The Cost of owning an Electric Bike: A Guide
Electric bikes (e-bikes) have surged in popularity in recent years. They offer a greener, cost-effective alternative to traditional transportation. But if you have thought of buying one, perhaps to replace some car journeys. How much does it actually cost to run one? Let’s dig into some detail about the various costs involved.
Initial Purchase Cost
The initial cost of an electric bike can vary widely, typically ranging from sub-£1000 to over £8,000, depending on the type, model and it’s features and components. Higher-end models with top of the range motors and the largest batteries capacities tend to be the most expensive but often offer much better performance and longevity.
With the cycle industry still in a post-covid oversupply situation coupled with sustained low consumer demand, there has never been a better time to buy an Ebike. Retailers are still heavily discounting models.
Charging Costs
Charging an electric bike is cheap vs other transport fuel costs. On average, it currently costs 12-13p to fully charge a 500Wh e-bike battery which should deliver an 80 – 100 mile range. The exact cost depends on your battery capacity and your local electricity rates. Above I’ve used an average Kwh cost of 24.5p. If we take a 75 mile range per charge. A typical commuter/leisure rider cycling 100 miles per week = 5,200 miles per year. If we divide this by a typical 75 mile range we get 69.3 charges. Lets round that upto 70 charges per year x 13 pence per charge = an annual electricity cost of £9.10.
Now let’s look at a car. We’ll take a 35mpg average. 5,200 miles / 35mpg = 148.6 gallons. Lets take some unleaded petrol at £1.45 per litre. 148.6 gallons x 4.55 = 676.13 litres x £1.45 = an annual fuel cost of £980.39. Imagine how much you can save if you replaced some of your short car journeys by bike.
To work out how much it will cost to charge your electric bike, take the battery capacity in kilowatt-hours (kWhs), and then multiply that by your electricity provider’s unit price. To convert your battery watt hours (Wh) into kilo-watt hours, divide your battery’s Wh by 1,000. So, if your battery is 500Wh, this converts to 0.5 kWh.
Then, use the following formula to work out the cost to charge your bike’s battery:
Your bike’s kWh x your provider’s cost per kWh = your e-bike’s charging cost
So, over the course of an average month and considering the average cost of living and other bills, electric bike running costs are very small.
Battery Replacement
Battery lifespan is a crucial factor in the overall cost. Most e-bike batteries last between 2 to 8 years, depending on age and the number of charge cycles they do. Replacing a battery can cost between £300 and £800. Investing in a higher-quality battery will reduce long-term costs, as they tend to last longer and perform better.
Maintenance and Repairs
Regular maintenance is essential to keep your e-bike running smoothly. Annual servicing costs range from £100 to £250 depending on the level of service you choose at your local bike shop. Additionally, you may need to replace parts like tyres, brake pads, and chains periodically as they wear out, which can add to the overall maintenance cost.
Further Reading
- Electric Bikes vs Traditional Bikes: Which is Greener?
- 8 Reasons to use an Ebike around town
- Top 5 reasons to buy an Ebike this year
Insurance and Licensing
While not mandatory, a lot of electric bike owners opt for insurance to cover theft, damage, and liability. Insurance costs can vary but typically range from £50 to £200 per year on a separate policy or can usually be covered on house insurance as part of an existing policy or for a small additional premium.
Total Annual Running Costs
So summing up the various expenses, the annual running cost of an e-bike is very low compared to other modes of transport. Here’s a rough breakdown:
- Charging: £9 – £15
- Maintenance: £100- £250
- Battery Replacement (amortized per year cost): £20 – £100
- Insurance (optional): £50 – £200
This brings the total annual running cost to approximately £179 – £565, excluding the initial purchase price.
Conclusion
Electric bikes offer an incredibly cost-effective and healthier transportation option. While an initial investment to purchase a bike might be higher than a traditional bike, the low running costs make e-bikes an attractive choice for many. Whether you’re commuting to work, running errands, or enjoying a leisurely ride, an e-bike can be a smart and economical choice.
