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EV Drivers Face Increased Savings When Compared To Petrol And Diesel

New research suggests that drivers of electric vehicles are making savings on their motoring costs when compared to drivers of diesel or petrol models…

Savings for EV Drivers

Whilst Brits are facing increased motoring costs in general, drivers of EV models are better positioned to make savings. That’s the verdict of new research conducted by global vehicle charging specialist CTEK. Based on an average annual mileage of 10,000 miles, it found that EV drivers are now paying £200 (40% more) to power their vehicles via home chargers. However, petrol and diesel drivers are paying £435 and £484 more respectively at the pumps.

For perspective, this means that the gap between electric and ICE motoring has actually widened; despite the increase in energy costs. An ‘EV mile’ is 22% cheaper than a ‘petrol mile’ and 32% cheaper than a ‘diesel mile’. Long-term, then, EVs still entail financial benefits, savings and some resilience in the face of the rising cost of living.

‘An Attractive Option’ 

Cecilia Routledge, global director, energy & facilities at CTEK, believes EVs are an attractive option for motorists. She explained, “based on an average annual mileage of 10,000 miles, EV drivers are seeing a cost saving of around £1,325 a year compared with a petrol vehicle, and £1,163 compared with diesel. In 2020, the savings were £1,090 for EVs compared with petrol, and £880 against diesel. Drivers can also make further savings if they’re able to take advantage of cheaper off-peak charging tariffs”.

She added, “when we consider everything in the round, even though the upfront cost of an EV remains relatively high compared to conventional vehicles, the widening price gap between the cost of fossil fuels and electric home charging, together with the significant tax advantages and the benefits to the environment from zero-emission driving, still make EV driving an attractive option – for motorists, and for the planet too”.

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