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EV charging costs - a complete guide

March 6, 2024

EV charging costs - a complete guide

As electric vehicles (EVs) gain popularity, understanding the practical aspects of charging and its economic benefits is key. 

At Drive Fuze, we're committed to empowering our customers with clear information to enable them to make informed decisions about their transport choices.

In this guide, we'll explore the factors influencing EV charging costs for clarity on the cost of charging an EV car.

Understanding the basics of EV car charging costs

Starting off with the basics - EVs charge in different ways: slow, fast, and rapid. 

Slow charging happens at home, while fast and rapid charging is available at public stations. Each option has its speed and cost implications. Several factors affect how much it costs to charge your EV - such as electricity prices, battery capacity, and the car's efficiency. These factors vary depending on where and when you charge.

Charging at home is usually cheaper and more convenient, especially during off-peak hours. Plug in your EV overnight and wake up to a fully charged vehicle. On the other hand, public charging networks may have variable pricing structures, and charging costs can vary depending on the location and time of day. 

While some public charging stations may offer free or discounted charging, others may have higher rates, especially during peak hours or in high-demand areas. Additionally, the convenience of public charging may be offset by the potential need to wait for an available charging station or to travel out of your way to access one.

Understanding the cost dynamics between home and public charging is essential for EV owners to both optimise their charging habits and minimise expenses. By taking advantage of home charging opportunities during off-peak hours and strategically using public charging when necessary, EV owners can maximise convenience while minimising costs.

The real cost of charging EV cars at home

Setting up a home charging station involves some initial costs, including purchasing the charging unit and any necessary electrical upgrades. 

These expenses are one-time investments and can vary widely based on individual home setups. While some homeowners may require minimal upgrades, others may need more extensive electrical work to accommodate the charging unit.

The cost of charging an EV at home depends on several factors, including the vehicle's battery capacity, the electricity rate in the homeowner's area, and the efficiency of the charging unit. 

The typical domestic electricity tariff stands at 28.62p per kilowatt-hour (kWh), as reported by the EV Database. Based on this rate, filling up an average electric vehicle, which typically has a maximum charge level of 65.3 kWh, would cost around £19.72 for a full charge.

For the average electric vehicle, which boasts a range of 220 miles on a full battery, this translates to an approximate cost of 9p per mile. In contrast, refuelling the average 55-litre petrol car now comes with a price tag of £81.39 for a full tank.

So, the average petrol car, with a mileage capacity of 436 miles on one tank, incurs a cost of approximately £0.19 per mile to refuel – roughly twice as expensive as electric vehicles.

Charging an EV at home offers significant long-term savings compared to refuelling a petrol car. While the upfront costs of purchasing and installing a home charging station may seem daunting, the ongoing savings on fuel costs can quickly offset these expenses. EV owners can enjoy substantial savings over time, as electricity is typically cheaper than fuel and prices are more stable. 

Not to mention the convenience of home charging eliminates the need to visit fuel stations - saving both time and money long-term.

Public charging networks and your wallet

Public charging costs can vary significantly across different networks. Some offer pay-as-you-go rates while others require a subscription model. Factors such as charging speed and location influence these costs, as rapid charging stations in high-demand areas often charge higher rates compared to slower, community-based chargers.

While public chargers provide the convenience of charging on the go, this convenience may come at a premium. Rapid charging stations located in high-demand areas typically charge higher rates than slower chargers, adding to the overall cost of public charging.

To minimise expenses when using public charging stations, EV owners can employ several strategies. Firstly, using apps to track down the most cost-effective charging options nearby can help save money, as can opting for slower chargers when time allows. By taking advantage of lower rates and planning charging sessions strategically, EV owners can make public charging more cost-effective and wallet-friendly.

Cost-saving tips for EV car charging

To save on EV car charging costs, good practice is to charge your vehicle during off-peak hours when electricity rates are typically lower. 

Many energy providers offer reduced rates during specific times, such as at night, which can significantly reduce the cost of charging at home. Investing in smart chargers that automatically start charging when electricity rates are lowest can optimise charging times for cost efficiency and further reduce charging expenses. 

Finally, be sure to explore potential government or utility company incentives for installing home EV charging stations or for the electricity used to charge EVs. These incentives can help offset the initial setup costs and reduce the overall expense of charging, making EV ownership more affordable in the long run.

The future of EV car charging costs 

In March 2022, the government announced a pledge of 300,000 public chargers to be available by 2030.

With this in mind, we can expect some exciting changes in the cost of charging electric vehicles. With ongoing advancements in technology and potential shifts in energy prices, the future of EV charging looks promising.

For Drive Fuze customers, these trends could mean even more benefits down the road. As charging technology improves and becomes more affordable, Drive Fuze can offer its customers access to the latest and most efficient EVs at competitive prices. 

The future of EV charging holds plenty of opportunities for Drive Fuze customers to enjoy cost-effective and efficient charging experiences.

Concluding thoughts on EV charging costs 

The Drive Fuze all-inclusive approach simplifies EV ownership by bundling costs like car subscription, tax, insurance, and repairs into one convenient package. Plus, with a diverse range of top-of-the-range EVs available, Drive Fuze offers customers the freedom to explore different options tailored to their preferences.

By choosing Drive Fuze, you can enjoy the convenience of trying out different EV types without the hassle of multiple expenses. Our single-cost subscription model ensures transparency and ease, while also providing access to the latest EV technology on the market.

Why not explore Drive Fuze's range of EVs and charging solutions to find the perfect fit for your needs? Our team is here to provide personalised consultations to help customers identify the most cost-effective EV charging options tailored to their lifestyle.

Switching to an EV not only benefits the environment but also offers long-term savings and convenience. At Drive Fuze, we're committed to making this transition smooth and affordable for every customer. Join us in embracing the future of sustainable transportation today.