We’ve pulled together everything you need to know about the financial benefits of e-bikes.
More affordable electric bike insurance
Insurance isn’t a requirement if you own an e-bike, but it is highly recommended. The number of bikes stolen is on the rise, and covering yourself against bike thefts and accidents is a smart move that can prevent you from losing money if the cycle is stolen.
Fortunately, e-bike insurance is nowhere near as much as car insurance. Bike insurance could cost as little as a few pounds per month, while car insurance is much more expensive at an average of £412 per year.
No need for fuel
Unlike regular cycles, an e-bike uses an electric motor powered by a battery. This gives them more power than conventional bikes and, as some might argue, makes them better suited for commutes. When compared to cars running off petrol and diesel, you stand to save a fair chunk of money.
It costs significantly more to fill a tank than it does charge an electric cycle. Even when compared to electric cars, e-bikes run more economically as they don’t require the same amount of electricity.
Cheaper than public transport
As well as being a money-saver in comparison with cars, using an e-bike typically proves to be cheaper than riding public transport. Trains, buses and tubes can all be expensive, especially when you’re paying for a one-off journey.
With an e-bike, however, you don’t have any costs to pay on the road. Consequently, you’re better off financially by ditching public transport, cars and motorbikes in favour of a healthy bike ride to your destination.
Not only is off-peak charging more environmentally friendly, but it’s also cheaper. Charging an e-bike isn’t that costly in the first place, as it can take as little as three hours. Still, doing so means you’re saving on the overall costs involved with a charge.
The more you use electricity during off-peak hours, the more money you save. This also counts with running the heating and general electrics around the house. But as far as e-bikes are concerned, you can save a pretty penny by charging during off-peak hours.
Save on parking costs
Whether you’re on a commute or riding your e-bike around town, there’s money to be saved when it comes to parking costs. With a car, you’ll need to pay for parking in most areas, especially if you live in a big city.
Living in cities like London also means you’ll be required to pay the Congestion Charge if you go into the centre of town. These costs add up and can easily set you back by as much as £20 per visit. With an e-bike, however, there’s no need to pay any parking costs or fees for driving on the road. You just need to find somewhere safe to lock up your e-bike when it’s not in use.
Cheaper ownership costs
As well as operating costs (fuel, parking, maintenance and repairs), cars are also more expensive when it comes to ownership. From insurance (more on that in a bit) to tax, you’ll need to pay hundreds (if not thousands) of pounds just for the right to own a car.
E-bikes don’t require any ownership costs. There’s no tax to pay on the majority of them, so you don’t need to worry about high excess costs. When you get your e-bike, it’s pretty much ready to go and doesn’t require ongoing ownership fees.
Not much more than a conventional cycle
The costs associated with an e-bike aren’t that much more expensive than a regular cycle. Some e-bikes are even cheaper than their non-motorised counterparts, and aspects like mechanical wear and tear are roughly the same.
On average, an e-bike costs between one and three pence per mile more than a conventional cycle. When you factor in the advantages you get with an electrical cycle, the difference is very reasonable.
Conclusion: Go faster without the costs
The speed of e-bikes compared to traditional cycles makes them even more appealing as an option for commuting. And it’s a no-brainer when comparing the cost of an e-bike with running a car or motorcycle – when it comes to your daily commute, you’re bound to save significantly more money. Plus, you get health benefits and help the environment, meaning an e-bike can be an all-around smarter way to travel without affecting your bank balance.