This presents a huge opportunity for charge point operators (CPOs), EV infrastructure providers, and installers to get ahead of the curve.
This is according to Sally Bailey, Sales and Business Development Manager at Vestel Mobility, who says cost is still seen as a significant barrier to EV adoption.
Sally shares her views here.
In reality, we’ve already hit a point where EVs make economic sense for consumers and businesses alike. Fleet operators, commercial transport, and public service vehicles (PSVs) aren’t far behind. With the right charging infrastructure in place, this shift will only speed up.
The UK’s EV charging network is expanding faster than ever. As of December 2024, there were over 73,000 charge points at more than 36,000 locations, according to ZapMap. More than 1,100 new public chargers are added every month.
While that’s impressive, it’s still not enough to eliminate range anxiety, which means there’s a huge opportunity for CPOs and installers to step up and fill the gaps, perceived or otherwise.
‘Significantly cheaper total cost of ownership’
While the upfront cost of an EV is still a consideration, the total cost of ownership tells a different story. Take the Tesla Model 3 and Audi A4—both priced at around £40,000. Over three years, the EV offers a significantly cheaper TCO thanks to lower taxes, fuel savings, and minimal maintenance.
Despite recent budget changes, EVs still benefit from lower road tax and Benefit-in-Kind (BIK) rates. Over three years, an Audi A4 racks up around £1,000 in road tax, while a Tesla costs under £500. Company car users save even more, with BIK rates for EVs being a fraction of those for ICE cars.
With around 200 moving parts in an EV vs. upwards of 20,000 in an ICE vehicle, servicing is less frequent and significantly cheaper – typically needed only every 24,000 miles or two years. Most of those costs will be to examine or replace consumables like tyres, brake parts, and the pollen filter.
The largest factor in the cost shift is the potential fuel savings over those three years. Public charging costs vary, but home and workplace charging can be up to 10 times cheaper than motorway rapid charging.
EV home charging costs
For example, a mid-sized 75kWh EV gets around four miles per kWh. On a home tariff like Octopus Go (8.5p/kWh), a full charge costs just £6.40 for 300 miles of range. In contrast, an Audi A4 would cost around £40 in petrol for the same trip. Over three years (36,000 miles), that saves over £4,000.
Another common concern with EV adoption has been depreciation, but that is also changing. According to Motorway, EVs retain about 49% of their value after three years, which puts them slightly ahead of ICE vehicles (44-47%). As more EVs enter the used market and we move closer to the 2035 ban on new petrol and diesel car sales, residual values will continue to favour EVs.
Race for prime charge point locations heating up
Perhaps the real question isn’t whether EVs have reached their tipping point; it’s how quickly businesses can capitalise on the opportunity. The race for prime charge point locations is heating up, and those choosing reliable, cost-effective, and scalable charging solutions will be the ones who come out on top.
At last year’s London EV Show, Vestel Mobility showcased its full range of chargers, from 7kW home units to 720kW ultra-rapid solutions for commercial vehicles, highlighting the breadth of technology now available to support the UK’s evolving charging landscape.
This shift presents an unmatched opportunity for growth, innovation, and long-term profitability in the EV infrastructure sector. With the cost equation increasingly favouring EVs, now is the time for CPOs, installers, and fleet operators to lead the way in electrifying the UK’s road network.
Image credit: Dreamstime
