There are significant cost savings associated with switching to EV. Reduced maintenance and running costs, and government grants to help manage the costs to name a few. Plus, clean air zone and congestion charge savings - if you operate a London based fleet, EVs are eligible for the Cleaner Vehicle Discount in and around London, saving your business money when travelling through the capital.
The potential longevity ownership savings of EVs also shouldn’t be overlooked. It has been noted that the average annual running costs of an EV compared to petrol and diesel are 49%, or £1,306, cheaper. (4) If you operate a fleet of over 50 vehicles, switching to all-electric could save you £65,300 a year in running costs.
Now consider maintenance costs. EVs are generally much cheaper to maintain, as there are fewer parts that require maintenance due to fewer moving components, resulting in less wear and tear over time. Recent analysis has shown that electric cars cost almost a third less to service over the first three years of ownership compared to petrol or diesel-powered cars (5) – providing significant cost savings.
There is also the possibility to generate additional business revenue if you install EV charging points at your workplace, by making them available for public use, as well as for employees. With the ability to set different tariffs for your employees and the public, you can maximise revenue.
Whilst the acquisition cost of an electric vehicle is still typically higher than combustion powered vehicles, the combined cost savings can equate to a lower lifetime vehicle cost.