12 million drivers are considering swapping to an electric vehicle in the next two years, potentially saving £8 billion in fuel costs, reveals new research by Uswitch.com, the comparison and switching service.
Electric car owners save an average of £329 a year, compared to the cost of running a petrol or diesel vehicle, based on typical annual mileage.
EVs have become increasingly popular among motorists, and their market share is expected to grow in the coming years as the Government bans sales of new diesel, petrol and hybrid vehicles from 2035.
Although switching to an EV and charging it at home increases energy bills, it works out cheaper than filling up on petrol or diesel, according to the analysis.
Electric car drivers say charging their vehicle at home adds £30.90 a month, the equivalent of £370 a year, to their energy bills. Meanwhile their petrol and diesel-driving counterparts say they spend £74.86 on fuel a month on average, or £898 a year. When adjusted for average mileage, electric vehicle owners save £27.48 a month compared to fuel, equal to £329 a year.
To ensure EV drivers are not paying over the odds to charge their car, owners should ensure they are on one of the cheapest fixed energy deals available on the market. Consumers on Standard Variable Tariffs who are charging their electric cars at home could save up to £7.69 a month — £92 a year — by ensuring they are on the best energy deal.
Charging at home is usually cheapest for electric vehicle owners. Motorway charging points are capable of delivering enough electricity to drive 100 miles in just half an hour — but it will cost about £6.50, compared to £4.15 on average with a 7KW wall charger at home.
Some 4.3 million drivers (11%) say they will buy an electric vehicle in the next two years, and an additional 7.6 million motorists (19%) are considering purchasing one in that time.