Electric Vehicles Are 50% Cheaper to Run Than Petrol Cars, But Only If You Can Charge at Home
Electric vehicles (EVs) continue to grow in popularity, and new research shows just how cost‑effective they can be. In fact, electric vehicles are around 50% cheaper to run than petrol cars — but there’s a catch. To unlock those savings, you need access to home charging.
For drivers who can plug in at home, the financial benefits are substantial. For those relying on public chargers, the picture looks very different.
Why Home Charging Makes EVs So Much Cheaper
Charging an EV at home is where the real savings happen. Here’s why:
1. Home Charging Costs Far Less
According to recent data, home charging typically costs around 5p per kWh, compared to up to 81p per kWh at public rapid chargers.
Even if you occasionally top up in public, the bulk of your charging done at home keeps running costs extremely low.
2. It’s Convenient
Charging overnight means:
- No queues
- No waiting around
- A full battery every morning
It’s as simple as plugging in your phone.
3. It Can Be More Eco‑Friendly
Many home chargers use off‑peak electricity, which often comes from renewable sources. This reduces your carbon footprint and supports cleaner energy use.
If you want a clearer picture of EV charging costs, this guide may help.
EV vs Petrol: The Real‑World Cost Comparison
A recent study compared the running costs of a petrol Vauxhall Corsa 1.2 with the electric Vauxhall e‑Corsa, each driven 10,000 miles per year.
The results were striking:
- Petrol Corsa: £1,209 per year
- e‑Corsa (home charging on cheapest tariff): £115 per year
- e‑Corsa (average smart tariff): £174 per year
Even on a standard tariff, the EV is dramatically cheaper to run.
Long‑Term Savings Go Beyond Charging
EVs also save money in other areas:
Servicing Costs
- EV servicing: ~£232 per year
- Petrol servicing: ~£295 per year
Over five years:
- EV total servicing: £3,857
- Petrol total servicing: £5,514
Fewer moving parts = fewer things to go wrong.
Things to Consider Before Switching
While EVs can be significantly cheaper to run, there are a few important factors to keep in mind:
1. Higher Upfront Costs
- Petrol Corsa: ~£18,995
- Electric Corsa: ~£26,107
The initial price difference is still noticeable, though long‑term savings help balance it out.
2. Insurance Costs
EV insurance has historically been higher, but premiums are falling — with an 18% drop in 2024.
3. Home Charging Access
This is the biggest factor. Without a driveway or home charger, running costs increase significantly.
Final Thoughts
Electric vehicles can be 50% cheaper to run than petrol cars, but only if you can charge at home. With lower fuel costs, cheaper servicing, and reduced road tax, EVs offer excellent long‑term value — and the benefits will only grow as charging infrastructure improves.
If you’re thinking about switching to an EV, selling your current car is a great place to start.
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