EV costs undermining uptake

British EV charging and smart energy technology business Indra has reported that perceived running and purchase costs are slowing the uptake of EVs.

A survey of over 2,000 UK drivers revealed that despite almost half (47%) worrying about the environmental impact of driving a petrol or diesel vehicle, costs remain the largest barrier to purchasing an EV, with only 30% of respondents likely to buy an electric car in the next 12 months.

Half of respondents cited price as the biggest barrier, although less than a third (30%) said they were concerned with the lack of public charging points.

The survey also revealed that many drivers believe petrol cars are the most cost-effective mode of transport (37%), followed by public transport (18%) and diesel engine vehicles (18%).

EVs came fourth, with only 16% of those polled believing them to be the cheapest way to travel.

The research also revealed that over 59% of those surveyed over-estimated the cost for charging an EV, with some believing it could amount to £150-£200 for a single charge.

Mike Schooling, founder and chief product officer at Indra, said: “It is already significantly cheaper to run an EV compared to a petrol or diesel vehicle, and this will only improve as we move towards widespread adoption of bidirectional or V2X charging.

“Bidirectional charging technology takes savings on transport costs to whole new level, enabling EV drivers to not only capitalise on cheaper energy tariffs and lower-carbon energy, but also discharge surplus energy from their vehicles to either power their homes or even trade it back to the grid at peak energy times, when prices are typically at their highest.”