The cost of fuel vs the cost of EV charging

Thursday 4th May 2023

Since electric vehicles (EVs) came onto the market in the early 2010s one of their key selling points has been the low cost of running an electric vehicle as the cost of charging has historically been much cheaper than the cost fuel.

Since the end of 2022, the cost of energy has risen enormously. For most people, electricity prices have practically doubled. In this guide, we’ll explain how much it costs to run an electric car and how it compares to its fuel engine counterparts.

How much does it cost to run an electric car?

The cost of charging your EV can vary wildly depending on where you charge your car. For example, if you have a car charging port at work, it’s usually free to use for employees. Also, most public locations like supermarkets or car parks offer free charging for the duration of your stay. Meaning the more expensive options for charging an electric vehicle are from charging your car at home, or using a rapid charging point, such as the ones found at motorway service stations.

To compare the cost of charging a vehicle we will compare an average size car with the average cost of the electricity, which is 33.89p/kWh* and the average price of unleaded petrol at 146.89p per litre*.   

Charging at home Vs fuel

So, for an average car charging exclusively at home will likely cost the same price per mile. However, if you own an EV there are other options for you to charge your vehicle other than exclusively from home, which will help you to reduce charging costs.

Charging your EV at work

The cost of charging an EV at work will vary from workplace to workplace. This is because some companies incentivise employees to charge their cars for free, whereas others will set a paid tariff to encourage employees to share the charging stations.

Charging your EV in public

Some public charging points are free to use and there are a number of apps that can be used to find free places to charge your vehicle. For example, most public charge points at car parks, shopping centres or supermarkets are free to use for the duration of your stay.

Rapid charging  

Rapid charging stations are usually found in motorway service stations and are typically a more expensive method of charging your car. Averaging at about 73p KwH and delivering about 90 miles of charge in half an hour.

So, do EV’s come out on top? While the gap between fuel and electric is closing in terms of cost effectiveness. The full cost will vary depending on where you charge it along with the make and model of your car.

Own an EV already? Look at our top tips to help extend your EV’s driving range. Or, if you own a hybrid or fuel car then don’t forget to book your vehicle in for a regular service. Find your nearest centre today.

*based on prices https://www.gov.uk/government/publications/energy-price-guarantee-regional-rates/energy-price-guarantee-regional-rates-april-to-june-2023 and https://www.fleetnews.co.uk/costs/fuel-prices/