How to Finance Your Electric Car with a Home Charger [The Complete Guide]
Electric cars are the future since they are more environmentally friendly and a lot more fun to drive than traditional gas-powered cars. The only downside is they can be a bit pricey to buy outright. If you're thinking about how to finance your electric car, here's how you can do it with the help of a home charger!
Is It Worth Investing in an Electric Vehicle (EV)?
Since the technology behind electric vehicles was costly, it increased the price of these cars and put electric vehicles out of access to the majority of people. It became impossible how to finance an electric car for many. They gained an image of luxury vehicles that were only available to those who had a lot of money.As technology has advanced and improved, it's now cheaper to make electric vehicles. Manufacturing costs have decreased as well as the costs for the consumer and it seems more realistic for EV financing. Today, electric vehicles are much lower in cost than they were in the past and often cost less than their diesel and petrol counterparts. Although electric vehicles still have a higher initial cost because of the battery, it's an alternative to lower running costs than traditional fuels. The cost of charging an electric vehicle is cheaper than petrol or diesel. There are other reasons why it is a great move to invest in an electric vehicle now and give ideas on how to finance your electric car.
You can use solar power to charge the devices.
The purchase of an electric vehicle could be a fantastic incentive to install solar panels for your home, which can lower the price of electricity for your home as well as the expense of charging your car.
Electric vehicles are cheaper to maintain.
Since electric vehicles don't contain internal combustion engines and do not have internal combustion engines, they will remain longer in service before they need replacement and will require lower maintenance. Electric vehicles do not have moving parts to keep in check, and there's no oil to change.There are no gaskets that need to be replaced or clean, no valves, and no combustion engines. This means that the maintenance costs are no longer required and a big edge on how to finance your electric car.The only way to avoid paying more in the long haul is the replacement of the battery that powers your car. It does not get rid of itself rapidly since a typical lithium-ion battery for electric vehicles lasts for 160,934 miles and keeps the same driving range for the duration.
How Long Can You Finance an Electric Car?
Taking out a loan is the best way how to finance your electric car. This way, you can spread the cost of the car over a number of years and don't have to worry about the upfront cost. The length of time you finance your electric car will depend on the lender you choose. Some lenders may offer financing for up to 84 months, while others may have shorter terms. You'll need to compare rates and terms from different lenders to find the best option for you on how to finance your electric car. Car loans for electric vehicles in Ireland range from three to seven years. The shorter the loan period, the higher your monthly repayments will be. However, this also means you'll pay less interest over the life of the loan and will own the car outright sooner. When you're ready to finance your electric car, be sure to shop around for the best rates and terms. Taking out a loan can help you get the car you want and save money on charging costs.
Electric Vehicle Costs and Incentives
The government provides grants of €5,000 to help Irish people purchase electric vehicles. (For commercial vehicles, the most generous grant amounts to €3,800.) A maximum grant amount of €5,000 is available on approved vehicles priced at €20,000 or higher. The grants are lesser on cheaper vehicles. Cars with a price less than €14,000 will not be eligible for grants.The maximum amount of grant used is €5,000 in the case of plug-in hybrids. As of July 1, 2021, the amount offered for plug-in hybrids decreased to €2,500.Only brand new cars purchased through an authorized dealer be eligible for grants. There are around 110 authorized dealers who take care of grant applications. They deduct the grant amount from the price of the vehicle.Electric cars are usually thought to cost more than regular automobiles. In comparison to conventionally powered vehicles, the cost of an electric vehicle can range from 15% to 50% higher. However, with the help of government grants price, the costs can be compared fairly effectively and aid in EV financing. The lowest electric vehicles cost approximately €27,000 (after the grant).VRT Relief on Electric Cars (extended until the end of 2023)
- Electric cars that have a sales price of at least €40,000 will receive VRT relief which is as much as €5,000.
- Cars with a value higher than €40,000 and less than €50,000 are granted reduced relief.
- For prices of €40,000, the exemption is reduced to 5% of the sale price above €40,000.
- There isn't VRT relief for electric vehicles over €50,000.
Some Sample Electric Car Prices in Ireland (Cheapest Priced Models Shown First)
- Fiat 500e - €24,995
- Opel Corsa-e SC - €27,322
- Renault Zoe Ze50 Play 56kwh - €27,750
- Nissan Leaf XE 40 - €28,145
- Peugeot e-208 50kwh - €29,105
- Hyundai Kona 67kwh - €30,995
- Mini Cooper SE - €31,715
- Volkswagen Id 3 Life - €32.966
- Kia Soul - €37,513
- Hyundai Ioniq - €38,495
- BMW i3 - €39,695
- Skoda Enyaq - €39.495
- Volkswagen Id 4 - €45,110
- Nissan Ariya – Price not known yet.
- Tesla Model 3 - €51,574
- Audi Etron 50 - €74,990
- Tesla Model S - €117,000
Long-Term Financing of Electric Cars with EV Home Chargers
You can avail of long-term financing for electric cars with the EV charger. It will help you save on charging costs and get some tax breaks. The EV charger must be installed by a licensed electrician and should be connected to your electrical system. You can use the charger to charge your car at night or at times when electricity is cheaper. It can help you save money on your electric bill and also make it easier to keep your car charged.You can also claim up to €600 to purchase and install an electric home charging device. The SEAI grant is a support program funded by the government to help homeowners install an electric vehicle charger in their homes. The scheme grants €600 to purchase and install the home charger. The person applying must be the owner of a qualifying first-owner or used electric vehicle (EV).The SEAI Home Charger Grant Scheme is a great way to save money on the costs of charging your electric car and a good move on how to finance your electric car. The grant is available to owners of qualifying electric vehicles who purchase their car on or after January 2019.By availing of the long-term financing and the SEAI grant, you can save on the costs of charging your electric car. If you are thinking about buying an electric car, be sure to check if you are eligible for the SEAI Home Charger Grant Scheme. If you are considering an EV Home Charger installation to finance your electric car, EcoPlex can help you achieve that goal. At Ecoplex, we will be with you throughout the entire process and help you with how to finance your electric car. We'll provide you with information about the grant options available to you, assist you with the process of completing paperwork, install your electric vehicle charger, and offer maintenance if you encounter issues. Contact us today to learn more about our services.
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