Switching to an Electric Vehicle?

Be a front runner of the future by taking advantage of the government schemes and switch to an electric vehicle. Making the switch to an electric vehicle is just as much for the environment as it is for our budgets. With rising fuel costs, the idea of moving over to an electric vehicle is becoming more and more appealing. With some generous grants from OLEV, the aim is to make switching easier for company car drivers and for personal cars.

 What do you need to consider before going fully electric?

 Upfront cost and cost savings:

 For individuals, the upfront cost of buying an electric vehicle isn’t the cheapest- the vehicle itself will probably add another ￡10,000 to your budget. However, you will save on fuel costs, depending on certain factors you can travel 100 miles in an electric car from under ￡2, compared to the best-value ￡12 in a petrol-powered vehicle. The maintenance of the car and road tax also have the potential to save you around ￡440 per year. After the initial outlay, depending on the number of miles you travel you will see the cost savings coming back in.

 There was cost comparison done between a very efficient diesel Ford Focus and a pure electric Nissan Leaf, both driven 10 000 miles per year for a period of 5 years. The comparison showed that the fuel costs for the Focus came to 8.32 pence per mile, while the Leaf was almost half that, costing just 4.18 pence per mile. Ultimately, this means that Leaf drivers would save around ￡414 on fuel each year, and ￡2 067 over a 5-year period, compared to drivers of the diesel-powered Focus.

 Having a charge point at home also reduces the cost significantly than using one of the charging stations. Although, many public places and organisations are adopting charging stations you can use for free- even better for the cost savings!

 For Company Car Drivers

 If you’re one of the millions of company car drivers in the UK, then as the new tax year approaches you may be ready to convert to your fully electric vehicle as BIK tax drops to 0%, meaning you could save ￡1,696 if they you’re a basic rate tax payers or ￡3,392 for higher rate tax payers or even ￡3,816 for additional rate tax payers.

 To put into perspective for individuals, an average employee on a higher-rate tax (40%) with a diesel hatchback company car, with a value of approximately ￡30,000, can currently expect to pay just over ￡18,000 in tax and fuel costs over a four-year period.

For a comparable electric vehicle, the employee total cost of ownership, which includes the cost of BIK tax, the cost of fuel for business and private mileage less any business mileage reimbursement received, reduces to ￡916: a saving of 95%!!!

 Charging an EV

 Many prospective EV drivers’ concerns are how to charge an EV and where the nearest charging point is. With the introduction of OLEV Workplace Charge and Home charge schemes, finding suitable charge points is getting much easier.

 Installing a charge point at home is very much like having a phone, plug it in when you get home and it is ready for the following day.

 The OLEV Home charge scheme provides ￡500 off the cost of purchasing and installing a home charging point. A supplier must be certified to install through the scheme like Blaby Electrical, so always make sure before you commit. The grant is available for most electric vehicles and hybrids and you can have one charge point per vehicle. So no need to be fighting over who needs the charger.

 Will an Electric Vehicle Add to Your Electricity Bill?

In a word: yes.

Any device, appliance or machine that draws electricity will add to your electric bill and an electric vehicle will be no different. The overall cost each year is dependent on the vehicle you own, how much your drive and what rate your on for electricity.

 Not all electric vehicles were created equally and like every other electrical item, some will be more efficient than others. The efficiency of an EV is measured by kilowatt-hours per 100 miles (kwh/100 miles) or MPGe (miles per gallon equivalent). To check the efficiency, look at how many kwh it takes to fully charge, divided by the number of miles or how many kwh it takes to get to 100 miles. When choosing an EV, this is something worth keeping in mind.

  How do you qualify

 To qualify for OLEV’s EVHS grant, you need to have purchased an eligible electric or plug-in hybrid vehicle from 1st October 2016 onwards. OLEV have made it clear that these grants and incentives won’t be around forever, so if you’re considering purchasing or opting for an electric vehicle now might be the best time!

Criteria:

·        You must have off-street parking.

·        You must install an OLEV-approved ChargePoint, at Blaby Electrical we install Rolec EV ChargePoint’s, one of the market leaders

·        The date of installation must not be more than 4 months ahead of the date of delivery or date the customer becomes the registered driver of the electric vehicle.

·        You must use an OLEV-approved ChargePoint installer like Blaby Electrical

The criteria for being eligible for this grant are extensive! Having been through this process numerous times, at Blaby Electrical we can do the application on your behalf. After all, being able to charge at home is a lot more convenient and cheaper in some cases. It’s estimated that you could save around ￡1000 a year in fuel costs with a home charging point.

 If you want to find out if you meet the criteria for the Home charge grant- then get in touch and one of our team will be able to assist you.