Autos

Green Updates: Electric Vehicle Sales Stall Due To Price Pressures – Forbes


From renewable energy to electric vehicles, our round-up of the latest green news, products and deals will keep you up to speed


23 June: Cost-of-living Crisis Puts Brake On EV Uptake

The UK’s cost-of-living-crisis, which has seen inflation reach a 40-year high of 9.1%, is slowing drivers’ uptake of electric vehicles (EVs).

A survey by Close Brothers Motor Finance found that 41% of drivers cite the cost-of-living crisis as the main reason they decided against buying an EV.

The survey of 2,010 UK drivers also found that, far from splashing out on a new car, 84% of people are taking steps to minimise car usage to save money.

The most common cost-cutting strategy is reducing the number of trips, with 21% of respondents saying they took this step. A further 11% cut costs by using public transport more, and 17% began shopping around to find the cheapest fuel.

Lisa Watson at Close Brothers Motor Finance said: “We have seen encouraging progress in recent years in the transition to alternatively fuelled vehicles (AFVs.) However, it’s clear from our findings that pressure on household budgets is putting some of that momentum at risk.”

This growing concern over EV costs could impact the government’s target to end the sale of new petrol and diesel vehicles by 2030. At the same time, the end of government grants towards the cost of EVs, which took effect this month, is likely to further reduce affordability.

Ms Watson added: “Consumer appetite for electrification is there, but there’s an urgent need to knock down more of the barriers to AFV ownership. We need to step up efforts to build charging points, train more mechanics, and support affordability for a wider range of buyers.”


31 May 2022: Uptick In EV Sales But Fleet Penetration Still Low

The number of electric vehicles (EVs) in the UK rose by 71% in 2021, according to research from the Society of Motor Manufacturers and Traders (SMMT).

By the end of 2021 there were almost three quarters of a million electric vehicles on UK roads, over 720,000 of which were cars. 

Mike Hawes, SMMT’s chief executive, said: “Britain’s switch to electric vehicles continues to gather pace, with a record one in five new car registrations now plug-ins.

“However, they still represent just one in 50 [new] cars on the road, so there is significant ground to cover if we are to fully decarbonise road transport at pace.”

Graphic: percentage of cars on the road by fuel type, UK
Credit: Society of Motor Manufacturers and Traders

As the number of EVs on the road continues to grow, overall vehicle ownership has dropped for the second consecutive year — falling by 0.2% over the course of 2021.

This reduction can be linked to the continued impact of the pandemic, with lockdowns, travel restrictions, and closed dealerships encouraging consumers to hold off on buying a car. Global shortages of key components — particularly semiconductors, which are essential for elements like circuit boards — is another factor.

Today’s car owners are also opting to hold onto their vehicles for longer, SMMT’s 2021 data revealed. In 2020, the average age of a car in the UK reached a record high of 8.7 years, which is more than 12 months older than the 2010 average. 

Mr Hawes believes this trend could stall the shift to electric cars: “With fleet renewal essential to net zero, we must build consumer confidence in the economy and, for drivers, confidence in the changing infrastructure to get the transition into top gear.”

In 2021, 1.1% of UK cars were fully electric, although this figure varied significantly by region. London and the South East had the highest proportion of EVs in 2021, at 3% and 2.6% respectively. Roughly a third (33.1%) of the UK’s electric vehicles were registered in London or the South East.

UK map highlighting proportion of electric vehicles on the road by region
Credit: Society of Motor Manufacturers and Traders

Wales and Northern Ireland had the lowest proportion of electric cars, at 0.8% each. In Scotland, the SMMT found, 1.6% of cars were fully electric. 

The uptake of EVs in public transport is happening at a similar rate, with 1.3% of buses and coaches powered by electricity in 2021. 

Freight vehicles, however, may be lagging behind. The SMMT’s research found that just 0.6% of the UK’s vans, and less than 0.1% of HGVs (heavy goods vehicles) are electric.

Hugo Griffiths at online marketplace Carwow said: “The fact car ownership has declined for the first consecutive year since the First World War is certainly eyebrow raising. Global parts shortages are no doubt to blame for this.

“Analysts had hoped supply-chain squeezes would begin to ease over the first half of this year, but this has not proven to be the case, and some insiders are predicting it may not be until 2024 that things return to normal.”


27 May: EV Drivers Hit With Soaring Charging Costs

Research from RAC suggests drivers are paying 21% more than they did in September 2021 to charge their electric vehicles (EVs).

The RAC’s Charge Watch initiative, which carried out the research in association with the FairCharge campaign, found it now costs 44.55p per kilowatt hour (kWh) to charge an electric car on a pay-as-you-go, non-subscription basis, compared to 36.74p per kWh in September.

This equates to a cost of £22.81 (up from £18.81 in September), to complete an 80% rapid charge of an average family car with a 64kWh battery (80% being the battery charging limit before a car reverts to slower charging speeds to preserve battery life).

In the same period, the cost of filling a 55-litre petrol family car from empty to 80% has increased by £14.54, from £59.67 to £74.21 – a rise of almost 25%.

The hike in EV charging prices is the result of wholesale electric prices rising by 65% from September, largely due to Russia’s invasion of Ukraine.

Data from the English Housing Survey 2019 suggests one in three EV drivers use public electricity charging points, which means they are also subject to VAT of 20%. This compares to only a 5% VAT rate levied on electricity when charging at home. 

Drivers charging using domestic electricity can also make the most of economy tariffs, which offer lower rates in off-peak periods.

Ultra-rapid chargers, with a power output of more than 100kWh, enabling a full charge of compatible vehicles in as little as 20 minutes, are the most expensive public charging points. It now costs 50.97p per kWh to use an ultra-rapid charger, compared to 34.21p per kWh in September. 

Using one to charge a family vehicle to 80% has taken a steep hike from £17.51 to £26.10. However, this is still £48 cheaper than filling a petrol car to 80%.


19 May: EVs Soar In Popularity As Lower Running Costs Trump Green Concerns

The proportion of motorists who would consider an electric vehicle (EV) as their next car has risen by 22% since 2019, according to research from online car sales site carwow.

Its survey of 1,735 visitors to its website in 2019 and early this year revealed that the lower running costs of EVs, compared to petrol and diesel cars, is the main attraction.

Almost half (45%) of the drivers surveyed by carwow this year said they would contemplate purchasing an EV compared to 37% in 2019. 

Three years ago, the main motivating factor for 68% of drivers surveyed were the environmental benefits. Lower running costs was the second most important factor (62%).

This year has seen a switch in priorities as two thirds (66%) of motorists view lower running costs as most important. Environmental benefits are a close second at 61%.

This comes as the price of petrol and diesel hit record highs, and despite a 5p-per-litre reduction in fuel duty which came into effect in March. 

The price hikes are largely due to Russia’s invasion of Ukraine, and resulting sanctions on Russia’s crude oil exports, which have caused wholesale prices to soar. 

Fewer EV concerns

According to carwow’s research, it appears drivers are less worried about EVs now than they were in 2019. This year almost a fifth (19%) said they had no concerns at all about EVs compared to 13% in 2019.

Three years ago, 51% of drivers cited battery ranges not being long enough as a major worry. Only 36% of the 2022 drivers were worried about this. 

The number of drivers concerned about finding charging points has also fallen from 49% to 43%, which is likely due to the fact there are now double (almost 31,000) the number of charging points in the UK now compared to 2019, according to government figures.

Hugo Griffiths at carwow said: “We can see that motorists are becoming less worried about previous sticking points, such as battery range and charge-point availability. This, and the fact fuel prices show no signs of coming down, suggests consumer interest in EVs is only set to grow further.”


26 April: Appetite For Green Finance Grows But Uptake Lags 

Over half (52%) of UK adults say making ‘green’ financial choices is important, according to RCI Bank. But despite these intentions, just 14% say they actually tried to make their finances greener in the last 12 months.

Accessibility to relevant products is seen as the likely reason for the discrepancy, with over a third (35%) of those surveyed saying that making greener financial decisions is ‘not easy at all.’

Consumer priorities may also be shifting in the midst of the ongoing cost-of-living crisis, which has seen bills soar across the board for UK households.

With budgets stretched, cost and potential returns are likely to be front-of-mind when consumers choose financial products and services, with green issues (sustainability) potentially dropping in importance.

In addition, sustainability was not a priority for everyone surveyed. For 42% of respondents, a financial product or service’s green status is not the most important factor, while a further 28% say sustainability is not important at all when it comes to personal finance decisions.

Among the 14% of UK adults who did take steps toward greener finances, almost half (48%) switched to a green energy tariff. A further 41% invested in green products, while 31% researched their bank’s ethical credentials.

Choosing a green current account was the least popular action, favoured by just14% of respondents.

Tafari Smith, head of savings at RCI Bank, believes making green finance more accessible could improve the uptake of sustainable products and services: “Our findings reveal an appetite for green finance but also some barriers when it comes to accessibility and consumer priorities. Banks need to ensure it is easier for their customers to make greener financial decisions that have a positive impact on the planet.

“This feels particularly important given the current environmental and economic pressures, when perhaps making more sustainable financial choices isn’t at the top of people’s agenda.”


22 April: Govt Tracks 7% Increase In Charging Points Since January

Government figures published this week state that, as of 1 April 2022:

  • there were 30,290 public electric vehicle charging devices available in the UK
  • of the total devices available, 5,494 were rapid chargers.

This means that, compared to to 1 January 2022, the number of available devices rose by 1,915, an increase of 7%, while the number of rapid devices rose by 338, an increase of 7%. The total number has risen by a third since April 2021.

There was an increase in the total number and the number of rapid devices across all regions of the UK, although there were significant regional discrepancies.

For example, London had the greatest increase in the overall number of devices at 9.4%, while Northern Ireland and the North West had the smallest increases at 0.9% and 3.7% respectively. London also had the greatest increase in absolute number of devices at 863, contributing to 45% of the increase in devices across the UK in this period.

The number of devices per 100,000 head of population stands at 111 in London. The figure in Northern Ireland is 18 while in the North West of England it is 26. The figure for the UK as a whole is 45.

The government concedes that there is an uneven geographical distribution of charging devices within the UK: “Some UK local authorities have bid for UK Government funding for charging devices, and others have not. Most of the provision of this infrastructure has been market-led, with individual charging networks and other businesses (such as hotels) choosing where to install devices.”

Figures from the Society of Motor Manufacturers & Traders (see story below) show that electric vehicle sales are increasing against a backdrop of falling car sales overall. Around 16% of new sales are of fully electric vehicles, and as of March 2022, there are an estimated 450,000 such cars on UK roads – around 1.3% of the total fleet.

James Hind, CEO of car trading site carwow said: “Our research shows that, while the number of motorists that cite ‘lack of charge points’ as a concern when looking at EVs has fallen from 49% in 2019 to 43% today, it is still one of the top concerns for drivers.

“However, this government data, which indicates that charging points across the UK have increased by 33% in the last year to over 30,000, should help alleviate these fears and give more consumers confidence that the rapid growth in chargers makes switching to electric increasingly appealing.

“The next goal must be to ensure motorists everywhere have equal access to charge points.

“We expect we will continue to see interest in EVs rise over the coming months. We are more convinced than ever that the majority of consumers who are buying a new car should now be choosing electric.”


5 April: EV Sales Buck Trend As New Car Registrations Tumble

Sales of electric vehicles (EVs) are booming against an overall backdrop of declining new car registrations, according to the latest industry data.

The Society of Motor Manufacturers and Traders (SMMT) said March 2022 was a record month for battery electric vehicle (BEV) sales. 

Compared with the same period last year, BEV sales were up almost 79% to more than 39,000 units, with US car-maker Tesla responsible for about a third of these sales.

The BEV figure contrasted starkly with total new car registrations for March. The SMTT reported that the overall figure last month declined by 14.3% to 243,479 units, the weakest March figure for 14 years.

At current levels, BEV sales account for about one-in-six of all vehicle sales. According to the SMTT, more BEVs were sold last month than in the whole of 2019.

Alongside plug-in hybrid vehicles (PHEVs) and hybrids (HEVs), EVs made up more than a third (34%) of registrations.

The SMTT added that a pandemic-related shortage of semiconductors, plus uncertainty concerning the Russian invasion of Ukraine, has meant that supplies of new cars have been held up. It says order books remain strong.

It also warned that rising energy costs, fuel costs, inflation and a squeeze on household incomes could also have an effect on future demand.

Tesla’s Model Y and Model 3 were the two most popular EVs sold in March, accounting for around 13,000 of approximately 37,000 EVs registered.

MHEV – Mild Hybrid Electric Vehicle; HEV – Hybrid EV; BEV – Battery EV; PHEV – Plug-In Hybrid EV Source: SMMT

SMMT’s Mike Hawes said: “March is typically the biggest month of the year for the new car market, so this performance is deeply disappointing and lays bare the challenges ahead. 

“With increasing household and business costs, government must do all it can to support consumers so that the growth of electric vehicles can be sustained and the UK’s ambitious net zero timetable delivered.”

March usually sees strong sales of new cars on the back of the introduction of the year-related registration plates on the first of the month. The new 22 plates will be superseded by 72 in September.

James Hind, CEO at car-trading website Carwow, said: “The SMMT figures do not measure current demand, they report registrations when the car is delivered. So, while supply of new cars is at record lows, with extremely long waiting times for the majority of models on sale, demand is still strong, with the cost-of-living crisis yet to impact consumer demand. Consumers are still trying to buy new cars, and many are happy to wait.

“Our figures show that when there are issues with petrol and diesel cars, interest in EVs rise. For example, when petrol prices hit record highs in March, searches for EVs on our site rose 37% in a week.

“The good news is, car manufacturers are prioritising EV production. Shorter wait times are yet another reason new car buyers should strongly consider switching to electric.”


25 March: Government Pledges £1.6bn For Charging Infrastructure

The government is investing £1.6 billion in a bid to build a nationwide network of 300,000 public electric vehicle (EV) chargepoints by 2030 – a tenfold increase on the current 30,000. At present, there are an estimated 60,000 fuel pumps on UK roads.

Chargepoints will provide one or more actual charging unit.

The £1.6 billion is made up of new and existing money dedicated to improving the UK’s transition to an electric and hybrid vehicle fleet. 2030 is the year the government is planning to ban the sale of new petrol and diesel cars, so the move is intended to assuage concerns that there will be a shortage of charging points for those who are unable to charge their vehicle at home, and for those who need to re-charge while away from home.

The Electric Vehicle Infrastructure Strategy is intended “to make charging easier and cheaper than refuelling a petrol or diesel car”. Drivers of EVs will be able to pay by contactless, compare charging prices, and use apps to locate chargepoints.

The strategy includes a £450 million Local Electric Vehicle Infrastructure (LEVI) fund, intended to support projects such as EV hubs and on-street charging for those without driveways.

The existing £950 million Rapid Charging Fund will support the rollout of at least 6,000 super-fast chargepoints across England’s motorways by 2035.

The government says chargepoint operators are already committed to installing an additional 15,000 rapid chargepoints across England’s entire road network – a quadrupling of the current offer – and over 100,000 on-street chargepoints by 2025.

The government will oblige chargepoint operators to achieve a 99% reliability rate at rapid chargepoints to increase consumer confidence in finding chargepoints that work wherever they travel.

Gill Nowell, head of EV at LV= General Insurance, said: “This strategy shows the government’s ambition for electric cars, but more still needs to be done in order to help people feel comfortable to make the switch to electric.

“It’s vital that charging provision is rolled out equitably across the UK, and that those who cannot charge at home are not disadvantaged by having to pay more than those who can. Additionally, there has to be a flexible approach undertaken to truly ensure that the right chargers are located in the right place to meet changing needs, and crucially are safe to use and accessible to everyone.”

The RAC estimates that there are around 395,000 zero-emission Battery Electric Vehicles on the UK’s roads – with in the region of 190,000 registered in 2021 alone – along with over 308,000 plug-in hybrids.

The UK’s total private car fleet is in the region of 32.5 million.

James Hind, founder and CEO of carwow, said an expanding charging network needs to keep pace with rising demand: “One in six new car registrations in the UK in 2021 was an EV or plug-in hybrid vehicle, up from one in 10 the previous year, while our own data shows that searches for electric cars rose by 37% in just a week in March as the price of a litre of petrol hit record highs. 

“But the charging infrastructure for EVs is not keeping pace with the rapid growth in interest and sales, and that is preventing many people from making that switch. We’ve found that ‘not enough charging points’ is the top concern about EVs for 43% of motorists. 

“Sales of new petrol and diesel car sales will be banned by 2030 so the targets were always going to have to increase. This latest announcement will not only be welcome news for existing EV owners but could also help convince any motorists – particularly those struggling with the rising cost of fuel – to make that switch sooner rather than later. 

“Two thirds of motorists say they would consider an EV due to the lower running costs, so knowing that they will be able to charge up as easily as they can fuel up could make a huge difference.”


16 December: Government Cuts Electric Vehicle Subsidy By 40%

The government has cut its subsidy designed to help people buy electric cars, but has widened the criteria for qualifying vehicles.

Registrations of new EVs are already on the up, with November sales double what they were in 2020, and battery electric vehicles (BEVs) accounting for 18% of all cars sold – according to the Society of Motoring Manufacturers and Traders (SMMT).

Today, however, the government has announced changes to its EV subsidy. While the plug-in car scheme will now cover vehicles priced £32,000 and under, it will contribute £1,500 – which is £1,000 less than it did previously.

The subsidy covers vehicles that emit less than 50g or carbon per kilometre and can travel at least 70 miles on zero-emission power. This includes the likes of the Fiat 500e, Honda e and Vauxhall Corsa e.

The government renewed the scheme last year, pledging £582 million of funding intended to last until 2023.

The Department For Transport’s Trudy Harrison MP said the changes announced today were to allow more people to benefit from the scheme.

She said: “The market is charging ahead in the switch to electric vehicles. This, together with the increasing choice of new vehicles and growing demand from customers, means that we are refocusing our vehicle grants on the more affordable vehicles and reducing grant rates to allow more people to benefit, and enable taxpayers’ money to go further.”


6 December: Battery-Powered Vehicle Sales Charge Ahead

Sales of battery electric vehicles (BEVs) in November were twice as high as they were in the same month last year, according to new data.

The Society of Motor Manufacturers and Traders (SMMT) tracks the number of new vehicle registrations and has reported that, despite overall numbers being down on pre-pandemic levels, BEV sales jumped up to account for more than 18% of cars sold.

Overall, new car registrations were up 1.7% in November, compared to the same month in 2020. However, Covid-19 restrictions, lockdowns and economic conditions made 2020 a particularly weak year for new registrations. Compared to before the pandemic began, registrations were down 31.3%.

The SMMT’s Mike Hawes said: “The continued acceleration of electrified vehicle registrations is good for the industry, the consumer and the environment but, with the pace of public charging infrastructure struggling to keep up, we need swift action and binding public charger targets so that everyone can be part of the electric vehicle revolution.”

The third best-selling vehicle in November was the Tesla Model 3 – a fully electric vehicle, while the fourth best-selling was the Hyundai Tucson – a hybrid vehicle. 


22 November: New Legislation To Boost Electric Vehicle Charging Points

Thousands of electric vehicle (EV) charging points will be installed each year as part of new planning and building regulations, the Prime Minister will announce today.

From next year there will be a requirement for new homes and new commercial buildings such as supermarkets and offices to install charging ports for electric vehicles. It’s estimated the mandate could see the installation of 145,000 new charging points per year in England.

The new laws will also apply to buildings undergoing renovation that will have more than 10 parking spaces.

The drive comes eight years ahead of a UK-wide ban on the sale of new petrol and diesel cars in 2030.

In his speech to the Confederation of British Industry, Prime Minister Boris Johnson will say: “This is a pivotal moment – we cannot go on as we are. We have to adapt our economy to the green industrial revolution.”

The government also plans to make it easier for people to switch to EVs by introducing simpler ways to pay while travelling, such as contactless, at all new fast and rapid charge points.

EV uptake

As of July this year, there were around 24,000 public EV charging stations in Britain. The majority were in London, where there were 83 charge points per 100,000 people. Meanwhile, the UK average sat at 36 per 100,000 people.

According to the latest figures from the Society of Motor Manufacturers and Traders (SMMT), more than 30,000 battery EVs were registered in September – the highest monthly number ever. It meant plug-in EVs reached a new record share of all new vehicles registered at 23%.

Commenting on today’s announcement, Edmund King, president of the AA, said: “With the 2030 ban on the sale of new petrol and diesel cars getting ever closer, it is essential that we gear up now to ensure that we future-proof our homes and buildings for the EV revolution.

“The majority of EV drivers in the future will do most of their charging at home, so it is essential that new homes are equipped to help this transition. For those without off-street parking, it is also crucial that we see more charging posts on-street, and in offices and supermarkets.

“The prospects for the EV revolution are looking good with better and more affordable cars coming to the market with increased range and a more reliable charging infrastructure being developed. All this should help bring power to electric drivers.”


22 October: NS&I Green Savings Bonds Disappoint With 0.65% Return

At-a-glance

  • Bonds tie up money for three years
  • Individuals can invest between £100 and £100,000
  • Money raised to be used on range of ‘green’ initiatives

The UK government’s green savings bond goes on sale today (22 October), paying 0.65% interest over a three-year fixed term. Someone buying £1,000 of bonds would get back £1,019.50 at maturity.

Available from National Savings & Investments, the government-backed savings provider, the bond was first mooted in the spring Budget earlier this year by Rishi Sunak, Chancellor of the Exchequer.

Designed to offer savers the chance to invest in green initiatives such as renewable energy and cleaner transport, the bond will be on sale for at least three months. 

There is a minimum initial deposit of £100 and the maximum investment is £100,000 per person. As NS&I is backed by the UK Treasury, 100% of savers’ money is safe. Applicants need to be at least 16 years of age.

Once an initial deposit has been made, a 30-day cooling off period gives savers the opportunity to withdraw their cash. After that, savers are unable to access their money until the bond reaches the end of its term.

Financial commentators have given the bond a lukewarm reception, saying the savings rate is uncompetitive and will provide only limited appeal to savers. 

Laura Suter at broker AJ Bell said: “Why would savers lock their money away for three years for the same interest rate they can currently get in an easy-access savings account? This equation makes even less sense now the nation is looking down the barrel of an interest rate rise from the Bank of England, which will lead to a hike in savings rates.

Suter added that the green bond pays only about a third of much in interest compared with the current top-paying three-year account.

Becky O’Connor at online broker interactive investor said: “The rate chosen might not be good enough to tempt the masses, especially in a time of rising inflation. It may also cement the view that anyone who wants to commit their money to positive impact has to sacrifice returns, which does not have to be the case.”

Sarah Coles at Hargreaves Lansdown said: “NS&I’s green bond is such a disappointment for savers who were hoping for a competitive rate that meant they could do the right thing for the planet and their pocket at the same time. Instead, NS&I is relying on savers who are willing to pay a price for going green with their savings.”


28 July 2021: Public Electric Car-Charging Must Be Fairly Priced Say MPs

At-a-glance

  • MPs’ report says charging an electric vehicle in public should be convenient and inexpensive
  • Warnings of blackouts if the charging needs of potentially millions of new electric vehicle owners are ignored
  • Calls for charging ‘not spot’ areas to be eradicated 

An influential group of MPs has said that charging an electric vehicle (EV) should be convenient and inexpensive and not leave motorists facing a postcode lottery to access the necessary services.

The Transport Select Committee (TSC) has published Zero emission vehicles, a report that includes a set of recommendations telling the government how it can boost the production and purchase of EVs.

What’s Happening In The UK Energy Market?

There are currently no energy deals priced below standard tariffs, so we have temporarily suspended our switching service.

The TSC called on the government to:

  • protect the consumer from excessive charges when charging in public 
  • work with the National Grid to map national coverage to eradicate ‘not-spot’ areas and identify locations where the Grid will not cope with additional usage
  • make public charge provision a requirement of local development 
  • incentivise EV owners to recharge batteries ‘little and often’ to avoid blackouts.

According to the TSC, charging an EV at home is currently substantially cheaper than on-street charging: “Pricing must be fair for people who charge their EVs in public spaces. Mandating industry to use pricing to move consumer behaviour towards a ‘little and often’ refuelling habit will help,” it added.

TSC chair, Huw Merriman, said: “As car usage returns to pre-pandemic levels, we must keep our sights locked on the target: all new cars and vans should be electric by 2035 at the latest. To help consumers see their route to a zero-emission world, choosing to run an electric vehicle must be as seamless as possible.”


UPDATE 23 July 2021: Halifax Rewards Green Buyers With Cashback

At-a-glance

  • £250 cashback to those buying energy efficient homes

Mortgage lender Halifax is offering house-buyers £250 cashback when they buy a property with an Energy Performance Certificate (EPC) or Predicted Energy Assessment (PEA) rating of A or B.

A PEA applies to a property being sold before it has been built.

The deal, available from Monday 26 July, applies to first-time buyers and those moving home, including shared equity and new-build mortgages (so remortgages are not included in the offer). The maximum loan-to-value ratio is 85%, meaning borrowers must have a deposit of at least 15% of the price of the property.

The cashback offer is available on purchases of a main residence only, meaning second home loans are not eligible. 

Halifax will ask for a verified EPC rating as part of the mortgage application. If the rating is A or B, the cashback reward will be applied automatically.


UPDATE 22 July 2021: Electric Cars ‘More Cost-Effective Than Petrol Rivals’

At-a-glance

  • Electric vehicles ‘more cost-effective long-term than petrol/diesel rivals’
  • Annual running costs for petrol/diesel vehicles ‘twice that of EVs’

Electric vehicles work out more cost-effective to own over several years compared with cars running on traditional fuels such as petrol and diesel, according to research from LV=.

The insurer’s Electric Car Cost index analysed outright ownership and car finance deals along with the running costs of nine popular electric vehicles against their petrol or diesel rivals over an extended period. 

What’s Happening In The UK Energy Market?

There are currently no energy deals priced below standard tariffs, so we have temporarily suspended our switching service.

According to LV=’s findings, three of the electric cars, the Nissan Leaf, VW ID3 and MG ZS EV, worked out cheaper to own over seven years than their petrol or diesel equivalents. Purchase price, tax, insurance, fuel and maintenance costs were all taken into consideration.

LV= said that the overall savings gained from electric cars were heavily influenced by their lower average annual running costs. It calculated a figure of £1,304pa for electric vehicles compared with £2,610pa for their petrol and diesel counterparts.

LV= said: “Within seven years of purchase, electric car owners who buy their vehicle will save money compared with those who purchased a petrol or diesel car due to the regular saving that comes with the lower running costs.

“Additionally, with electric cars traditionally having a longer life span and requiring less maintenance, the savings can be even bigger.”


UPDATE 21 July 2021: Smart Energy Plan To Help Cut Bills

At-a-glance:

  • Government announces plans to help consumers cut their energy bills
  • ‘Smart’ systems will save £10bn in energy sector costs 

The UK government and Ofgem, the energy regulator, have announced plans for smart technologies to help consumers cut their bills and boost energy efficiency as demand for electricity grows and fossil fuels are phased out. 

The government estimated that unleashing the full potential of smart systems and flexibility within the energy sector could reduce the costs of managing the system by up to £10 billion a year by 2050.

This saving could be reflected in lower energy bills for consumers.

The Smart Systems and Flexibility Plan and Energy Digitalisation Strategy was revealed by the Department of Business, Energy & Industrial Strategy. The initiative aims to deliver the commitments made by the government in its recent Energy White Paper.

The government said smart and flexible energy systems will be needed if the UK is to meet its commitment to tackling climate change by achieving net zero carbon emissions by 2050. It predicted that the reduction in the use of fossil fuels will coincide with increased consumer demand for electricity. 

This will require a system that guarantees a supply of clean energy from renewable sources “even when the wind is not blowing, or the sun is not shining”, the government said.

In a separate move to help consumers take control of their energy use and reduce bills, the government has also called for evidence on the use of technologies that allow electric vehicles to export electricity from their batteries back to the grid or to homes during times of higher demand.


UPDATE 21 July 2021: EV Chargers Sent To Coventry

At-a-glance:

  • Coventry has more public electric vehicle chargers per capita than anywhere else in the UK
  • London has the largest number of public chargers overall
  • Interactive map shows location of nearest public chargers

Coventry has more public electric vehicle (EV) chargers per capita than anywhere else in the UK, according to the latest research from Carwow, the new and used car platform.

Most EV owners charge their car from home. But with one EV charger for every 890 people, Carwow said the West Midlands city leads the way, followed by Milton Keynes (1,027) and London (1,630).

At 5,683, London tops the table with the highest number of public EV charge points, followed by Coventry (486) and Nottingham (343).

Carwow has designed an interactive map to show drivers the location of their nearest public EV charging point.

Carwow also calculated that, for the first time, the range for the average EV on sale in the UK is now just over 200 miles on a single charge. It said the breakthrough was down to huge investment and innovation on the part of EV manufacturers.

What’s Happening In The UK Energy Market?

There are currently no energy deals priced below standard tariffs, so we have temporarily suspended our switching service.




READ SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.