Refuelling Your Car: Is Electric cheaper than petrol?

Refuelling Your Car: Is Electric cheaper than petrol?

Are you ready to switch from an internal combustion engine (ICE) vehicle to an electric vehicle (EV)? Whether you aim to positively impact the environment or escape the escalating prices of petrol and diesel, answering the question “Is electric cheaper than petrol” and understanding the cost dynamics between electric and petrol cars is crucial.


In this blog, we will demonstrate that charging an electric vehicle is likely to be more cost-effective than using petrol in 2025 despite electricity prices increasing. We will explore other ownership expenses, such as maintenance, charging point installation and insurance, to provide a thorough but fair overview of the financial advantages of electric vehicle ownership.


Cost To Fill Up My Car With Petrol

Recently, the cost of both fuel types (petrol and diesel) has increased significantly. In July 2022, the UK experienced record prices, reaching approximately 191 pence per litre for petrol and 199 pence per litre for diesel. This is a substantial rise from the previous year’s prices where petrol was about 132 pence per litre and diesel was around 134 pence per litre.


Although prices have decreased since those peak levels, filling an average car still costs approximately £82 for diesel and £79 for petrol.


The fuel price is affected by various factors, including the cost of crude oil, which is essential for refining petrol, and the exchange rate when purchasing raw products.


Close-up hand pumping petrol into a car

Filling a car with petrol can cost considerably more than filling it with electricity

Cost To Fill Up My Electric Car

The cost of charging an electric car varies based on location, tariffs and time of charging. Typically, for EV drivers, slower charging options are more economical.


Charging at home overnight is often the most cost-effective method of powering your electric vehicle due to electricity rates decreasing during off-peak hours.


In contrast, using a rapid charger tends to be the priciest option for adding range to your battery, with average costs reaching around 18p per mile.


Additional Costs To Consider

Road Tax

  • Fully battery electric vehicles (BEVs) currently do not incur any road tax in the UK, allowing owners to save hundreds of pounds annually. However, this policy will be adjusted starting in April 2025.

  • In 2025, the flat rate for petrol or diesel car tax is set at £190. However, if your car had a list price exceeding £40,000 at the time of its initial sale, you may also incur a ‘premium car tax’ fee. This fee adds £410 to the annual Vehicle Exercise Duty (VED) costs.


EV Charger Installation

  • A home charge point costs between £800 and £1,500, depending on the installer and model. The Electric Vehicle Homecharge Scheme (EVHS) closed in April 2022, but a new scheme is available for renters and flat residents, offering up to £350 towards the cost of one chargepoint and installation.


Purchasing Price

  • Purchasing an electric vehicle can be significantly more expensive than buying a new petrol car. Typically, EVs are priced between 20% and 40% higher than their petrol counterparts. Currently, the average cost of an electric car ranges from £48,000 to £50,873, while one of the most affordable options on the market is the compact two-seater Citroen Ami, which is priced at £7,695 and offers a range of 46 miles. 

  • In comparison, the average price for a medium-sized petrol car is approximately £21,964, which is nearly £28,000 less than that of a brand-new electric vehicle.


POD POINT TWIN GUARD RAIL with a car plugged into the Pod Point charger

Commercial charging can cost significantly more than home charging

 

Refuelling Convenience And Accessibility

Current data indicates that the UK now has around 8,471 charging locations dedicated to electric vehicles. In comparison, only 8,400 petrol stations are left, highlighting the swift expansion of infrastructure needed to support greener transportation.


While it is clear that charging an electric vehicle takes significantly longer than refuelling a conventional petrol or diesel car, drivers need to consider recharging their vehicles in a way that avoids these extended waiting times, such as at home or a rapid charging point. 


Is Electric Cheaper Than Petrol? The Final Verdict

Electric vehicle charging generally offers a more economical alternative to refuelling conventional petrol or diesel cars. The amount you save can vary based on the charging method you opt for and energy prices. However, even the highest-cost rapid charging options typically remain less expensive than filling up a traditional fuel tank.


On average, the cost of refuelling a petrol or diesel vehicle ranges from 19 to 21 pence per mile. On the other hand, electric vehicle charging costs can be significantly lower- home charging can be as affordable as 3 pence per mile, public charging around 14 pence per mile and rapid charging approximately 18 pence per mile.


With this information, “Is electric cheaper than petrol” is easier to answer. There is a substantial cost-effectiveness when transitioning to electric driving, particularly when using home charging options.


Browse home charger options available at Volta EV to make the switch to electric today!


Get in touch with the experts to discuss your best EV charging options here.