Douglas Cook
06 November 2023
Looking to find out how much you’d save by switching to an Electric Vehicle (EV)? You’ve come to the right place!
Rising fuel prices and concerns for the welfare of our planet have more and more people looking to make the electric switch. While EVs have several advantages, including zero tailpipe emissions, less noise pollution and requiring less maintenance, the biggest factor for the everyday person will always be cost.
Calculating the exact running costs for each can be quite time-consuming, but never fear if your maths skills aren’t quite up to scratch; we’ve created an easy calculator to help compare EV versus fossil-fuelled cars. As a starting point, we’ve put in some average fuel prices and efficiency for each vehicle type. All you need to do is adjust for the exact details of your own vehicles.
We’ll also compare a few tariffs for you in this blog so you get an idea of what to expect when you buy an EV. Let’s explore:
How to maximise your savings when charging your EV
One of the biggest factors impacting your EV running cost is where you choose to charge. Thankfully, the number of charge points in the UK is growing fast, with over 75,000 public chargepoints now available across the UK.
For public networks, charging speeds and prices vary wildly across the country; wherever possible, we’ve tried to base our comparisons on a charger of 50kw or more. Meanwhile, on home tariffs, different providers have different limitations based on the time of day and other factors.
| Charging Provider | Unit Rate (£/kWh) | Unit Rate v Standard Home Rate |
| Pod Point | £0.44 | +£0.12 |
| Charge Place Scotland | £0.58 | +£0.20 |
| Tesla Supercharger (Non-Member) | £0.77 | +£0.39 |
| Osprey | £0.82 | +£0.43 |
If you’re fortunate to have the option to install an EV charger at home, you can start to make substantial savings with the help of an EV Tariff.
What is an EV Tariff and how do they work?
An EV tariff is a type of energy deal designed specifically for EV owners. These Tariffs are similar to Economy 7 or other time-of-use (TOU) plans, offering cheaper electricity during off-peak hours, typically overnight.
The key benefit is reduced unit rates for charging your EV when demand is low. While the discounted hours are often slightly shorter than those offered by standard TOU tariffs, the daytime rates can also be more competitive, though they may still be higher than those on standard price-capped tariffs.
Although EV tariffs are tailored for EV drivers, the lower off-peak rates apply to all your electricity use. This means you can save money not just on car charging but also on running appliances like washing machines or using other devices during those cheaper hours.
Comparing the best EV Tariffs
Tariffs can be challenging to compare. Prices change frequently, and new ones pop up frequently. That doesn’t mean we can’t try.
To help you compare, we’ve crunched the numbers on average electricity rates and estimated annual costs. Since there’s no official ‘average’ usage figure for EV drivers, we’ve based our calculations on a typical household with one EV, charged from empty to full once a week.
We’ve also assumed that all EV charging happens during off-peak hours to reflect how these tariffs are designed to be used. While that may not reflect everyone’s setup perfectly, it gives us a useful benchmark. That said, EV tariffs can be tricky to compare like-for-like, so treat this as a shortlist of suppliers worth checking out rather than a definitive ranking.
Without further ado, let’s compare:
How much can I save through an EV Tariff?
Estimates vary, but most agree on one thing: switching to an EV tariff can save you hundreds of pounds a year compared to sticking with a standard energy plan.
Exactly how much depends on a few key factors:
- What kind of EV you drive
- How often (and how far) you drive it
- How much of your overall energy use happens off-peak
Even if you don’t switch tariffs, running an EV still tends to be cheaper than fuelling a petrol or diesel car. But if you’re charging at home regularly, an EV tariff could take those savings even further.
Why? Because EVs can increase your household electricity use by up to 50%. The good news: Off-peak EV tariff rates are often significantly lower than what you’d get on something like Economy 7. Prices on time-of-use tariffs can vary daily, so exact comparisons are tricky, but the trend is clear. If you’re charging overnight, an EV tariff is likely the smarter choice.
One more tip: If you don’t yet have a home charger, look out for EV tariffs that include charger installation. Bundled deals can offer extra value and help you get set up faster.
What else can influence EV running costs?
Your driving style can have a significant impact on the running costs of both fuel and electric cars. Aggressive driving, such as rapid acceleration and hard braking, can decrease the fuel efficiency of a fuel-powered car and drain the battery of an electric car more quickly. On the other hand, smooth and steady driving can help improve fuel efficiency and maximize the range of an electric car. Additionally, driving at higher speeds on the motorway can also decrease fuel efficiency and range. Therefore, adopting a more efficient and gentle driving style can help reduce the cost of running both fuel and electric cars.
In general, the cost of running an electric car is lower than a fuel-powered car due to lower fuel and maintenance costs. However, the upfront cost of an electric car is often higher than a fuel-powered car. So, while in general most people will find EV ownership to be cheaper than a comparable traditional car, this will depend on individual factors such as driving habits, the cost of electricity and fuel in their area, and any available government incentives or tax credits.
EVs are already cheaper to run than petrol or diesel cars, but with the right tariff, you can make them even cheaper. If you’re charging at home, an EV-specific energy deal is worth a look. You’ll save money, reduce your impact on the grid, and make your switch to electric even smarter.
