Electric vehicle drivers are benefiting from increased savings on running costs compared to petrol and diesel vehicles, despite soaring energy prices.

Drivers are now paying around 20.3p a mile for unleaded petrol and 18.6p a mile for diesel, compared with around 7p a mile for an EV

New analysis shows that while UK drivers are facing increased running costs for all types of vehicle, it’s ICE drivers who are being hit hardest on the back of some of the highest pump prices ever seen in the UK for petrol and diesel.

The research by global vehicle charging specialist CTEK was based on an average annual mileage of 10,000 miles and found that EV drivers using home charging are now paying around £200 (40%) more for electricity to fuel their vehicles than they were two years ago, with drivers of petrol vehicles facing a £435 (27%) increase and diesel drivers paying £484 (35%) more for fuel.

It means that even with the recent increase in the energy price cap, the price gap between the cost of fuel for an ’EV mile’ and a petrol mile has actually increased by around 22% over the past two years, and the fuel price gap between an EV mile and a diesel mile has widened by around 32%, according to CTEK.

As of 24 April 2022, the average price for a litre of petrol stood at 162p a litre, up by 28% (35p) compared with pre-Covid prices in February 2020, and the average cost for diesel was up by 35% (46p) to 177p a litre.

Domestic customers are currently paying around 28p per kWh for electricity, up by 8.4p (43%) compared to the 2020 average domestic electricity tariff of 19.6p per kWh.^.

”Drivers are now paying around 20.3p a mile for unleaded petrol and 18.6p a mile for diesel, compared with around 7p a mile for an EV,” said Cecilia Routledge, global director, energy & facilities. “Rising global fuel prices are having a significant impact on the cost of motoring for EV owners and drivers of fossil fueled vehicles alike.

”This means that, based on an average annual mileage of 10,000 miles, EV drivers are seeing a cost saving of around £1,325 a year compared with a petrol vehicle, and £1,163 compared with diesel. In 2020, the savings were £1,090 for EVs compared with petrol, and £880 against diesel. Drivers can also make further savings if they’re able to take advantage of cheaper off-peak charging tariffs.”

”Drivers clearly have a lot of factors to think about when considering the switch to electric,” Routledge continued. ”But when we consider everything in the round, even though the upfront cost of an EV remains relatively high compared to conventional vehicles, the widening price gap between the cost of fossil fuels and electric home charging, together with the significant tax advantages and the benefits to the environment from zero-emission driving, still make EV driving an attractive option – for motorists, and for the planet too.”