More Australians are embracing electric vehicles for home and work. It’s easier than ever to get behind the wheel of an electric vehicle. In fact, with new vehicles launching every year, you’ll be amazed at what’s out there for your budget and lifestyle. If you’re ready to join the thousands of happy EV drivers across Australia, Angle Auto Finance can help you unlock the benefits of going electric.
Innovations in how we harness, and store energy has changed the way we get around. Battery technology is improving year on year. EVs and EV infrastructure continue to grow. Now, more individuals and businesses are seriously considering EV transportation as a viable solution for getting from A to B. If you're considering an EV, we're here to help break down the benefits, how they work and what to expect when getting behind the wheel.
EV stands for Electric Vehicle. One that's powered entirely or mostly by electricity, rather than a standard combustion engine. Seems simple enough. However, when it comes to drawing power, there are a few types of EVs around.
Here are the main variants you’re likely to find.
Whether it’s cost, lower emissions or even design aesthetics — there are plenty of reasons to buy an EV. Many believe it’s the future of motoring in Australia, and as the market grows, so does the infrastructure that supports it. Making it easier than ever to get into an electric vehicle.
According to sources like the Green Vehicle Guide, there are a range of benefits to going electric, including:
For some households, EVs can be cheaper to run than their petrol counterparts and offer potentially lower fuel and maintenance costs. With fewer moving parts, particularly in battery-only models, there’s less maintenance required.
In the past, transport has been one of the bigger contributors to gas emissions. With EVs becoming more common, we’re seeing the introduction of low or zero emission vehicles. Plus, you can choose to charge your battery with energy from renewable sources like solar — an even better outcome for the environment.
Lower emissions mean less pollution which is better for our health overall. Studies show that if EV sales reach 30% by 2030, Australia could save $200m in public health costs by 2035.
Australia’s current road transport costs are projected to total $865 billion between 2022 and 2050. However, if there is a full transition to electric vehicles and increased usage of public transport, the economy can save approximately $492 billion by 2035.
Charging your EV is a safe and efficient process that takes energy from the grid, or your home’s supply, and feeds it to your vehicle’s battery.
Just take your car to an EV charging station, also known as Electrical Vehicle Supply Equipment (EVSE), plug it in, and wait until your battery is full.
Charging can be done at home, work, or at public charging stations across the country. These are found at selected service stations and car parks – with more charging locations being added every year.
The thing to remember is that EV chargers in Australia have different levels. And like our personal devices, you need to factor in the time it takes to charge your car.
When looking into EVs, you’ll find all kinds of units, terms and standards. We’ve talked about the kinds of EVs — here are a few more terms, according to NRMA.
How long will it take to charge my EV?
It depends on the source. Different charging stations have different speeds and power outputs. Vehicles also differ in battery size and accepted rate of charge. As a ballpark, you can divide the size of your battery (kWh) by the power you’re charging with (kW).
For example, to fully charge a 75kWh battery from a 3.7kW source should take about 20 hours.
Do I need to use a specific charger?
Yes, for the most part— certain manufacturers, like Tesla, use specific plugs. However, many use a Combined Charging System (CCS) DC plug, which is standardised.
What happens if I overcharge my EV?
You can’t! Like your phone, your vehicle will automatically stop charging when the battery is full and maintain that charge until it’s unplugged.
What’s a charge going to cost me?
That depends on your battery and where you’re charging up. Whilst some public chargers are free others can cost up to 63c per kWh while at home it’s between 24c to 30c per kWh. The good news is, according to the Electric Vehicle Council, you’re usually better off than if you were filling up with petrol and diesel.
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It varies between vehicle manufacturer, but with EVs becoming more and more affordable, you may be surprised at what you can get within your budget.
There are also a range of state and federal subsidies, rebates and other incentives (like zero stamp duty and lower rego fees) currently on offer for purchasing an EV. Check out the Australian Government Green Vehicle Guide for all the links and further information.
To access these incentives, you’ll probably need to work out your vehicle’s dutiable value. This just means everything you paid for it, including GST, delivery, and any extras.
It's when you look at ongoing costs that the savings really start to stack up. Australia’s Electric Vehicle Council says an EV is cheaper to power than petrol or diesel. So, depending on driving habits, government incentives, taxes and charging availability, owning an EV could be a more cost effective option.
Explore the Benefits of Novated Leases and FBT Exemptions for Electric Vehicles
Consider the potential advantages of novated leases and salary packaging, especially if your employer offers these benefits. With a novated lease, you can conveniently use the vehicle and cover most of its running costs directly from your pre-tax salary. Additionally, starting from July 1, 2022, eligible electric vehicles are exempt from fringe benefit tax (FBT), making novated leases an attractive option for both employees and employers.
At Angle Auto Finance, we collaborate with numerous Novated Lease providers. [1] If your employer provides novated lease salary packaging benefits, feel free to discuss arranging a novated lease with them.
Please note that the information provided here is a general overview and should be used as a guide. We strongly recommend seeking independent professional advice tailored to your specific circumstances before taking any action. Taxation considerations are based on current laws and may change, so consulting with a professional tax advisor is recommended before making any decisions based on this information.
[1] Approved applicants only. Terms, conditions, fees and charges apply. Finance issued by Angle Auto Finance Pty Ltd ABN 16 161 130 696 Australian credit licence 530731.
EV stands for electric vehicle, a vehicle powered entirely or mostly by electricity instead of a standard combustion engine.
The main types of electric vehicles include Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Fuel Cell Electric Vehicles (FCEVs).
Charging involves taking energy from the grid or your home's supply and feeding it to your vehicle's battery. Charging can be done at home, work, or public charging stations.
EV chargers in Australia have different levels: Level 1 (AC charging), Level 2 (common wall-mounted charger), and Level 3 (DC charging, including ultra-rapid units).
Charging time depends on the source and varies between different charging stations. A general guideline is to divide the size of your battery (kWh) by the power you're charging with (kW).
Yes, for the most part. Certain manufacturers may use specific plugs, but many EVs use a Combined Charging System (CCS) DC plug, which is standardized.
You can't overcharge your EV; it will automatically stop charging when the battery is full.
Charging costs depend on your battery and location. Public charging can cost around 60c per kWh, while at home, it's about 20c per kWh. Public chargers may be free in some instances.
Ownership costs vary, but EVs are becoming more affordable. State and federal subsidies, rebates, and incentives can make EVs amore cost effective option relative to a petrol vehicle.
A novated lease allows you to pay for the vehicle and most of its running costs from your salary before tax comes out.
As of July 1, 2022, eligible electric vehicles are exempt from Fringe Benefit Tax (FBT), making novated leases an attractive option for employers.
Contact your local dealer or Angle Auto Finance for more information on EV options and financing.
Check out references such as Green Vehicle Guide ( greenvehicleguide.gov.au/)and Electric Vehicle Council (electricvehiclecouncil.com.au/)for additional information.