November 10, 2022

Electric Vehicles Cost Savings

Electric vehicles can seem more expensive than petrol and diesel cars, but in the long run work out more cost-effective. Lower running costs, zero road tax, and Government grants all make the switch to electric more affordable.

Cheaper over its lifetime

When purchasing an EV it is important to look at the total cost of ownership. Government grants and VRT reduction do help to reduce the cost of purchasing a new EV but the real savings are in the running costs, maintenance and fuelling. You can compare the costs of an ICE vehicle with up to three EVs on our comparator tool.

Cheaper to tax

Because motor tax is calculated on the emissions level of the vehicle, electric vehicles are at the lowest tax band. Just €120 per year for a Battery Electric Vehicle.

Cheaper to service

A typical ICE servicing checklist might include an oil change, spark plugs, hydraulic fluid and coolant levels, timing belt, engine tuning, exhaust and operations of brakes and steering, cooling system (from radiators in your car to pumps and hoses) and suspension checks.

The only moving part in an EV is the electric motor. There is also less brake pad wear because the motor slows the vehicle before friction braking is needed. The energy goes back to the battery, instead of wearing out your brake pads! There is no engine oil, clutch or gearbox, no exhaust and fewer moving parts that require less periodic maintenance and offer increased reliability which saves money for you.

BEV servicing and maintenance includes updating software for improved performance (driving & safety), tyres, brake pads, windshield wipers, lights, these also apply to ICE vehicles.

Cheaper to fuel

Fuelling an electric vehicle costs much less than fuelling a similar-sized petrol or diesel car. You can save between 50 and 60% on fuel costs! New owners of electric vehicles should be prepared to see an increase in their electricity bill. This increase is offset by the complete elimination of their petrol or diesel bills.

Save more with clever charging

If you usually charge overnight at home then you can save even more with night-rate electricity. To do this you will need your utility company to install a night meter or smart meter.

(Information Source: SEAI 2023).