Electric vehicle (EV) drivers are saving big – but many aren’t cashing in on the full benefits.
New data from Cornwall Insight shows that EV owners on the standard energy price cap are spending just £630 a year to charge their cars at home – that’s £802 less than the average £1,432 a year spent by petrol drivers.
High-mileage EV drivers are saving even more, pocketing up to £1,154 annually.
The savings supercharge further for those on off-peak EV tariffs. These specialist deals, designed to reward overnight charging, can slash annual costs to as low as £192 – a potential saving of £1,240 a year compared to petrol and a whopping £1,780 for higher mileage users.
But there’s a catch: most EV drivers aren’t taking advantage.
Research shows up to 82% of EV owners could be missing out on cheaper off-peak deals.
These tariffs come with a trade-off – higher peak-time rates and standing charges – meaning drivers need to be smart about when they use electricity. Still, the savings for savvy users are clear.
However, the real divide is between those who can charge at home and those who can’t.
These figures demonstrate the real-world savings available to EV drivers who have the means to charge at home – even on the standard price cap tariff. But the bigger opportunity lies in switching to an EV time-of-use tariff, which could mean putting well over £1,000 a year back in the pocket of a typical driver.
“If we’re serious about accelerating the shift to electric, we need to make these savings more accessible.
Rhys Brown, Cornwall Insight:
Public rapid charging remains the priciest way to power an EV, raising questions about how to support fair access as the UK races toward the 2035 ban on new fossil fuel cars.
With less than a decade to go, the figures highlight a critical infrastructure gap.
Expanding access to public and flat-based chargers is now essential to ensure that everyone can benefit from the EV switch – not just those with driveways and garages.
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