Since 2012, electric vehicle battery prices have decreased. However, it’s still the large, technologically advanced battery packs that mean electric cars remain more expensive than their petrol and diesel equivalents. Often, part of the cost is the ongoing expense of leasing the battery from the manufacturer.
Renault is one of the first manufacturers to offer the option of buying the battery pack outright with the car. The electric car battery cost for the Renault ZOE is around £7,800*, compared to leasing one for £59 a month.
The cost of replacing an electric car battery depends on its size and the manufacturer.
However, electric car batteries should last at least 8 years before they need replacing. This means many drivers won’t have to worry about it when buying new or getting an electric car on finance.
*All information correct as of March 2019
The cost of charging an electric car will depend on the battery size, manufacturer, as well as where you charge it. There are thousands of public charging points across the UK, with some workplaces even providing them for employees to use. Motorway service stations often have rapid charging stations available but charge a fee to use them.
Installing a charging point at home is also an option. As previously mentioned, this involves paying for installation and electricity, which costs around £3.64 for a full charge with a 30kWh Nissan Leaf. See our guide to learn more about the cost of charging an electric car .
The lower tax charged on electric cars and the fact you no longer have to cover fuel costs can make them an attractive option. However, bear in mind that electric cars generally cost more to buy than traditional cars. Whether it works out cheaper in the long-term will depend on the exact model, length of ownership and condition of the electric car in question.
One advantage for electric car owners is that they could actually earn money back through something called vehicle to grid (V2G) technology. This will allow energy stored in electric vehicles to be fed back into the national electricity grid. Two-way electric car chargers are currently in development and going through a trial phase. If successful, it could be possible for drivers to sell back energy stored in their electric cars at times of peak demand.
Not only would this mean you’re doing your bit for the environment, it would also help make electric car ownership even more cost-effective. LV= offers electric car insurance - see what's covered here.