Although electric vehicles have, historically, been more expensive to buy outright compared to their internal combustion engine counterparts, they’ve also been more cost effective to run.
Charging used to be, at least, cheaper than filling up gas. And the simplicity of an electric powertrain means routine maintenance isn’t as time-consuming or as costly, thanks to a lack of oily mechanical parts that inevitably wear on a petrol or diesel model.
However, the cost of charging on the public network has slowly been creeping up of late. In the UK, the RAC found that the cost of public charging started to rise in 2022, as charging providers looked to expand networks and cover an increase in wholesale electricity costs, and have gradually been surging ever since.
Yes, the wholesale cost of electricity has started to decrease, but the public charging network is becoming ever-more expensive. In the UK, the price of rapid charging has increased by almost 20 pence per kW (or around 25 US cents / 40 AU cents) on average since 2022.
This has made the relatively inefficient electric vehicle very expensive to run over longer distances, while many governments around the world are starting to reduce the grants and incentives that made opting for an electric vehicle more enticing in the first place.
Again, to use the UK as an example, the government has decided that EV owners will no longer be exempt from road tax, while insurance costs for battery electric vehicles have also been increasing due to their relative complexity when it comes to repairs.
It’s a similar story in the US, where reports suggest the Trump administration will scrap Biden’s EV tax credit and impose greater tariffs on any imported EVs, potentially forcing prices up.
Thankfully, there are ways of keeping a lid on the cost of electric vehicles if you already own one – and as someone who has been testing these things for the best part of a decade, I have some tricks up my sleeve…
1. Install a charger at home or work
This sounds too obvious, but it is amazing how many EV owners I come across who haven’t bothered having a 7kW wall charger installed at home, instead relying on the expensive public charging network.
Installation is relatively inexpensive and you’ll make your money back on reduced charging costs anyway, as certain EV-specific energy tariffs (see tip no.2 below) can see even the longest modern range EVs fully charged for as little as £10 / $10 / AU$15.
Of course, there are lots of owners that physically can’t install a wall-box, perhaps because their property is under a covenant or they live in a flat or other densely populated residential area. But it’s still possible to put pressure on local councils, your landlord and managements companies to come up with a solution.
Alternatively, put some pressure on your place of work to install a charger so you can plug in during the day and top up batteries.
Even if you end up with a low-powered outlet tethered to a lamppost near your home, it’s going to be much cheaper than constantly charging your vehicle via a public rapid or fast charging outlet, which are among some of the most expensive currently in existence.
2. Shop around with energy providers
As previously mentioned, there are energy providers out there that offer EV-specific tariffs, which allow for cheaper battery top-ups during certain, typically off-peak times of the day.
Most modern EVs allow for charging schedules to be set-up via the vehicle’s infotainment system, so you can plug in and commence charging when your tariff is at its cheapest. Similarly, energy providers also offer their own apps that allow for much the same thing.
In the UK, providers like British Gas and Octopus Energy offer some of the cheapest tariffs, which are as little as 7.5 pence per kWh. It is a similar story in wider Europe and much of the US, so it pays to shop around.
Also, ask your provider about off-peak tariffs and what time they come into play, as these are by far the cheapest times to charge an energy dense EV battery.
3. Invest in EV-specific tires
Alongside things like cold weather and aerodynamic efficiency, rolling resistance is an absolute killer of electric vehicle range. In fact, experts at tire manufacturer Michelin found that rolling resistance accounted for 20% of a car’s overall energy consumption, which equates to one in every five full battery charges being lost to rubber.
Michelin’s objective is to reduce rolling resistance across its entire range, whether you drive an EV or a combustion engine vehicle, while brands like Hankook have developed a lighter, lower rolling resistance tire specifically for electric vehicles.
Above all else, it will reap efficiency rewards to invest in a premium set of tires, those that have been specifically designed to offer reduced rolling resistance and improved fuel economy.
Cheaper tires might feel like you are saving some pennies, but they simply won’t perform as well as those that have been expertly engineered for optimum performance.
4. Avoid charging on the highway
Although the public charging network is always going to be more expensive than charging at home on a favorable tariff, topping up on the highway or motorway service station is a surefire way of emptying your wallet… fast.
Personally, I’ve experienced some highway charging networks now asking for over £1 per kW (or around $1.30 / AU$2), which makes topping up some of the juiciest EVs more expensive than some rival high-performance petrol cars.
If you can, take a short detour off the main routes and hunt down a charger that’s more reasonably priced, with tools like ZapMap offering live pricing to help you locate something more reasonable.
Better still, planning a journey beforehand (no matter how much of a pain it is) also helps negate the need to charge on-the-move. I’ll typically use ZapMap or Google Maps to see if my destination has a cheap charging outlet and ensure I’ve got enough juice to get me there, rather than stop on the way.
If time isn’t an issue, finding low-powered chargers is key, as they are always cheaper. In the US, there are a number of companies that still offer free Level 2 charging (domestic equivalent) for free at mall and airport car parks.
5. Use regenerative braking and drive more efficiently
It is funny how quickly the novelty of neck-snapping electric vehicle acceleration wears off and the mundanity of efficient driving creeps in. Clawing as many miles or kilometers per kilowatt of battery power rapidly becomes the name of the game.
If your EV features adjustable levels of regenerative braking, ensure you are using that as much as possible around town or during stop/start traffic. Learning to drive on a single pedal, using the EV’s regen system to slow a vehicle, is the best way to add additional range for free.
By contrast, reducing the amount of regenerative braking – or switching it off entirely – when cruising on the highways and motorways allows the vehicle to ‘coast’ when letting off the accelerator, rather than slowing and unnecessarily sapping energy when you have to inevitably speed up again.
On top of this, adopting a more efficient driving style in general, where you avoid hard acceleration and anticipate the movement of surrounding traffic for increased efficiency, is by far the best way to achieve the sort of claimed electric range that manufacturers boast in their marketing materials.