Financial incentives
The UK government offers some financial incentives and support to households and businesses looking to switch to electric vehicles.
There are ‘plug-in grants’ to support purchasing certain models of van, truck, taxi, motorcycle, moped and wheelchair accessible vehicle.
There are also a number of government grants available designed to make it more affordable to install a chargepoint on your property, for homes and businesses that meet government-set criteria.
Given that Vehicle Excise Duty is levied with regard to CO2 emissions, many pure EV models are not currently charged Vehicle Excise Duty (VED) and hybrid models can be significantly cheaper to tax than conventional vehicles, although note that certain more expensive models are subject to a surcharge. In addition, for company cars, the Benefit-In-Kind (BIK) charge is usually much lower than petrol or diesel models.
Refer to the below link to work out how much tax will be levied on certain cars:
When it comes to repairs, an electric motor has far fewer moving parts than a petrol or diesel engine, doesn't require oil or filter changes or have a conventional clutch and the motor also helps to slow the car, extending the life of the brake discs and pads. Electric cars still need regular servicing according to the manufacturer’s timetable, although there are fewer parts to fix, and until the battery needs replacement which is often guaranteed by manufacturers for 8 years or 100,000 miles, your largest expense is likely to be new tyres.