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The Government’s target for all new cars and vans to have zero emissions at the tail pipe by 2035 is why by the end of June 2024 there were 1,145,000 fully electric cars in the UK.

Having an electric car is much better for the environment but is it better for your wallet?

Electric VS Petrol

Initial costs of the car

Buying an electric car is still more expensive than buying a petrol car making it difficult for many to make the switch.

 

Charging VS filling with petrol costs

Charging an electric car with an at home port costs on average £15.10 for 200 miles. This is added on to your overall energy bills.

Filling your car with petrol costs on average around £100 for 200-400 miles.

Electric have the disadvantage for needing to be charged more often as they don’t make long distances. They are much better suited to short drives and city driving. Despite charging being cheaper this takes a lot longer than filling up a petrol car as even a rapid charger as they have on motorways takes around 30 minutes and costs on average £26.

 

Road tax costs

Road tax price is dependent on the CO2 emissions from the car.

On average road tax for a petrol car costs between £30-2,265 with the more expensive cars being charged more for tax.

Hybrid cars cost on average £0-135 for road tax.

And Finally, fully electric cars cost £0 for road tax due to their environmental advantages.

 

Insurance costs

The Independent reports that those with electric cars pay almost over double for insurance than those with petrol cars, an average of £1,344.

On average, those with petrol cars pay £924 for insurance.

This is due to the cost of repairs and the materials needed for electric cars. Batteries for electric cars are also hard to fix and the parts are hard to find. There are also fewer mechanics trained on electric cars however with the rise in popularity this should change. Finally, there are a higher number of claims on electric cars causing insurance policies to increase the price.

 

Which one costs less to run?

Pod point reveals that on average it costs £528 less to run an electric car than a petrol car.

Data shows that electric car owners save on filling the tank as they avoid the cost of petrol. Additionally, maintaining and servicing an electric car can often be a lower cost too.

Cost estimates play an important role in breaking down costs effectively. However, there are several factors on which this breakup depends. Thus, it is quite essential to know about these factors that will help in managing expenses and power consumption easily. So, keep reading on further to understand its nitty gritty in detail.

4 Main Factors Contributing To Cost Estimates Of EV Charging Stations

Equipment

What type of equipment do you need at your electric car charging stations London? You have to be clear with the answer, as different types of equipment at your station can alter the whole budget. The type of charger level that you wish to install at your station will consume the major investment when it comes to equipment expenditure.

Level 1 charging level, which is commonly referred to as a residential charger, uses a dedicated 120V supply to charge the vehicles. The upfront expenditure to install the charger is low, but the charging speed is pretty less. It is not a practical solution to install when you wish to start a commercial EV charging station as it requires long hours to charge the vehicle to its full capacity.

On the other hand, DC charging or Level 3 charging stations use a 480V supply to charge a vehicle in a matter of a few minutes. However, the installation charges for the whole circuit at the station and the equipment cost associated with it are pretty high.

So, most charging station owners opt for Level 2 charging supplies at their EV charging stations which offers a good balance between the overall cost and power. The charging station with Level 2 charging uses a 240V line to charge the vehicles to their full capacity in 6 to 10 hours. Moreover, the overall investment in equipment is pretty less than DC charging.

Infrastructure

Infrastructure plays a crucial role in deciding the cost of the whole commercial EV charging station. Typically a charging station delivers electricity to the incoming vehicles via its connection to a utility company. If you wish to connect to an existing 240V circuit, then you may require an electrician’s services for a few hours. However, if you wish to install a dedicated 480V circuit at your station, then it will hike the overall installment expenditure to thousands of dollars.

An electrical upgrade to a higher voltage circuit involves several expenses that are associated with new electrical panels, cables, meters, transformers, etc. Moreover, the upgrade may need trenching, boring, and cement work to lay all the power lines. 

Software Charges

The commercial EV station owner has to invest in proper software that connects with the utility company and allows them to collect and analyze all the data of the stations. With this data, the company can get deep insights to improve its services and cater to the needs of its users properly. 

Miscellaneous Expenses

Some miscellaneous expenses are associated with the commercial EV charging station, which depends on the custom requirements of the owners. Some may choose custom striping of the parking area and proper signage for smooth traffic management at their stations, while some want protective bollards to protect the machinery and equipment at the station. These expenses can vary as owners have different needs for these station extras.

It is advised to opt for a good partner that is capable of linking with all the parties to install these extras at the station and manage everything properly so that you can reduce the stress on your shoulders.

The Bottom Line

The cost of an electric vehicle charging station constitutes much more than installing a simple charger. For minimum expenses and maximized value, businesses need to take into account these noteworthy factors for smart money saving. 

 

Right now there is a huge push for people to start buying electric vehicles. Some governments have even gone as far as to say that in the next decade, fuel-powered vehicles will be outlawed. You don’t have to be a genius to know then that installing electric vehicle charging points at home can add significant value to your property’s potential sale price. Having charging points installed will mean that if you decide to sell your house in the future you can get a much better deal for it. Charging points are by no means cheap to install, however; they are not cheap to run.

Increasing your property’s value can help you to get more for it if you decide to sell. A house is an investment, not something you should hold onto forever. Adding charging points is just one way of increasing your property’s value; there are many others. This post will explore this topic in more detail, telling you how charging points can boost your home’s sale price as well as telling you about some other things you can do to maximize your property’s value.

Finding Properties for Sale

You may have found this page not because you are interested in getting an electric vehicle charger installed but instead because you want to buy a house with one. In order to cater to individuals like yourself (if that is why you are here) then this post will first tackle how to find a house to buy. You can of course search homes for sale at eXp Realty or on one of the other online property marketplaces. Using realty sites is perhaps the easiest way to find a property. These sites exist solely to help people find their dream homes.

1.    Realty Sites

As mentioned previously, the first thing you need to do to find a house for sale is to sign up for a realty site. On a realty site, you’ll be able to see all of the listings in your area. The good thing about realty sites is that they are abundant and all have their unique listings, meaning different sites will show different properties. You should sign up for more than one if you want to buy a house. Avoid sites like those run by the Zillow Group as they are notorious for selling people’s personal information to marketers.

2.    Hiring a Realtor

An alternative to using a realty site is hiring a private realtor, ideally, one that works for a reliable and trusted company in your area. Finding realtors to hire is not difficult since they exist in most of the world’s towns and cities. If you cannot find any in your immediate area then you will certainly be able to find some to hire online. Before you hire a realtor you need to conduct extensive research and read their reviews. A realtor’s reviews can give you a clear idea about what it is going to be like working with them.

Right now there is a huge push for people to start buying electric vehicles.

3.    Determining Needs

What specifically do you need your new house to have? Obviously, because you are here in this article you need an electric charging point. Beyond charging points, what else do you need? Do you need a garden or a two-car garage? Will you need your new house to be in a good school district? Thinking about these things before you start searching will help you to find a house that’s right for you. A lot of people make the mistake of trying to come up with their needs after they start searching.

4.    Considering the Location

Location is everything. If you buy a house in a bad area then your life will be plagued with crime and chaos. Avoid deprived areas if you can. If you are on a budget then you can find a house that’s not in an impoverished area by buying rurally. Rural properties tend to be significantly cheaper than urban ones. When you buy a rural property you need to make sure that you are getting one in an area with good transport links, however. Otherwise, you could end up being completely cut off from the town or city where you work.

Electric Charging Points

Moving away from how to find the house that’s right for you and onto how electric charging points can boost your home’s value (because they most certainly can); the first thing you need to think about is installation. Installing electric charging points is by no means cheap, as stated already. The installation of charging points can cost thousands of dollars. Individuals who’re on tight budgets can still get them installed by paying for them on credit. The vast majority of contracting firms accept credit.

Why can electric charging points increase your property’s value, you might be wondering? As mentioned earlier, in the near future, fuel-powered cars are going to be illegal in many countries, including the United Kingdom. Further production of them is going to cease in other parts of Europe. In the United States no definitive plans have been drawn up yet, though climate advocates and people who’re very passionate about the environment are arguing for them to be banned. Installing a charging point on your property somewhere will mean that if in the future fuel-powered cars get banned where you live, people will be more interested in buying your house.

Installing electric charging points is by no means cheap.

If everybody’s driving electric cars then everybody’s going to need charging points. However, because charging points are only going to get more expensive as demand increases, the average person isn’t going to be able to afford to install them at their homes. By installing them now while they are reasonably affordable (or while credit is a possibility) you will be able to avoid high future costs and boost your property’s resale potential. Make sure that you hire a professional team of contractors who have received good online reviews to install charging points for you.

Electric Vehicles

Electric vehicles are much better for the environment than cars that use fuel. Studies show that if all of the world’s countries collectively begin using more electric vehicles then global carbon emissions will fall exponentially. It should be noted that at this time the production of electric cars is not exactly good for the environment and the batteries used in these vehicles can be very harmful. That being said, electric cars are a lot better than petrol- or diesel-powered ones. Beginning to use them could be your way of contributing to the environment and fighting climate change.

Electric vehicles are very expensive but analysts predict they are only going to rise in price. It’s theorized that in the future people will not own cars but instead, they will rent them, mainly because of how expensive they are. If you are somebody with a lot of disposable income right now then you might want to buy yourself an electric car so that in the future you can guarantee that you own one. Make sure you conduct a lot of research and find a reliable company to buy from like Tesla, so you can get a car that’s going to retain its value and perform well in the future.

Increasing Property Value

Interior Design

One of the first things you should do if you want to boost your property’s value is to redesign its interior. A lot of people’s homes look terrible inside. The main reason so many people’s houses look awful within is that they have absolutely no knowledge whatsoever of how to design a house. The average person’s idea of what a good house looks like is a design copied straight from an interior design magazine. Your house should be a reflection of you. A house that’s copied from an interior design magazine will look hollow and empty. A house you design based on your interests will look characterful, warmer, and more desirable to homebuyers.

One of the first things you should do if you want to boost your property’s value is to redesign its interior.

If you have no idea how to redesign your house and are not confident decorating it yourself then instead of attempting to do it independently, hire an expert interior designer. Interior designers are not exactly cheap but can be very helpful and can add a lot of value to your house for you. They may also be able to make suggestions about other areas of your house like its façade or the backyard.

Landscaping Yard

Your home’s backyard should be one of your main focuses if you are interested in upgrading it and improving its value. A lot of people overlook the fact that a landscaped and cared-for backyard can add significant value to your property’s sale price. Landscaping is not something the average person can do on their own, however. Instead of attempting to landscape your yard yourself, you should hire an expert to do it for you. A professional gardener will be able to add trees, flowers and plants to your backyard that improve its appearance and of course its value.

You also need to think about your home’s façade. A lot of people make the mistake of thinking that they only need to worry about their properties’ interiors but this is not true. Your home’s façade can have just as much impact on its value as its interior can. Do not be one of those people with an immaculate house inside but a horrid one outside. A good way of improving the outside of your house is by repainting it. If you do not have the skills to repaint an entire house then you can hire somebody to do it for you.

Smart Gadgets

Another highly effective way of boosting the value of your house is to invest in smart gadgets. A lot of people underestimate how much money they can add to a house’s sale value. Smart gadgets are great because they work fantastically with electric charging points in that the same people who’re interested in investing in charging points and who have electric cars tend to be forward-thinking, technologically savvy individuals. Investing in smart gadgets for your house can be a good way of making it more desirable.

If you are unsure what gadgets you should be adding to your house then ideally they should be ones that improve its general functionality. Many smart gadgets today can be connected to smartphone apps and you can operate home appliances from your mobile device. Security gadgets are great investments too. Do not make the mistake of thinking that your house will protect itself. Fraud and crime are through the roof right now. Investing in gadgets designed to look after your house while you’re not there like smart locks, alarms, and cameras can make it a much safer place for your family and for the families of people who buy it in the future.

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Timing Sales

If you are planning on selling your house in the future then you need to try and learn about market conditions at the time that you are selling. The property market is constantly fluctuating and changing; people who have never sold houses before underestimate how complicated the process can be. A good way to learn about how the market’s currently performing is to read guides or blogs. If you do not have the time or energy to read realty guides then hire a professional realtor and ask them to help you sell your house. A realtor will be able to work with you to figure out when’s the best time to sell it.

In addition to knowing what market conditions are like in your country or state, you can also use realty platforms to find out how many houses are selling in your area. Getting an idea of current sale prices in your area will help you to figure out how much you can sell yours for. Make sure you factor in the additions you have made to your house when you are working out a price you want to list it for.

Electric car chargers can add value to your house but so can the other things mentioned here. Individuals who’re interested in selling their houses need to spend a lot of time improving and upgrading them so they can get the best price possible. Never sell your house without making a profit on it.

Shares in Tesla Inc. fell by 7% on Tuesday in the wake of CEO Elon Musk’s promises of a radically cheaper new electric car battery for self-driving Tesla vehicles – which is not likely to arrive for three years.

During a presentation on Tuesday, which Musk had touted as “Battery Day”, Musk and other Tesla executives pledged to slash battery costs in half through the use of new technology and processes, delivering an “affordable” electric car. Costs would be cut so radically that a self-driving $25,000 car would be possible, but only “in about three years’ time”.

The announcement, which did not contain any mention of Tesla’s speculated development of a “million-mile” battery or a specific cost reduction target to beat petrol-based vehicles, prompted disappointment and preceded a sharply negative shift in investor sentiment.

The resulting stock slide wiped out $50 billion of value in the company, with shares closing 5.6% down and then falling a further 6.9% after hours.

"Panasonic and other suppliers were hit with Tesla planning to make its own battery,” commented Neil Wilson, senior markets analyst at Markets.com. “Nevertheless, given all the anticipation around a potential game-changer in battery technology, investors were a little underwhelmed by the news."

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Musk had sought to downplay expectations for the event on Monday, stating in a tweet that some of the technologies to be revealed “will not reach serious high-volume production until 2022.”

Tesla shares have gained 407% since the start of 2020, drastically above the 2.6% gains seen by the S&P 500 index this year.

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