Is Owning an Electric Car Actually Any Cheaper Than a Petrol / Diesel Car??
With the Energy price cap increasing and the cost of living crisis at the forefront of everyone's minds, we're going to answer the most common question in the world of EVs.
Is It Actually Any Cheaper Having to Charge an Electric Car as Apposed to Filling It Up With Fuel?
The cheapest option to get your hands on a second-hand electric car today is a Renault Zoe so we're going to use that for the example and compare it to the average miles per gallon (MPG) of a petrol/diesel car.
Renault Zoe (22KWH)
UK average price for electricity is 34p per Kilowatt Hour used. (gov website 8th Sep 2022)
Total cost to fill a Renault Zoe = 34p x 22 Kilowatt Hour battery = £7.48
Range given = 75 miles
1 Gallon of fuel is 4.54 Litres
UK average cost of fuel is £1.70 (£1.60 Petrol, £1.80 Diesel - globalpetrolprices.com)
1 Gallon of fuel = £7.78
The average UK miles per gallon for petrol/diesel cars is 38.8mpg (nimblefins.co.uk)
Electric Renault Zoe - £7.48 - 75 miles
Petrol/Diesel - £7.78 - 38.8 miles
For a petrol or diesel car to cover the same mileage (75 miles) the cost would be £15.01.
These are UK averages; the fuel prices, the mpg of your car, etc will obviously differ.
This Basic First Look at Energy Prices vs Fuel Prices Shows Us Promising Figures for Owning and Charging an Electric Car.
So over a month, what difference does that actually make to us?
On average, drivers in the UK cover 617 miles per month, (nimblefins.co.uk) so the saving for using electricity would be, drum roll, please.
£62.18 EVERY MONTH or £746.14 EVERY YEAR !!!!!
Other cost savings to remember.
Servicing - Typically electric cars are considerably cheaper when it comes to your annual service because they benefit from having no fuel filters, no oil filters, and no oil changes...
Tax - Electric cars go FREE!
Solar - If you have solar panels installed at home as some of our customers do, you can then save on charging costs and just used stored electricity from your roof - winner!!
Overnight charging - If you are on a day/night tariff, the prices per KWH mentioned in the cost breakdown will be considerably less, making your monthly and annual savings even greater.
If you think you'd like to find out any more about making the move to electric or have questions that you'd like some light shed on just give us a call. We're happy to help or advise you on owning and living with an electric car.