Electric vehicles are cheaper to buy, fuel and maintain.
Cheaper over its lifetime
When purchasing an EV it is important to look at the total cost of ownership. Government grants and VRT reduction do help to reduce the cost of purchasing a new EV but the real savings are in the running costs, maintenance and fuelling. You can compare the costs of an ICE vehicle with up to three EVs on our comparator tool.
Cheaper to tax
Because motor tax is calculated on the emissions level of the vehicle, electric vehicles are at the lowest tax band. Just €120 per year for a Battery Electric Vehicle.
Cheaper to service
A typical ICE servicing checklist might include an oil change, spark plugs, hydraulic fluid and coolant levels, timing belt, engine tuning, exhaust and operations of brakes and steering, cooling system (from radiators in your car to pumps and hoses) and suspension checks.
The only moving part in an EV is the electric motor. There is also less brake pad wear because the motor slows the vehicle before friction braking is needed. The energy goes back to the battery, instead of wearing out your brake pads! There is no engine oil, clutch or gearbox, no exhaust and fewer moving parts that require less periodic maintenance and offer increased reliability which saves money for you.
BEV servicing and maintenance includes updating software for improved performance (driving & safety), tyres, brake pads, windshield wipers, lights, these also apply to ICE vehicles.
Cheaper to fuel
Fuelling an electric vehicle costs much less than fuelling a similar size petrol or diesel car. You can save between 50 and 60% on fuel costs! New owners of electric vehicles should be prepared to see an increase in their electricity bill. This increase is offset the complete elimination of their petrol or diesel bill.
Save more with clever charging
If you usually charge overnight at home then you can save even more with night rate electricity. To do this you will need your utility company to install a night meter or smart meter.More about charging an EV
What should you expect from an EV service?
Your motor dealer will have a list of recommended items to check while servicing your vehicle. While you can expect less wear and tear items, there are still some safety and health checks to be carried out. These might include.
- Main components inspection
- Safety equipment inspection
- Coolant check
- Brake fluid check
- Diagnostic report, including battery health report
- Wiper blade replacement
- Window washing fluid replacement
Continuation of VRT relief in Budget 2023:
|SEAI Electric Vehicle grant||
Continuation of SEAI Purchase Grant:
|Accelerated Capital Allowance (ACA)||EVs and charging infrastructure are qualifying equipment under the ACA scheme.|
|EV Home Charger grant||A grant from SEAI to support the installation of a home charger. Claim up to €600 towards the purchase and installation of an electric vehicle home charger unit. You don't have to own an EV go install a home charger.|
Electric SPSV grant scheme
|A grant from the Department of Transport, Tourism and Sport supporting measures to stimulate take-up of EVs in the taxi /hackney/limousine sector administered by the NTA. Learn more about the electric SPSV grant scheme.|
|0% Benefit-in-Kind (BIK)||0% BIK rate on first €50,000 to incentivise BEVs without mileage conditions. This will change to €35,000 in 2023 with futher reductions in the next 3 years. See revenue for full details.|
|Motor Tax||Lowest rate of motor tax at €120 for BEVs.|
|Toll Incentive Regime||There is a 50% toll discount for battery electric vehicles (BEVs) and a 25% toll discount for plug-in hybrid vehicles (PHEVs). This is an opt in scheme and you must have a toll tag. Ensure to check with your tag provider that you are included in the scheme. Find out more about the Electric Vehicle Toll Incentive here.
Some insurance companies offer discounts for electric vehicle drivers. Check around and see what's on offer.