Tens of millions of Britons could benefit from switching to a battery electric vehicle and save thousands of pounds a year, according to new research.
The "Cost of Driving Electric" (CODE) report, which was published today, shows that 80 per cent of drivers could save money by switching away from traditional petrol and diesel vehicles.
The research took into account the total cost of ownership for 50 different electric vehicles and 480 scenarios via the industry body Electric Vehicles UK.
It found that, across the 480 studies, drivers would save an average of £5,850 across five years for a used vehicle and four years for a new EV.
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Drivers could save thousands of pounds by switching to an electric vehicle, according to new data
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The study considered all associated costs with buying and running an electric vehicle, including purchase price, charging, servicing, insurance, tax and depreciation.
Across the lifecycle of an electric vehicle, a used EV would see drivers spend £2,781 less than if they had an equivalent internal combustion engine model.
Dan Caesar, CEO of EVUK, said the CODE report would be the first of many initiatives launched by the industry group to show how affordable electric motoring can be for those hesitant to switch.
He said: "It is our mission to present the whole picture and not just present a partial - or even partisan - picture, of the realities of driving electric.
"EVUK was launched to bring the EV industry together, as one, and better educate mainstream drivers around common uncertainties and explain the many benefits of battery EVs, to accelerate uptake in the UK."
Data from Zapmap shows there are almost 75,000 electric vehicle charging devices around the UK, including more than 14,700 rapid and ultra-rapid public devices.
This is in addition to an estimated 850,000 charging points installed at homes or workplaces, with experts predicting that these figures will continue to grow as brands phase out petrol and diesel vehicles.
Experts also repeated calls for the Government to slash the rate of VAT on public charging devices from 20 per cent to five per cent to match the VAT rate attributed to home chargers in a bid to give people more confidence to switch to an EV even if they do not have a home EV charger.
Quentin Willson, TV presenter and founder of FairCharge, said: "Anybody who has owned an electric car for any length of time knows how cheap they are to run. Low home night-time tariff charging and the vastly reduced need for regular garage maintenance are just two of the most significant benefits. Over four years - and 45,000 miles - all my EV has needed is one set of tyres.
"Compare that to at least three services, a cam belt change and probably a set of brake pads on the equivalent ICE car, and I’m a couple of thousand quid ahead."
A further survey from Electrifying.com found that only 45 per cent of people were aware of off-peak energy tariffs that can significantly reduce the cost of owning and charging an EV.
Chancellor Rachel Reeves introduced several measures in the Autumn Statement last October to boost the sale of electric vehicles, most notably for first year tax rates. From April, new electric vehicles will pay a first year rate of just £10, while people who buy the most polluting petrol and diesel vehicles will be slapped with a £5,490 tax bill.
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GETTYJames Court, Public Policy Director for Octopus EV, added: "The EVUK Cost of Driving Electric research is comprehensive and underscores the true picture of owning an EV, they save the consumer money.
"EVs also drive better, offering levels of tech and comfort superior to an ICE. Why would anyone really want to go backwards? The UK public needs this level of comfort, from trusted voices, to help them make the switch.
"Our own commissioned research found that 90 per cent of drivers won’t go back once electric. Save money, save the planet, drive electric."
