How An Electric Vehicle Can Save You Money

We explore the benefits of switching to an electric vehicle and how you can save money through reduced running costs and government incentives.

If you're thinking about trading in your vehicle this year, you should and no doubt will consider switching to electric for your next family vehicle. In doing so, you will not only be protecting and helping the environment in which we live, but also saving yourself money as running costs are dramatically reduced and government incentives readily available.

How much is an electric car?

At Windsor, our extensive range of electric vehicles start with the Renault ZOE R110 Z.E. 50 at €27,219. This low cost to entry is enticing to customers looking to make the switch to EV. Not looking to buy new? Look no further than our Windsor Certified range of used cars where we have a large selection of quality pre-owned models with low mileage and reduced price-tags. We have some outstanding offers available on selected models too.

What grants are available?

There are various grants available for those looking to switch to electric vehicle that will enable owners to significantly decrease the barriers to entry of this market. The Sustainable Energy Authority of Ireland (SEAI) offers a grant of up to €5,000 on the purchase of an electric vehicle (either a battery electric vehicle or plug-in hybrid electric vehicle). The size of the grant depends on the value of the car, and starts at €2,000 for a car with a list price of €14,000-€15,000, rising to €5,000 on cars worth €20,000 or more. However, with most new electric vehicles falling into the second category, the full rate of discount will apply.

When registering a new electric vehicle, full electric is subject to a rebate of up to €5,000 while plug-in hybrid can benefit from a payback of up to €2,500. Couple this with the SEAI grant and a full electric vehicle can benefit of about €10,000 in savings.

What relief is available for business applications?

When your employer purchases a company car for your usage, there is an exemption on benefit in kind (BIK) on electric cars. A cap of €50,000 applies to the relief however, the majority of electric vehicles fall under this limit. How does it work? Well, typically when an employer offers you a company car, you will be subject to BIK taxation. By choosing electric, you can now avoid all tax and this equates to an immediate yearly saving of about €7,800.

You can read more about the benefits of 0% BIK in this article.

What are the costs of running an electric vehicle?

The ESB has developed an ever increasing network of over 1,200 public charge points. At these points, the majority currently charge at 22kWh which will take around 4 hours to fully charge a typical electric vehicle. Over 70 ESB outlets offer fast charging portals, which will provide 80% charge capacity in around 30 minutes.

The tables below outline the cost of charging a typical electric vehicle in Ireland.

Cost to drive a Nissan LEAF 40kWh a distance of 100KM.