Energy Savers Week: How EV ownership can help you save energy and money

This week is Energy Savers Week, running from 20 – 26 January 2025. The week aims to spread awareness about energy efficiency, making it the perfect time to explore how adopting electric vehicles (EVs) can play a crucial role in saving energy and money, while contributing to a greener, more sustainable future.

Saving energy

EVs are inherently more energy efficient than their internal combustion engine (ICE) counterparts, petrol and diesel vehicles. Here’s why:

Electric motors: EVs use electric motors, which convert a higher percentage of energy from the battery into movement. Electric motors can be over 85% efficient at converting energy, whereas ICE vehicles typically convert 20-30% of the energy from fuel into useable power, with the remainder being lost as heat.

Regenerative braking: Many EVs feature regenerative braking systems that capture the energy usually lost during braking and convert it back into electricity to recharge the battery, enhancing overall efficiency.

Idling: Unlike traditional ICE vehicles, EVs do not waste energy when idling. While petrol and diesel vehicles can continue to consume fuel when stationary EVs draw no power when they’re not in motion.

Design: EVs are manufactured with energy efficiency at the forefront of design. With a strong focus on aerodynamics and lightweight materials, EVs require less energy to overcome drag.

While aerodynamics is also important in ICE vehicles, it’s not always prioritised, as petrol and diesel cars require more complex designs due to the need to house bulky components, such as an engine, exhaust system and other mechanical elements. The extra weight and drag of ICE vehicles results in greater fuel consumption, especially at higher speeds, whereas EVs are designed to minimise these factors and maximise the distance they can travel on a single charge.

Saving money

One of the main advantages of owning an EV is the financial benefit. Here’s how being an EV driver can positively impact your wallet:

Off-peak charging: Unlike refuelling at a petrol station, charging your EV at home can come with discounts. Several energy providers in the UK offer time-of-use tariffs, which provide lower rates during off-peak hours. Many EV owners take advantage of this by charging their vehicle overnight at a reduced cost.

Less maintenance: EVs generally have lower maintenance costs compared to ICE vehicles. With fewer moving parts, EVs are less likely to have mechanical issues, meaning less money spent on repairs over the lifespan of the vehicle.

Incentives: Salary sacrifice schemes and Benefit-in-Kind (BIK) incentives offer significant cost saving advantages for employees and businesses. Through salary sacrifice, employees can lease EVs using pre-tax income, reducing their taxable earnings and lowering income tax and National Insurance contributions. Coupled with the low BIK tax rates for EVs, which are set at just 2% for the 2025/26 tax year, this makes EVs far more affordable compared to traditional vehicles.

Exemptions: EVs are typically exempt from charges in Ultra Low Emission Zones (ULEZ), Clean Air Zones (CAZ) and the Congestion Charge due to their zero tailpipe emissions. These zones are designed to improve air quality by discouraging the use of older, high-polluting vehicles. By owning an EV, drivers can not only save on daily charges but also contribute to cleaner air.

Reduced fuel costs: Having an EV allows you to charge your vehicle at home, meaning no more trips to the petrol station and no more high fuel costs. As of January 2025, home electricity rates are capped in the UK at around 25p per kWh, which is a fraction of the price per gallon of fuel.

To put this in perspective, a petrol car might get around 35 miles per gallon at £1.40 per litre of petrol, working out at 18p per mile. In comparison, an EV might consume 0.3 kWh per mile, meaning that if electricity costs 25p per kWh, it would cost 7.5p per mile.

Although charging an EV at home offers significant savings on fuel costs, the initial expense of installing a charge point can be a concern for some. Fortunately, many governments and energy providers offer grants or incentives to help offset these installation costs, making it a more accessible option for many.

Driving energy and cost savings with EVs

As Energy Savers Week highlights the importance of sustainability and efficiency, adopting EVs emerges as a practical step toward saving energy and money. EVs outperform traditional petrol and diesel cars with superior energy efficiency and financial benefits.

How we can help

At Energy Park, we’re committed to making EV ownership an option, wherever you live.

Our fully-funded, managed solutions for apartment buildings make installing EV charging infrastructure in communal car parks affordable and easy, allowing residents to access low-cost, reliable EV charging at home.

Find out more

If you live in an apartment building and you’d like to be able to access affordable EV charging on your doorstep, contact us here to find out how we can help.

If you’re a residential landlord, find out more about our fully-funded and managed EV charging solution for apartment buildings here.