Electric cars can be considerably cheaper to run than petrol cars, particularly for drivers who can charge at home. But the size of the saving depends on several factors, including your electricity tariff, where you charge, how efficient the car is and how many miles you drive.
Home charging usually offers the biggest cost advantage, especially when an EV-specific overnight tariff is available. Drivers who rely heavily on public rapid chargers can face much higher charging costs, narrowing the difference between running an electric and a petrol car.
So, are electric cars really cheaper to run? In this guide, we’ll look at charging, servicing and other everyday costs to see where an EV can save money — and where it may not.
For more advice on understanding vehicle costs and what affects a car’s worth, visit our Car Valuation Guidance hub.
Why Home Charging Makes EVs So Much Cheaper
1. Home Charging Usually Costs Less
Charging an electric car at home is generally much cheaper than using a public rapid charger. The exact cost depends on your electricity tariff, the size of the battery and the efficiency of the vehicle.
Drivers with access to cheaper overnight EV tariffs may be able to reduce their charging costs considerably by scheduling most of their charging for off-peak hours.
2. Public Charging Can Change the Calculation
Drivers without access to home charging may rely more heavily on the public charging network. Rapid and ultra-rapid chargers can cost considerably more per unit of electricity than charging at home, so the running-cost advantage of an EV can become much smaller.
This means two people driving similar electric cars could face very different annual charging costs simply because of where and when they charge.
3. Home Charging Can Be More Convenient
Being able to plug in at home means many drivers can charge their car overnight rather than making a separate journey to a charging station. For everyday driving, this can mean starting the day with enough charge for the journeys ahead.
If you want a clearer picture of EV charging costs, and how much it costs to charge an electric car, this guide may help.
EV vs Petrol: The Real-World Cost Comparison
There isn’t one figure that tells every driver whether an electric car will be cheaper to run than a petrol car. The calculation depends heavily on where the EV is charged.
A driver who can charge mostly at home — particularly on a cheaper overnight tariff — may spend considerably less on energy than they would on petrol. Someone relying predominantly on rapid public chargers may see a much smaller saving.
Vehicle efficiency matters too. Just as petrol cars have different miles-per-gallon figures, electric cars differ in how many miles they can travel using each kilowatt-hour of electricity.
Your annual mileage, electricity tariff, petrol prices and charging habits therefore all affect the comparison. Rather than assuming an EV will always cost a fixed percentage less to run, it’s better to calculate the likely costs around your own driving pattern.
Long-Term Savings Go Beyond Charging
EVs can also save money in other areas:
Servicing and Maintenance Costs
Electric cars have fewer moving parts in their powertrains than petrol cars. They don’t require engine oil changes, spark plugs or exhaust-system maintenance, which can remove some of the routine servicing associated with a combustion-engine car.
However, EVs still require regular maintenance. Tyres, brakes, suspension, air-conditioning systems and other components need checking and replacing when necessary, while battery and electrical systems also need appropriate inspection.
Servicing costs therefore vary considerably between vehicles, garages and manufacturers. An EV may cost less to maintain in some circumstances, but it shouldn’t be assumed that every electric car will automatically be cheaper to service than an equivalent petrol model.
Things to Consider Before Switching
Lower day-to-day running costs don’t automatically mean an electric car will be the cheapest option overall. Before switching, it’s worth looking at the complete cost of ownership.
Purchase Price
The purchase price of an electric car can still differ significantly from an equivalent petrol model, although the gap varies considerably between manufacturers and vehicles.
New and used EV prices have also changed rapidly as more models have entered the market. Rather than comparing EVs and petrol cars purely on their purchase price, consider the amount you expect to spend on charging or fuel, servicing, insurance and depreciation during the time you plan to own the vehicle.
Insurance
Insurance costs vary according to the individual vehicle and driver. Factors such as repair costs, replacement parts, vehicle value, performance and insurer claims experience can all influence the premium.
Some electric cars may cost more to insure than comparable petrol models, while others may not. It’s therefore worth getting an insurance quote for the specific EV you’re considering before making the switch.
For more practical advice, read our guide to charging an electric car at home.
Final Thoughts
Electric cars can be cheaper to run than petrol cars, but there isn’t a single saving that applies to every driver. Where you charge, the electricity tariff you use, your annual mileage and the efficiency of the vehicle can all make a significant difference.
Drivers who can charge predominantly at home are generally in the strongest position to benefit from lower energy costs, while those relying heavily on public rapid charging may find the financial advantage much smaller.
It’s also important to consider the wider cost of ownership. Purchase price, insurance, servicing and depreciation can all affect whether an EV makes financial sense for you.
If you’re thinking about switching to an electric car, understanding what your current vehicle is worth can be a useful place to start.
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