U.K. drivers could save up to 600 pounds ($904) a year by 2030 by switching to low-carbon technologies on the road, according to a new report by U.K.-based consultancy company.
The average electric car could deliver even bigger savings in annual energy costs, worth around 960 pounds ($1,400).
Buying an energy-efficient vehicle will cost more than its alternatives at first although "the initial investment will be outweighed by energy-savings within a few years, leaving households significantly better off," the report by Cambridge Econometrics and the European Climate Foundation shows.
Carbon emissions can be reduced by 47 percent by increasing the use of electric and low-fuel cars by 2030, and as much as 80 percent in 2050, the report deduces.
Reducing carbon emissions and thus air pollutants will help lessen health-related problems. The U.K. economy will benefit from the improved air quality as health-related problems and costs will fall. The improvements are estimated to be worth 1.2 billion pounds ($1.8 billion) to the U.K. economy.
While reducing fuel costs, drivers can also save up to 7 billion pounds ($10.5 billion) a year on running and replacement costs for their cars.
The report points out the transition to low-fuel cars would not be without its challenges. Investments would need to be made in new infrastructure while Britain’s automotive workforce would need to gain new skills to remain competitive. As a result job losses would be seen in the fossil fuel sector including refineries.
With the changes, Britain would reduce its dependence on imported oil, the economy would strengthen and climate conditions would improve with cleaner air in cities, the report concludes.
By Zeynep Beyza Karabay