Rising energy costs become main deterrent for EVs

The price of electricity has become the main reason for buyers to decide against buying a new electric car, according to Riverdale Leasing.

In a survey of 2,000 people, the company found that 21% thought the potential of higher home charging tariffs could stop the UK from switching to electric.

The initial purchase price continues to be an obstruction for many, as 20% say buying an electric car is still too expensive.

Fewer respondents believe that the UK electric grid will be the main blocker for EVs, as 8% believe it can’t handle the number of electric cars. Just 4% think it’s down to stock and supply issues, as many EVs are accessible here in the UK.

Vince Pemberton, chief executive officer at Rivervale Leasing, said: “It’s not the strongest environment at the moment for buyer confidence. There might be a higher upfront cost in going electric but the longer-term saving is substantial. I don’t think this is made clear enough.

“If you’re lucky enough to have a driveway or off-road parking with access to charge points, even better. There are apps that control when you’re charging – you can do it overnight when tariffs are lowest. My car probably costs between £10 and £12 to fully charge. That gets me around 220miles. A diesel tank on an average family car gets you 400miles, but sets you back about £85… And it won’t be long before we’re seeing EVs with an equivalent range to petrol and diesel. It’s coming.”

Of those surveyed, 12% think that used petrol and diesel vehicles will still be more desirable to drivers, indicating that many people won’t switch because “we prefer to stick with what we know."

A significant number of respondents (43%) said they don’t believe that the UK will ever be ready to fully make the switch to electric cars.

Only 16% think we are prepared enough to reach the 2030 deadline. More think that we will be ready 10 years after the target date at 18%, whereas the remaining 23% believe that it’ll take until 2050 before we’re completely equipped for the transition.

Forecasts show that fleet operators will largely step away from petrol and diesel cars by 2025.

Research from the latest Arval Mobility Observatory Barometer shows fleet decision-makers expect electric to be the dominant powertrain within three years.

A little over a quarter (28%) of UK company cars are predicted to be petrol or diesel power alone by 2025, it says.

With fleets operating vans, they expect half (50%) of those to be electric.