EV running costs half that of petrol cars

New research has found that the annual cost of running an electric car is nearly half that of a petrol equivalent.

A study carried out by comparethemarket estimated that it is 47% cheaper when considering key factors such as insurance, fuel, and tax.

It found that the average cost to run an electric vehicle for 12 months is £1,091 compared with £2,062 for a petrol vehicle – a difference of £971.

Although insurance was comparable, £583 for electric vehicles compared to £640, the main difference came in fuel, £454 in charging costs compared to £1,212 in petrol, and road tax, as electric vehicles remain exempt.

Dan Hutson, head of motor insurance, comparethemarket, said: “The popularity of electric cars continues to accelerate as these vehicles now make up around one in 10 new car sales. Motorists who’ve made the switch will be glad to see our figures show electric vehicles cost roughly half as much to run as their petrol alternatives.

“These drivers benefit from substantial savings in fuel bills, insurance and tax – as well as doing their part for the environment. Electric car owners could save even more on running costs if they shop around for the cheapest deal when their insurance premium comes up for renewal. These drivers may also want to think about switching to a new Electric Vehicle Tariff for their home energy. EV Tariffs are designed to help motorists cut their energy bills by making it cheaper to charge electric cars overnight.”