Owning an EV reduces car costs: Electric mobility is more economical

Electric car charge in a rear mirror
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With high inflation currently affecting every aspect of daily life, is switching to electric mobility a realistic way of reducing car-related costs?

According to Juice Technology, a manufacturer of charging stations and software for electric vehicles, there is no doubt that driving an electric car and switching to electric mobility is cheaper than driving a petrol or diesel vehicle – and this is despite the persistently high purchase costs (depending on the car model) and energy prices.

This is also backed up by the latest LeasePlan Car Cost Index, which shows that driving an electric car can actually reduce lifetime costs by 20% to 27% when compared to a petrol, diesel or hybrid vehicle.

An electric car can actually reduce lifetime costs by 20% to 27%

What makes driving an electric car more economical than any other?

Efficiency reduces costs

Electric propulsion is much more energy-efficient than endothermic propulsion. This means that you can get around in a battery-powered car for less money.

Consequently, as fuel and electricity prices rise, the cost per kilometre of an electric car will increase, but to a lesser degree than that of a vehicle powered by an internal combustion engine.

Flexibility with electric mobility saves money

The price of charging varies, not least due to the charging speed, and there are also differences between public and private networks. What you pay at the charging stations is dictated by the tariffs but also by the technology. For example, ultra-fast DC charging costs more per kWh than slower AC charging. Juice Technology believes that a combination of charging technologies is the best way to save money and make electric mobility a more viable option. In particular, the flexibility of portable chargers helps to make costs more affordable.

The advantage of portable charging is that you can access electricity from any power socket. Therefore, when you’re travelling, you don’t always have to make a detour to an ultra-fast DC station, but can actually charge more cheaply by plugging into an AC socket at a campsite, hotel, at home or wherever you’ve planned to stop. And if you recharge your car during your stay, you won’t be wasting any time since the car is charged while it is parked.

Less to repair means less to spend

Although more affordable models are coming onto the market, most BEVs still have a higher purchase price. However, this initial outlay is offset by lower running and maintenance costs.

An electric car engine has fewer parts than a petrol or diesel engine. This makes it more reliable and less prone to wear and tear. Secondly, the electric motor does not require any replenishment or replacement of fluids, such as engine oil. Finally, the battery life of an electric car is much longer than that of a conventional battery. It is not measured in years but in charge cycles.

Bus with passengers driving by power lines in South Africa at sunset.
Image © stevecoleimages | iStock

How many times can a battery be recharged while maintaining a good level of efficiency?

Well, the current estimate is 3,000 charge cycles for a Tesla Model S. Every 500 charge cycles, the battery experiences a drop in efficiency of about 10%. This means that batteries can retain up to 90% efficiency after 93,000 miles and 80% efficiency after 187,000 miles, based on an e-car range of 187 miles.

According to major price comparison sites, maintenance costs – that is, the average total cost of servicing and repairing an electric vehicle – are up to 40% lower than for other vehicle types.

The average total cost of servicing and repairing an electric vehicle are up to 40% lower than for other vehicle types

Benefits both employees and companies

Companies can offer workplace charging as a social benefit and provide free electricity to employees. This not only offers financial savings to employees but also enables them to switch to an EV even if they have no charging facility at home. At the same time, companies can make an important contribution toward electric mobility, making more sustainable travel and thus fulfilling their environmental responsibilities. Vehicles can also be powered with carbon-free energy through the installation of photovoltaic systems or the use of sustainable and simultaneously generated hydropower.

Incorporating renewable energy into the charging concept also provides the company with access to government subsidies and, where applicable, tax savings. This is a win-win situation for employees and employers alike. At Juice Technology’s headquarters, all-electric cars are already charged for free using electricity generated from hydropower.

Use your own energy

Charging your electric car using a photovoltaic system makes electric mobility even more convenient. That is why the growing use of photovoltaic panels in both the residential and commercial sectors is encouraging the integration of solar energy systems and electric vehicle charging equipment.

The ability to recharge vehicles using the excess energy produced by domestic photovoltaic systems allows users to optimise consumption, which in turn results in significant cost savings. To successfully integrate the photovoltaic system into the home energy management system, the wall charger must be equipped with a back-end that supports the online management of the device.

As well as saving money, you will also save time by getting used to charging your car wherever you may leave it for extended periods. This may be at home overnight or at work. Make the most of the time that your car is stationary. There is no need to make a separate trip to the petrol station, as was necessary with the internal combustion engine.


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