
THE BIG QUESTION:
IS Driving an Electric Vehicle Really Cheaper than using Petrol or Diesel
for a Private EV Driver ?
Let's find out by calculating the energy costs by Comparing 2 Examples:
The First example: No Home Charging available.
Recharging the Battery Using Public Ultra-Rapid Charging ONLY.
The Second example: With Smart Home Charging 75% of the time and Public Ultra-Rapid Charging for the remaining 25%. ie: Mixed Real world Electric Vehicle Charging vs Petrol vs Diesel Costs @ July 01 2024 Prices.
We will now Calculate the Annual Energy Costs only (refueling vs recharging)
FOR A MILEAGE OF 7000 Miles per year in 2024.
No other running costs are considered:
Example 1
Electric Vehicle: Electricity
Public Ultra-Rapid Charging ONLY Costs:
Electricity cost using Public Ultra-Rapid Charging ONLY @ £0.79 per kWh
Efficiency 3.5 Miles per kWh
7000/3.5 = 2000 (kWh) x £0.79 /kWh = Total Cost £1580

vs
Petrol @ 144.79 pence per litre unleaded 95 Ron (UK Price 01/06/2024) Efficiency 7.1 Miles per litre
7000/7.1 = 985.91 (Litres) x 144.79 = Total Cost: £1427.49*
Petrol @ 168.3 pence per litre (Super unleaded 97 Ron E5) (UK Price 01/06/2024)
Efficiency 7.1 Miles per litre
7000/7.1 = 985.91 (Litres) x 168.3 = Total Cost: £1659.28*
vs
Diesel @ £1.48 per litre ordinary grade (UK Average Price 01/06/2024)
Efficiency 20.0 Miles per litre (super highly efficient cdi)
7000/20.0 = 350 (Litres) x £1.48 = Total Cost: £518
+ Redex AdBlue 10 litres £16.99
£518 + £16.99 = Total Cost £534.99*
RESULT
You can Clearly see that Diesel is the Cheapest Option in this first example.
If you don't have access to a Home AC Charger / Workplace AC Charger and always pay premium DC public charging rates (p/kWh) there will be no real world financial savings when it comes to energy costs and in this case it would be more expensive to drive an EV over burning standard grade petroleum or use Diesel when it comes to the cost of Energy.
From an Environmental position however:
Your CO2 / Particulate emissions would be vastly reduced by driving Electric however, improving local air quality and assisting with Climate Change mitigation after 12,000- 17,000 Miles of EV Driving depending on the Vehicle.
IMPORTANT NOTE:
Not having a Home Charger does not preclude you from Driving and Enjoying an Electric Vehicle. It is Important to understand that You will not see the same savings as those with access to Home Charging and a special EV Charging Electricity Tariff via Smart Charging.
Those using Ultra-Rapid Public Charging ONLY may pay an additional £1080** per year more to Charge than those with access to Home Charging.
What can I do to reduce my costs?
By making use of Tesla Superchargers (via CCS2 only), Paying a Monthly Subscription to reduce the rates p/kWh, Selecting the Cheaper Rapid & Ultra-Rapid networks, Charging Off-Peak such as INSTAVOLT'S 54p/kWh offer, Workplace AC Charging if available and Destination AC Charging you will able to mitigate / reduce your Charging Costs as much as possible - So a MIX of Charging options is still available to you.
Example 2
Now Let's add in that
Home Charger:


Electric Vehicle
Electric Home Charging1500 kWh @ 7p/kWh
Home electricity cost (75% of your total or 5250 Miles)
1500 kWh x 7p/kWh = £105 (INCREDIBLE!)
+
Electric Public Ultra-Rapid Charging 500 kWh (25% of your total or 1750 Miles )@ £0.79 per kWh 500 kWh x £0.79 = £395
Combined Total £105 + £395 = £500
SO THE RESULTS WITH SMART HOME CHARGING ARE VERY DIFFERENT:
You could actually save up to £927.49* over 95 Ron Petrol ONLY or £1159.28* over 97 Ron Super Unleaded E5 ONLY, if you Drive Electric, have a Home Charger and use it for 75% or more of your Charging.
Further Summary:
Super Unleaded Petrol Refuelling ONLY is the most expensive.
Electric Vehicle Charged by Public Ultra-Rapid Charging ONLY is the next most expensive, followed by Unleaded 95 Ron Petrol, with Ordinary Grade Diesel the cheapest by a wide margin.
Electric with Home Charging 75% of the time and Public Ultra-Rapid Charging 25% of the time is the Cheapest in this Comparison example but it's very close to the cost of using Diesel, Making the decision to Go Electric much more Favourable.
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Point of note:
If you Charged at Home only and never used Public Rapid Charging the Cost for 7000 Miles would be:
2000 kWh x 7p/kWh OVO = £140* in energy costs.
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However your Range would be limited to the Maximum of your Vehicle after 1 Charge to 100% Capacity.
Some Electric Vehicle owners never use Public Charging as they always stay within a Radius within the driving Range of their Vehicle.
​*In Year 1 you would also need to pay for your home charger to be installed at a Cost of around £1000. (Starting at £914 with OVO)
You will also be paying a standing Charge of around 60.99*** pence per day for Home electricity.
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Conclusion:
Driving Electric can Save you money - but it's best to Charge the majority of the Time at Home with Smart Home Charging.
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*7000 Miles is around the Average UK mileage driven in 2023.
You don't have to be average, you just be you and adjust the figures accordingly.
Prices vary over time for Petrol Diesel & Electric.
*Charge anytime add on tariff required for the cheapest rates.
***As of 01 October 2024. Always carry out your own due diligence.
** In this example for the avaerage Private EV Owner/ Driver. Costs and Savings will vary.
AC Alternating Current usually 7 / 11/ 22 kW
DC Direct Current >150kW for Ultra-Rapid Charging
85-90% OF UK EV Drivers regularly Charge their Vehicles at Home.
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