the road: Plan your route around free/cheap charge points
If you know you’ll need to visit a privately owned charging station, try to factor in some extra time so you can charge your vehicle a little more slowly at a cheaper tariff.
Cost Benefits Of Electric Car Leasing
The cost benefits of electric car leasing mean it can make the newest makes and models of EVs more affordable by reducing and spreading the expense of ownership over the entire term of your lease.
Opting for a service and maintenance package with an EV lease offers you peace of mind to ensure that the vehicle is maintained to the manufacturer’s guidelines. Any unexpected issues with the lease vehicle will be covered under the manufacturer’s warranty (subject to length of warranty).
However, by opting to lease an electric vehicle for 2, 3 or 4 years and then at the end of the current lease, upgrading to the latest model, you can also enjoy the benefits of cutting-edge technology, allowing you to charge faster and drive further, without paying excessive prices for the charge you put into your battery along the way.
