Switching to an EV could save drivers over £800 a year in refuelling costs
Posted by: electime 24th April 2025
New figures reveal that electric vehicle (EV) drivers on the standard energy price cap are spending on average over £800 less per year on charging at home than petrol car owners spend on fuel.
With EV owners on the price cap paying £630 a year compared to £1,432 for petrol car owners.
The data from Cornwall Insight shows this rising for high-mileage drivers, with savings of £1,154 annually.
But the biggest savings are available to those on specialist off-peak EV tariffs. These can offer average annual savings of up to £1,240 compared to petrol, increasing to £1,780 for high-mileage drivers. Despite this, research from Uswitch3 shows up to 82% of EV drivers may not be taking advantage of these more cost-effective tariffs.
EV-specific tariffs, which reward drivers for charging overnight when electricity demand is low, can dramatically reduce running costs. However, they aren’t right for everyone. Some come with higher peak-time rates and standing charges, meaning households need to be aware of how and when they use electricity more broadly.
Cornwall Insight’s research also highlights the growing gap between those who can charge their EV at home and those who can’t. Public rapid charging remains the most expensive way to power a vehicle, bringing into focus the cost pressures faced by public charging operators and how best we might support their important role in the transition. With less than ten years before all new fossil fuel cars are banned in the UK, this data underlines the urgent need for wider access to public, home and apartment-based charging infrastructure.
Rhys Brown, Senior Analyst at Cornwall Insight: “These figures demonstrate the real-world savings available to EV drivers who have the means to charge at home – even on the standard price cap tariff. But the bigger opportunity lies in switching to an EV time-of-use tariff, which could mean putting well over £1,000 a year back in the pocket of a typical driver.
“If we’re serious about accelerating the shift to electric, we need to make these savings more accessible. That means clearer information about tariffs, smarter household energy use, and crucially much better charging access and lower costs for the millions who can’t plug in at home.”
