Everything you need to know about switching to an electric car, including the costs
The Action Kia In Ev6
As €70 whizzed past on the tiny screen of the petrol pump, I felt the hairs on the back of my neck begin to rise. As it pushed beyond €80, I was getting nervous about how much was in my Revolut account.
Finally, the handle clicked and when my eyes refocused on the pump I saw it. €97.12, the most I have ever spent to fill a car of my own. After paying for my fuel, I drove off from the station forecourt and looked up at the sign near the road. Petrol – 215.9. Sure what did I expect?
At the start of 2022, I couldn’t have predicted the way things would turn out. Fuel prices have been creeping up steadily since the world reopened after Covid 19. However, between May 30 and June 20, prices shot up more than 30c per litre in Ireland.
At the beginning of the year I bought a petrol Mazda 3, and despite it being a fairly economic car, returning around 6.2 l/100km (a little over 45mpg in old money), I was beginning to wonder if I would have been better off with an electric car.
I’ll admit, I have been quite slow to consider the move to electric but surely now it’s not something I can overlook. So what are the economic benefits I could be reaping with a switch to battery? Is it really worth the move, especially as we deal with a growing cost of living crisis?
ELECTRIC TAKEOVER
Interest in EVs has grown exponentially in recent years. In the first seven months of the year, more than 11,000 brand-new electric cars have left showrooms across Ireland, a growth of 79.6% since the same period in 2021 and a more than 316.2% increase in 2019.
More and more people are being enticed toward battery life with EVs, hybrids and plug-in hybrids amassing 40.9% combined market share, the best selling of which are the Volkswagen ID.4 and ID.3, Hyundai Ioniq 5, Kia EV6 and the Nissan Leaf.
With such a wide variety of models, from superminis and family hatchbacks to SUVs for people who need that extra bit of space, there has never been more of a selection to choose from.
But what about when it comes to paying for a new electric car?
COST TO BUY
When they were first hitting the road, the cost of buying EV was initially much higher than their petrol or diesel equivalents. However, as they become more mainstream, the prices are evening out, especially when grants and incentives are considered.
When bought for private use, a large number of battery electric vehicles qualify for a Sustainable Energy Authority of Ireland (SEAI) grant.
Passenger cars between €14,000 and €60,000 qualify for anywhere up to €5,000, depending on the list price of the vehicle.
If we take the Hyundai Ioniq 5, which has a list price of €39,995 according to the car brand’s own website, it falls between the higher band and therefore would qualify under new car buys for €5,000 from SEAI, bringing the cost down to just under €35,000.
Considering the deal I negotiated for my Mazda back in January, it would have been worth my while to look into an EV with a grant when it comes to the overall price. But what about the rest? The additional costs?
Well, because road tax is calculated based on the emissions level, and EVs don’t have emissions, they qualify for the lowest band of vehicle road tax of just €120 per year. Compared with my own car, this could save me an additional €70 per year, or more depending on what kind of engine is in your own car.
It’s also worth checking around when it comes to insurance as some companies are offering discounts to EV drivers.
eToll also offers an incentive for switching to battery power, giving EV drivers a 50% toll discount, while also giving plug-in hybrids a 25% discount, subject to their terms and conditions. This scheme
is currently running until December 31, 2022, but worth checking out all the same if you’re planning to change cars before the end of the year.
What about running an electric car? Could this be where things fall down?
RUNNING COSTS
Well, unsurprisingly, EVs don’t run on fossil fuels, they run on – answers on a postcard – electricity.
There are a number of different methods for charging your vehicle from home charging to on-street charge points.
Home charging is going to be the most common way people top up their cars, and while you can pop it into your standard wall socket, this would be like filling a swimming pool with a garden hose. Thankfully, like buying an EV, there is also a grant to install a charge point on the property.
The Government, through the SEAI, is currently offering up to €600 towards the installation of a charger, however, there are certain criteria that need to be met such as suitability of the power supply and off-street parking to ensure the safety of the unit.
As electricity prices are skyrocketing, any way to reduce costs is welcome. To make the most of home charging, owners are encouraged to charge their EVs at night to make use of the cheaper rates. Installing a night metre or smart metre will allow you to avail yourself of these savings.
Despite energy prices rising, the money that customers will be saving on petrol and diesel fuels should more than offset any increases in electricity incurred by charging a car at home.
At the time of writing, a Nissan Leaf, with a 40kwh battery, charging at home at night should cost around 16c per kWh on a night rate, working out at around €2.30 for a 100km drive.
At a normal rate, units are charged at more than 30c per kWh bringing a 100km drive to around €4.60.
When compared to my current set-up, to fill my Mazda with enough fuel for a 100km journey it would cost me just shy of €12 at the average petrol rate of 186.9 per litre.
If you choose to charge your car at one of the ESB charge points, three services are available.
The standard charge point (up to 22kwh) could take between an hour and several hours to charge a car up to 80% of its battery.
The Nissan Leaf’s 40kwh battery will charge at a rate of 3.6kw meaning after an hour you will only have enough power to travel 30km. The cost of a 100km charge is around €5.
A fast or rapid charge point (up to 50kwh) can usually charge an EV up to 80% capacity within 30 minutes depending on battery size. To charge a Leaf to 100km on a fast charge will cost around €5.90.
High-power charging hubs (up to 150kwh) can charge several cars at one time and can give 100km worth of electricity in under 10 minutes. According to the ESB, this will cost around €6.30. It should be pointed out that the above prices are based on signing up for the ESB membership for €4.79 per month. Pay-as-you-go is also available but slightly more expensive.
However you choose to charge your EV, whether it’s at home or at a public bank of chargers, you will be saving quite a bit compared to petrol or diesel, even as energy prices continue to go up.
But what about maintenance? Car services can cost between €100 and €250 for standard services at a private mechanic, and a whole lot more if you take cars back to a dealership for annual check-ups.
Well, you might be surprised to learn that the overall upkeep of an EV will cost less over the lifetime of the car than a petrol or diesel equivalent. No engine oils and fewer moving parts mean less wear and tear.
The batteries used to power EVs are also very durable. A 2019 study by Geotab showed that the average EV battery lost only 2.3% capacity per year, which was further shown to level out over time.
So, would I, or you, save with a move away from combustion engines to the battery-powered way of life? Absolutely!
And with the cost of living crisis getting worse with each passing day, not to mention the skyrocketing price of energy supplies, an EV is certainly a more economical option to be looked at when changing next.