12 MILLION DRIVERS ARE CONSIDERING BUYING AN ELECTRIC VEHICLE IN THE NEXT TWO YEARS

12 million drivers are considering swapping to an electric vehicle in the next two years, potentially saving £8 billion in fuel costs.

Electric car owners save an average of £329 a year, compared to the cost of running a petrol or diesel vehicle, based on typical annual mileage.

EVs have become increasingly popular among motorists, and their market share is expected to grow in the coming years as the Government bans sales of new diesel, petrol and hybrid vehicles from 2035. 

Although switching to an EV and charging it at home increases energy bills, it works out cheaper than filling up on petrol or diesel, according to the analysis.

Electric car drivers say charging their vehicle at home adds £30.90 a month, the equivalent of £370 a year, to their energy bills. Meanwhile their petrol and diesel-driving counterparts say they spend £74.86 on fuel a month on average, or £898 a year. When adjusted for average mileage, electric vehicle owners save £27.48 a month compared to fuel, equal to £329 a year.

To ensure EV drivers are not paying over the odds to charge their car, owners should ensure they are on one of the cheapest fixed energy deals available on the market. Consumers on Standard Variable Tariffs who are charging their electric cars at home could save up to £7.69 a month — £92 a year — by ensuring they are on the best energy deal.

Charging at home is usually cheapest for electric vehicle owners. 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.

Some 4.3 million drivers (11%) say they will buy an electric vehicle in the next two years, and an additional 7.6 million motorists (19%) are considering purchasing one in that time.

Registrations of new EVs also reached a market share of 4.6% in March — the highest proportion of sales recorded in the UK for battery powered cars.

Cost per mile

Uswitch.com analysed the prices of new EVs and their cost per mile to calculate which cars provide the biggest cost savings over an average eight-year warranty period. The compact Renault Twizy came out on top, costing only 1.61 pence per mile, and a total of £11,745 including the purchase price after eight years.  

10 of the best-value electric vehicles[4]

Source: Uswitch.com. Prices correct as of 25/08/20

Tesla is one of the best-known EV brands and its cars boast some of the best ranges, but they are among the most expensive vehicles to own. 

10 of the most expensive EVs

Source: Uswitch.com. Prices correct as of 25/08/20

Sarah Broomfield, energy expert at Uswitch.com, comments: “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 additional 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.”