It is now an accepted fact that electric vehicles (EVs) are the future of motoring as they offer a more environmentally friendly mode of transport. Recent figures tell us that the number of electric vehicles on the road in the UK increased by 40.2% in the year ending December 2022.

However, moving from a diesel or petrol powered vehicle to an electric one is not an easy decision for the average motorist. In general terms we all prefer a gradual evolution to a step change and the move from petrol/diesel to electric is not a gradual change. Overnight we need to have a home charger installed, we change from pumps on a forecourt to public charge points in service stations or car parks and it can take a good half hour to charge the average EV, or overnight if at home, as opposed to a quick five minute refuel at the pumps.

Once we have overcome the fear of what is unknown to us and are seriously considering the change to an EV, there are a number of cost concerns which also need to be addressed. The purchase cost of an EV is relatively high in comparison to a fossil fuel burner. An electric Mini would cost around £35,000, while a comparable petrol one retails around £26.000. A KIA Niro in electric format sells for around £40,000 as opposed to its petrol driven cousin which has a price tag of around £29,000. This means that a small to medium sized EV would cost around £10,000 more to buy than a petrol equivalent.

The price difference we are told is because of the advanced technology used in an EV, much of it is due to the cost of the battery, which is around the same size as the fuel tank in a petrol/diesel vehicle. Lithium Ion batteries are the most commonly used in EVs although a number of manufacturers have recently started to use Lithium Ion Phosphate (LFP) batteries which are less expensive and are being developed to increase their range. Solid state technology could represent the next big leap for electric car batteries, and it’ll be able to deliver considerably more range in a more compact package.

The cost of charging an EV has risen substantially since early 2022, as has the cost of filling up with diesel or petrol. There is also a substantial difference in cost between charging at home and using fast chargers out on the road. The cost of charging an electric car on the road has soared by nearly 60% in eight months, making the vehicles more costly to run on long journeys than petrol equivalents.  Rapid charge points used by motorists topping up on long drives were recently, £10 more expensive than filling up a car with petrol.

Charging an EV at home is still much cheaper than buying a tank of fuel at the pumps, but around 16% of drivers do not have off-street parking and are therefore unable to install a charger at home, with that figure set to rise as more drivers convert to EVs. The price differential between the two charging modes is made wider by the fact that VAT is charged at 20% on public networks, compared to 5% for domestic energy users.

For those of us with home chargers, doing most of our driving as short, local trips, allowing us to typically recharge at home, EVs will indeed show a lower cost per mile than a vehicle powered with petrol. If, on the other hand there is no availability of a home charger or most of our driving is longer distances, predominantly motorway, the converse will apply, with the EV costing more per mile to run.

Availability of Charging Points is a major factor in the decision to buy an EV or not, second only to the initial purchase price.  As of 1 January 2023, there were 37,055 public EV chargers in the UK, of which 6,887 were rated rapid or ultra-rapid chargers this represents 19% of all charging devices. 21,255 were rated fast chargers, this represents 57% of all charging devices. A total of 18,321 were designated as “destination” chargers, which means they have been installed at end of journey sites such as shopping centres, workplaces, offices, car parks, hotels or supermarkets. This represents 49% of all chargers. 11,996 were on street chargers, this represents 32% of all charging devices

There are 3 main types of chargers used to power EVs in the UK: ‘Slow’ ‘Fast’ and ‘Rapid/Ultra Rapid’.

1. Slow chargers charge up to 3.6 kWh, and can take 6 to12 hrs for a full charge. These chargers are most commonly used at home.
2. Fast chargers charge between 7 and 22 kWh in around 3 to 5hrs. These are the most common type of public charging points for now.
3. Rapid and ultra-rapid chargers can charge from 50kWh up to 350kWh. This gives drivers an 80% charge in around 20 minutes. With a 50 kWh rapid charger, which equates to adding 100 miles of range in less than 35 minutes. Rapid and ultra-rapid chargers are usually “destination” chargers and are found at large shopping centres, car parks or motorway service stations.

One of the downsides of “destination” chargers is that we often see queues forming at charge points. It is not unknown for queues to form at the pumps of busy service stations, where drivers can fill up their tanks in around 5 minutes. On that basis we should not be surprised if we arrive, in a motorway service area, or public car park, and find a queue of EVs waiting to recharge, a task which may take 20 to 35 minutes per vehicle. Cold weather impacts a battery's ability to store and release energy, so although the batteries work in the cold, charging may often be slower and less efficient.

We must also consider the other costs of ownership of an EV. Generally, electric cars are more costly to insure than conventional vehicles. Because electric vehicles are pricier to both buy and repair, insurance providers reflect this in their drivers’ premiums. That said, the savings achieved by those of us with home chargers, doing most of our driving as short, local trips will far outweigh the increased insurance premiums we may pay.

Servicing costs may be lower as there are fewer moving mechanical parts to maintain and the annual MOT test, which is still relevant to EVs, should match the cost of a petrol or diesel vehicle. The free road fund licence which EVs enjoy at present will not last forever and it remains to be seen what the government will charge, in the future.

There are many aspects of the cost of buying and owning an EV which will change as the market grows, energy prices stabilise and more charging infrastructure is put in place. Technology will move forward on batteries, with one manufacturer already looking at wireless charging. Even at this stage in the evolution of the EV market, one thing is certain…. The UK will ban the sale of new petrol or diesel cars from 2030 and plug-in hybrids from 2035.

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