Electric vehicle owners are now paying half as much in annual running costs compared to those driving petrol cars, according to new research.
New electric car drivers are paying just £1,154 per year, marking a 50.2 per cent reduction from the £2,316 spent by petrol car owners.
The comprehensive study examined key ownership expenses including road tax, refuelling or recharging costs, servicing, and insurance premiums.
These findings demonstrate a pronounced shift in the financial advantages of EV ownership, with savings accumulating across multiple aspects of vehicle running costs.
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Electric vehicle owners can save more than £1,000 a year in costs compared to a petrol car owner
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The most dramatic cost difference comes from refuelling, where petrol car owners face significantly higher expenses than their EV counterparts.
Drivers covering 10,000 miles annually in a petrol vehicle spend £1,209 on fuel, while EV owners pay just £174 for electricity when smart charging at home on dedicated EV tariffs.
These savings could be even greater for EV drivers accessing the cheapest available rate of 5p/kWh, resulting in annual charging costs of only £115.
Research shows 92 per cent of EV charging occurs at home, with just eight per cent using public charging networks.
Even when factoring in the occasional use of more expensive ultra-rapid motorway charging at 81p/kWh, EV drivers still pay approximately 25 per cent less for power than petrol users.
Servicing costs also reveal significant advantages for electric vehicles, with annual costs of £232 compared to £295 for petrol cars.
The savings grow more substantial over time, with five-year servicing costs for EVs totalling £3,857 - a third less than the £5,514 required for petrol vehicles.
David Martell, CEO of Andersen, the UK's premium EV charger, emphasised the price differences for electric vehicles over petrol counterparts.
He said: "To build increased momentum in the shift to clean electrified mobility, it is crucial that more UK drivers better understand true EV ownership costs - including ultra-low 'smart' charging tariffs, incredible savings on road tax and servicing, and rapid falls in insurance costs."
Insurance remains the one area where EVs currently face higher costs, with electric car owners paying £125.81 more annually than petrol drivers, according to Confused.com data.
However, electric vehicle insurance costs are falling rapidly, with an 18 per cent decrease recorded in 2024 alone.
Further premium reductions are expected, driven by the 21.4 per cent increase in battery electric vehicle ownership last year, according to the Society of Motor Manufacturers and Traders.
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Average car insurance prices for EV owners remain slightly more expensive than petrol vehicles
GETTYRoad tax presents another saving, with EVs currently paying zero compared to a minimum of £190 for petrol vehicles.
While this will be changing in April, electric vehicles will still benefit from far cheaper car tax costs compared with petrol and diesel models.
