How much will it cost and what will we spend the money on?

 

Investment required  
Cost of each bus £233,803
AC Charger £2,440
DC (rapid) Charger £23,111
Total £259,354
Funding streams
Eligible grant per bus £108,865
Eligible grant for infrastructure £20,993
Bond issue £100,000
From cash reserves £29,496
Total £259,354

Income Although the capital costs are high for purchasing a new electric bus we expect to see a big reduction in the running costs of the vehicle, both in terms of vehicle maintenance and fuel costs.

Outgoings – The biggest costs will be interest payments and capital repayments to members as the assets are gradually written off. Other costs include maintenance, insurance and running expenses for the vehicles.

What are the financial benefits of going Electric?

Electric buses are considerably cheaper to run than their biodiesel equivalents. Therefore we expect to save around £80 per day on fuel costs for each bus translating into a saving of £24,320 per bus per year.  That means on fuel savings alone the bus will pay for itself over ten years, and we’ll have almost doubled our investment.