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Swapping petrol and diesel cars for electric vehicles (EVs) could save motorists £8 billion a year in fuel costs, according to new research from Uswitch.
With plans for a ban on petrol and diesel car sales from 2035, more people are opening up to the idea of buying an EV. Across the UK, 12 million drivers are considering making the switch to an electric car in the next two years.
While charging an electric car increases household energy bills, the running costs are much lower than a traditional car. Based on typical annual mileage, EV owners save an average of £329 per year compared to the cost of running a petrol or diesel powered vehicle.
Charging an EV at home adds an average of £370 a year to a household’s energy bills (£30.90 a month), with the average driver spending £898 a year on petrol or diesel (£74.86 per month). When adjusted to average mileage, drivers of electric cars save £329 a year on fuel (£27.48 a month).
Despite the additional costs to energy bills, charging an electric car at home works out far cheaper than using public charging stations. Motorway charging points are capable of delivering enough electricity to drive 100 miles in just half an hour — but it will cost about £6.50, compared to £4.15 on average with a 7KW wall charger at home
If you’re considering making the switch to electric, you could save even more by ensuring you’re on the best energy deal. Households on their supplier’s standard variable tariff could save an extra £92 a year (£7.69 per month) by switching to the cheapest fixed energy deal available.
Sarah Broomfield, energy expert at Uswitch, said: “Electric vehicles are becoming increasingly popular, and 12 million drivers could soon be swapping their petrol or diesel car for a more environmentally friendly one.”
“The good news for these drivers is that EVs come with an added financial benefit too - they cost far less to fuel than a petrol or diesel car.”
“However, charging costs can vary depending on your energy tariff. If you are still on your supplier’s standard variable tariff, charging your car could cost an additional £7.69 a month unless you switch to a more competitive fixed-term deal.”
We analysed the prices of new electric cars and their cost per mile. The Renault Twizy came out on top for the biggest cost savings over the average eight-year warranty period, at a cost of 1.61 pence per mile and a total cost of £11,745 including the purchase price over eight years.
|Model||Price||Range (miles)||Cost per mile (pence)||Overall cost after eight years|
|Skoda Citigo e iv||£17,455||170||3.54||£19,106.54|
|DS Automobiles DS3 Hatchback||£22,120||180||4.54||£24,239.27|
|MG Mg Zs||£25,495||163||4.47||£27,577.87|