How much can I save if I drive electric?
Switching to an electric car isn’t just easier on the environment, it’s easier on your pocket, too. For tax, maintenance and charging, the electric car wins every time.
According to the Electric Car Cost Index published by LV= in April 2022, you can save over £1,000 a year on running costs – and even more if you drive in areas with congestion charges.
If you fill up a 50mpg petrol car at £1.60 a litre that works out at roughly 15p for every mile you drive.
A family car like a Hyundai KONA can do around 3.8 miles p/kWh, so charging is much cheaper:
- Charging at home (using an off-peak tariff of 7.5p/kWh with Octopus Go): 2p* a mile
- Charging at home (using a standard tariff of 37p/kWh with Octopus Go): 10p* a mile
- Charging when you’re out and about (from 39p/kWh with GRIDSERVE): 10p* a mile
These prices are for the Octopus Go tariff – a renewable energy tariff with off-peak costs between 00:30 and 04:30 every night, based on April 2022 prices. It’s likely these costs will increase later in 2022.
The public charger costs are from GRIDSERVE (April 2022).
*Based on 4 miles per kWh and rounded to the nearest 1p.
What about car maintenance costs?
- Like most new cars, electric cars rarely break down. And you don’t wear down brake pads as quickly.
- Tyre wear is slightly higher than petrol or diesel cars.
- Service costs are often cheaper for electric cars because they have fewer moving parts.
And because there aren’t any emissions at the tailpipe, car tax (or vehicle excise duty) on electric cars is currently zero - you don’t pay a penny (as at April 2022). Vehicles exempt from car tax.