Can Installing an EV Charger Save You Money?

For many drivers, the decision to switch to an electric vehicle comes with excitement about lower running costs and the environmental benefits of cleaner transport. However, once you take ownership of an EV, the practical question of charging quickly arises. While public charging points are becoming more common across the UK, they are not always the most cost-effective or convenient way to keep your car powered. Installing a home EV charger is often seen as the smarter option, but is it really cheaper than relying on public chargers? Understanding the financial, practical, and long-term differences will help you make an informed choice.

The cost of public EV charging

Public charging stations are an important part of the UK’s infrastructure, providing vital top-ups for drivers on longer journeys and for those who cannot charge at home. However, they come at a cost. Rapid chargers, typically found at service stations, often charge between 60p and 80p per kWh, with ultra-rapid chargers sometimes higher. Even slower public chargers can cost 40p per kWh or more. For a typical EV with a 60kWh battery, a full charge at a rapid public charger could cost over £35, depending on the tariff. Prices vary by provider and location, but in almost all cases, public charging is significantly more expensive than charging at home.

Home charging costs explained

In contrast, home charging benefits from access to standard electricity tariffs, many of which offer off-peak rates for overnight use. On a typical domestic tariff of around 28p per kWh, charging the same 60kWh battery at home would cost roughly £17. Some energy providers now offer EV-specific tariffs with much lower off-peak rates, sometimes as low as 7p per kWh. On such a tariff, a full charge could cost less than £5. This price difference quickly adds up for drivers who travel frequently, making home charging far cheaper over the long term.

Installation costs versus long-term savings

The main expense of home charging is the upfront cost of installing a charger. A standard 7kW home charger usually costs between £800 and £1,200 including installation. While this may seem like a significant outlay, the long-term savings on charging costs can outweigh it. For example, if you save £15 each time you fully charge at home instead of using a public charger, the installation could effectively pay for itself within the first few years of ownership. Drivers with high annual mileage will reach this break-even point even sooner.

Convenience as a financial factor

While cost savings are the most obvious advantage, convenience also has a financial dimension. Relying on public chargers means spending time driving to charging stations, waiting for a unit to become available, and staying with the vehicle while it charges. Time is valuable, and the indirect cost of these delays should not be overlooked. Home charging, by contrast, takes place while you sleep or go about your day, effectively eliminating wasted time. For many drivers, this convenience translates into a hidden form of savings.

Public charging subscriptions and networks

Some public charging providers offer subscription models or membership discounts, which can reduce costs. For example, paying a monthly fee may give you access to lower per kWh rates. However, even with these schemes, public charging rarely matches the affordability of home charging on an off-peak tariff. Subscriptions can also create complications if you travel outside the provider’s network, meaning you still pay higher rates elsewhere.

Maintenance and hidden costs of home charging

It is important to consider the ongoing costs of home charging equipment. While warranties typically cover the first three to five years, chargers may eventually need maintenance or replacement. However, these costs are relatively low compared to the long-term savings on electricity. Additionally, smart chargers can help you avoid hidden costs by scheduling charging sessions for off-peak times, preventing expensive charges during peak demand hours.

Environmental savings and efficiency

Home charging can also save money indirectly through greater efficiency. Public rapid chargers deliver energy quickly, but this process can be slightly less efficient, meaning you may pay for energy that does not fully make it into your battery. Charging slowly at home tends to be more efficient, reducing waste and lowering overall costs per mile driven. For those with solar panels, the ability to charge directly from renewable energy provides even greater financial and environmental benefits.

When public charging makes sense

While home charging is generally cheaper, public charging does have its place. For drivers who cannot install a home charger due to living in a flat or rental property without off-street parking, public chargers may be the only option. Similarly, long-distance journeys often require rapid charging stops. However, relying on public charging as your primary method will almost always be more expensive over time compared with installing a home unit.

Future trends in charging costs

As EV adoption grows, the gap between public and home charging costs may change. Some expect public charging to become more competitive as networks expand, while others anticipate higher costs to cover infrastructure investment. Home charging, particularly when combined with smart tariffs and renewable energy, is likely to remain the most affordable method. With government policies encouraging off-peak charging, the financial case for home installations will continue to strengthen.

Conclusion

Installing a home EV charger can save you significant money compared to relying on public charging. While the upfront installation cost is substantial, the lower price of home electricity, especially on off-peak tariffs, quickly offsets the investment. Public charging remains essential for long journeys and for those without home charging access, but for most drivers, the long-term savings and convenience of a home charger make it the more economical option. By taking advantage of smart tariffs and even renewable energy, homeowners can reduce both their charging costs and their environmental impact, making home charging the clear winner for financial savings.