Electric cars have hit a major tipping point in the UK, as new data shows many models now cost the same as – or even less than – petrol cars on a monthly lease.

The figures from Octopus Electric Vehicles show the firm’s median monthly lease price for an EV is now £369, compared with £409 for the median petrol car listed on Leasing.com.

And several models, including the Dacia Spring and Citroën ë-C3, are now significantly cheaper to lease than petrol equivalents.

That means drivers can now go electric and save upwards of £1,600 over the course of their lease on monthly payments, while also swerving volatile petrol prices and benefiting from lower running costs.

Octopus EV said greater competition, better supply chains and cheaper batteries have helped bring EV prices down, as drivers switch in droves to access greater value driving. At the same time, ranges have improved and charging has become easier than ever.

Popular EVs now beating petrol rivals on price

It’s not just leasing where drivers are making savings; Autotrader data recently showed that new electric cars are now cheaper to buy than petrol models on average for the first time, including discounts and government grants.

Gurjeet Grewal, CEO of Octopus Electric Vehicles, said it was a real “line-in-the-sand moment for drivers”.

“For years, people assumed EVs were the expensive option – but the market has changed dramatically.

“Today, many electric cars are cheaper to lease than petrol, diesel or hybrid alternatives. And when you add lower charging and maintenance costs, the savings become even clearer.

“With petrol prices rising again, more drivers are looking for ways to cut costs and future-proof their finances. There’s never been a better time to make the switch.”