HOW MUCH DOES IT COST TO CHARGE AN ELECTRIC CAR?
Just like filling up a fuel-powered vehicle, the cost of charging an electric car depends on a load of factors – including its size, model, the charging location and the charger type. But to give you an idea of the savings you can make, we’ve shared the figures for the amazing MINI Electric (of course).
HOW MUCH DOES IT COST TO CHARGE AN ELECTRIC CAR? WILL I SAVE MONEY IN THE LONG RUN BY SWITCHING?
Simply put, yes – you’ll save money by switching, and your electric car will cost you less the longer you own it. That’s because electricity costs less than petrol or diesel, so it’s cheaper to charge a car than fill it up. Let’s take a closer look at the numbers…
In 2019, the average Irish driver travelled 16,352 kilometres a year. That works out at around 45km a day. According to our handy calculator (which you can try yourself below), 45km in the MINI Electric uses around 23% of its battery. So how much would this cost to charge?
- Using a regular power socket at home, charging by 23% would cost you €1.98 to and take just over 2 hours and 15 minutes.
- Using it would cost you around €1.98 and take 45 minutes.
- Using a Type 2 (AC) public charger, this would cost you €3.21 and take around 45 minutes.
So, driving the average daily distance would require just two full charges each week, saving you around €982 per year when compared to similar petrol vehicles (based on an electric cost of €0.30 per kWh and a fuel cost of €1.60 per litre). Great stuff!
HOW ELSE CAN AN ELECTRIC CAR SAVE ME MONEY?
It gets even better. Switching to an electric car saves you money on way more than just fuel.
- Electric motors like the one in the MINI Electric are much simpler than combustion engines. Fewer moving parts = less wear and tear of parts = lower maintenance costs. Yay.
- What about tax? Well, it’s good news. Fully electric cars qualify for the lowest tax band of motor tax at around €120 per year. And until at least the end of 2023, they’re eligible for relief from Vehicle Registration Tax (VRT) up to a maximum amount of €5,000.
- Considering the MINI Electric as a business car? We don’t blame you. Electric vehicles currently qualify for a 0% Benefit in Kind rate (BIK) up to a certain value.. This will be extended out to 2025 with a tapering effect on the vehicle value. So, if you get a company car between 1 January 2023 and 31 December 2025, the original market value (OMV) of the car will be reduced by:
o €35,000 for cars made available in 2023
o €20,000 for cars made available in 2024
o €10,000 for cars made available in 2025
Any OMV left over after the reduction will be subject to
BIK at the usual rate.
For example, let’s say an employee gets an electric company car worth €70,000 in January 2023. €35,000 of the vehicle’s value will qualify for 0% BIK, leaving just the remaining €35,000 that is taxable at the set rate depending on your annual mileage..
HOW MUCH DOES IT COST TO CHARGE AN ELECTRIC CAR AT HOME?
If you’ve got a garage or driveway, you’ll probably choose to do most of your charging at home. So it’s a good job the MINI Electric comes with two AC charging cables. The first one fits right into a regular home wall socket (just like your phone would) while the other can be used with a more efficient home charge unit. These cost around €1,200 to buy and install, but can charge your car up to 3x faster.
We now know how to charge your MINI Electric at home. But how much will it cost to charge once it’s plugged in? Of course, that depends on how much your electricity costs and how often your car needs charging. Here’s an example…
Let’s say you drive 16,000km in a year and your electricity costs €0.30 per kWh. You’ll spend around €515 in charging costs a year. When compared to a similar combustion engine car with a fuel price of €1.60 per litre, you could make an electrifying saving of €982 per year.
HOW MUCH DOES IT COST TO CHARGE AN ELECTRIC CAR AT A PUBLIC CHARGING STATION?
This one depends on the type of charger you choose and where it is. Public charge points at supermarkets, shopping centres or paid car parks are often cheaper than dedicated charging stations, and you can usually pay as you go, with many new chargers accepting contactless payment. To charge an electric vehicle to 80% using a public rapid charger (the kind often found at motorway service stations) it costs around €8-10 . And in the MINI Electric, 80% will take you up to 185km – about the distance from Dublin to Sligo!
MAKE THE MOST OF MINI CHARGING.
We want to make electric driving as accessible and easy as possible. So we introduced MINI Charging – giving you instant access to a network of over 1,000 electric vehicle charging stations across Ireland. You just need to scan your card or the mobile app at the charging point, and you’ll be charged for any usage at the end of the month. And to keep track of your finances, you can easily see how much you’ve spent at your online account.
MORE ON THE MINI ELECTRIC.
Ready to make the feel-good (and cost-saving) switch to electric driving? Then the MINI Electric is a no-brainer. Get ready for that trademark MINI spirit, style and go-kart handling – all with zero driving emissions.