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Next five years could see 54% of drivers switch to electric vehicles

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An estimated 54% of drivers could switch to an electric vehicle within the next five years, according to new research from Centrica’s Hive. 

With the UK Government set to ban new petrol and diesel cars in 2030, more consumers than ever are considering a switch to electric. However, there are still many misconceptions about electric vehicles emanating from consumers. 

In fact, when consumers were asked how much they thought it would cost to fully charge an electric estate car with a home charger, respondents estimated around £21. However, with many time of use tariffs aimed at EV drivers, that cost is actually much lower. Assuming electric rates of 15p per kWh off-peak and 40.2p peak, charging a 50 kWh battery would only come in at around £7.50. That’s significantly less than the cost of fuelling a combustion engine vehicle, which earlier this month was averaging out at £1.86 per litre. 

Home charging was a major point of contention in the research, with 27% of people thinking that home charging would be more expensive than public charging. However, the reality is the other way round – as public chargers tend to command a significant premium over home electric rates. 

A whopping 71% of respondents were also unaware that home chargers could be linked to their energy provider. This is a relatively new concept, where suppliers can take control of when an electric vehicle charges to reduce demand on the grid, while offering consumers the incentive of lower charging costs. This could potentially reduce the cost of charging an electric vehicle significantly. 

Costs aside, there’s also a lack of understanding around the installation process. 76% of respondents admitted to being in the dark about what makes a home eligible for a home charger and 36% are worried they would need to make significant changes in order to have one installed, when they just need to own their own property and have a driveway. 

Henry Duff, Head of Net Zero at Hive, noted, “We’re getting closer to the ban on new petrol and diesel vehicles and with petrol prices at an all- time high, some people may be considering the switch to an electric vehicle. However, it is evident from our research that there’s still confusion around EV charging, particularly when it comes to costs.”

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