Parking Industry

How Can Modern-Day Solutions Save Fuel Costs of Parking?3 min read

Apr 23, 2022 3 min

How Can Modern-Day Solutions Save Fuel Costs of Parking?3 min read

Reading Time: 3 minutes

You’ll be surprised to know that citizens of the U.K. waste a whopping £733 on fuel every year looking for suitable parking spaces. To save the fuel costs of parking, governments need to plan out a massive overhaul with regard to transport and mobility.

Even though the U.K. government has reduced the taxes on fuel by 5 pence per liter, it is still not enough to bring down the total cost of commercial parking within the country. This state of affairs is not unique to the U.K.

The U.S., on average, wastes $345, whereas Germany wastes €896 every year hunting for suitable parking spots. The entire process of parking in cities worldwide needs an urgent overhaul, and the sharp rise in fuel prices seems to be the wake-up call.

Fuel Costs of Parking

How Can Modern-Day Solutions Save Fuel Costs of Parking?

Having to incessantly circle around looking for parking spots is the primary reason behind the wastage of precious fuel. This is unacceptable, especially when alternative clean energy technologies are available today.

  • Electric Vehicles (E.V.s) to the Rescue

One of the most talked-about solutions to counter the problem of rising fuel prices is the Electric Vehicle. These cars use clean energy, which means they don’t require fossil fuels to run, are environment-friendly, offer exceptionally low running costs, and are affordable to buy.

Since they only run on chargeable batteries, there are no significant maintenance costs involved. Most importantly, you only spend a fraction of what you would’ve spent when looking for parking with a fuelled car. This brings down the overall cost of parking in cities.

Armed with quadruple benefits, E.V.s are already coming into the mainstream automotive market in a big way. Many governments and municipalities are offering grants and subsidies to both owners and manufacturers to boost production as well as the adoption of E.V.s and their charging infrastructure.

For example, if you install a home charging unit outside your house in the U.K., you become eligible for a £350 government grant.

  • Smart Parking Infrastructure Saves the Day

While E.V.s may partially save costs associated with fuel, they cannot reduce traffic congestion which forms when drivers circle around looking for parking. To remedy this, authorities must invest in sophisticated yet cost-effective smart parking systems.

Smart-parking technology includes IoT-based solutions combined with embedded sensors inside parking garages to inform drivers of vacant parking spaces in real-time. This information instantly combats the problem of circling looking for parking.

Once drivers know of ideal parking spots near their place of work, they can reserve them and electronically pay for them using the smart parking system’s smartphone application. This solution saves a tonne of precious fuel and reduces the significant time involved in finding the right parking spot.

Read Also: Should you buy a car amid hiked fuel prices?

Final Thoughts

The cost of parking is never the price of your parking ticket alone. It is also the time spent and fuel consumed while searching for a suitable parking spot.

Rising fuel prices will indeed make owning and parking your car more expensive with each passing day, even when you pay the same on your parking ticket.

This is where the combination of E.V.s and smart parking systems can truly make a difference. Together, both these solutions will bring down the exorbitant cost of parking and make it a stress-free activity.