A study commissioned by the Energy & Climate Intelligence Unit (ECIU) has shown that electric vehicles (EV) owners in the UK are currently saving £600 a year, totalling £8,300 over the 14-year lifetime of an EV, making them cheaper to run than fossil fuelled vehicles.
The research organisation’s Global Momentum on Clean Transition report also found that the number of EV sales doubled globally in 2021 reaching 6.6 million cars and the market is on track to double this figure again in 2022. The number of EV models available has also grown to 184, five times more than there was five years ago.
It is unclear how the removal of the Vehicle Excise Duty exemption for EVs in 2025 in the UK will effect this continued growth.
More positive findings highlighted by the report include that owners of second-hand EVs could get a battery bonus, with the potential return of 10-20% of the vehicle’s value, by selling its battery for recycling at the end of its life-span.
“This is a UK snapshot of a global story, of a car market that is speeding ever faster towards an electric future. EVs charged, increasingly by cheap renewables, will bring down the cost of driving for everyone, particularly as more and more EVs find their way on to the second-hand market,” commented Colin Walker, transport lead at ECIU.
Read more: Current+