Updated: Aug 30, 2022
Globally, the number of electric vehicles (EVs) sold has been increasing rapidly in the past few years. Based on an International Energy Agency report from 2019 and sales figures from McKinsey there are now more than 7 million electric car owners worldwide.
So far, only 2% of Ireland’s private cars are electric but sales have been gathering considerable momentum in line with the rest of Europe. This trend is expected to continue, especially since the government is ramping up efforts to convince motorists to trade their fuel-powered cars to electric ones. The government’s target is to have more than 900,000 electric cars in 2030.
Why are more and more people using electric cars? Switching to electric cars has been gaining some traction as they come with several perks.
The most important benefit of using an electric car is that it’s not only more cost effective but also much better for the environment when compared to fossil fuelled cars. Electric cars are zero emission cars thereby curbing the climate change.
The EV Driver will save a considerable sum of money by driving electric due to lower actuals costs and available tax incentives.
Electricity is much more efficient & costs a lot LESS than petrol or diesel.
Public AC Chargers are still free to use at present. Home Charging is very cost effective especially if charged on night rate electricity.
The Cost of Home Car Charging
The average cost for car charging is €0.16 per kWh during the day. Electricity rates are cheaper at night though - around €0.08 per kWh.
An electric car charge consumption is around 15kWh for every 100 kilometres. Hence, if you charge your car, it is going to cost you anywhere between €1.20 to €2.40 per 100km.
Reports indicate that 80% of car journeys in the country cover distances not exceeding 20km. If you fall under this category, then you’d be charging your car twice a week and spending not more than €5.00
How much would your annual home charging cost be? If you drive 20,000 km per year, your charging cost is going to be at €400.
The amount of time it takes to charge your car is a bigger factor than the cost generally and this depends on the distance travelled each day.
How does the cost of home charging compare with that of public charging?
Charging your car can be for free if you were to charge on Public AC chargers only at present whereas Public DC Fast Chargers cost 33c per kWh or 29c per kWh with a month fee.
Home Charging is the most convenient and cost effective for most drivers especially if night saver rate can be used.
Costs of Home Charging Vs. Petrol or Diesel
Lower running costs for electric vehicles are one of the main attractions when changing from the traditional fossil fuel cars.
The average price of petrol in Ireland is around €1.43 to €1.47 per litre, while the average price of diesel is around €1.34 to €1.37 per litre. This means that your fuel consumption is going to be around €7.48 to €13.13 for every 100 kilometres of travel.
This is so much more than what you would be spending for charging your EV at home or even at pay public charging points.
On a yearly basis, a petrol-fuelled car driven 17,000km would cost €1,365 based on the price of €1.43 per litre.
Comparatively, an EV driven the same distance would cost €204 based on the electricity night rate of €0.08 per kWh.
So, by switching from a petrol car to an electric one, you’d be saving around €1,059 annually.
Now, let’s go to diesel cars.
The yearly fuel consumption for a diesel car travelling 24,000km would be €1,795 based on the price of €1.43 per litre.
Hence, when you use an EV car instead of a diesel-powered vehicle, your savings may amount to €1,489 annually.
Clearly, swapping your petrol or diesel car for EV is going to be easier on your pocket leading to bigger savings.
Simply put, even if electric cars are more expensive than conventional ones, owning them is more cost-effective in the long run. As many electric car owners say, it is a sound investment – one that allows them to save the planet and grow their savings.