Switching to electric power could save the average motorist more than £1.500 a year.

The dividend from investing in an EV is not just about saving the planet; it could also save your wallet in the long run.

The long view

New research from Dick Lovett reveals that UK drivers could save almost £1,700 by making the switch to an EV.

This is despite a 10% rise in the Energy Price Cap that has just come into force.

That’s enough to feed a family of 4 for 10 weeks (£157 p/w according to consumer research).

For a single person, it works out to more than nine months (£182 monthly average).

The savings are even more impressive when it comes to professional drivers, such as driving instructors, who spend most of the day on the road and cover huge mileage.

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To uncover just how much drivers could save by switching to EVs and charging with at-home chargers, Dick Lovett crunched the numbers on some of the UK’s most popular EV models.

 The MINI Cooper E Classic, the Tesla Model 3, and the BMW iX xDrive40 M Sport were selected to represent saloons, hatchbacks, and SUVs and were compared to three fuel-equivalent models.

The findings come as a new survey from Dick Lovett also found that more than half (57%) of British drivers said they would want to get an at-home EV charger installed if they got an EV.

The number of Brits searching online for “home ev charger installation” has increased (accurate as of 26/9/24) in the past quarter, suggesting interest in the area is growing.

Head turning

This same survey found that more than a third (34%) of Brits say that the more they see EVs on the road, the more they think about getting one.

It found that 27% of drivers see themselves driving an EV in the next two years.

Looking ahead to the next three years, almost two-fifths (37%) of drivers say they see themselves getting an EV, and by 2034, this number will rise to almost half (47%).

However, the same survey found that more than a third (36%) drivers would only consider an EV if energy prices improved.

While the price of a new EV is proving a headline issue in the media, Dick Lovett believes the public need to see beyond the windscreen sticker price.

Despite the hike in energy costs, running an EV will save all motorists.

Practical pricing

Full details of the cost-savings for each type of vehicle below:

  • Saloon drivers switching to an EV equivalent – such as the Tesla Model 3 – could save as much as £912 on fuel costs when charging on an at-home EV charger. However, if saloon drivers switch to an EV AND a cheaper EV energy tariff, they could save approx £1,165 each year. That’s almost six and a half months of food budget for one adult in the UK.

  • Similarly, hatchback drivers switching to an EV – such as a MINI Cooper E Classic – could save approx £935 on fuel costs when charging at home. This figure rises to around £1,284 in annual savings when switching to both an EV and an EV-specific energy tariff.

  • The most significant savings are with SUV drivers making the switch to EVs. When SUV drivers switch to an electric SUV – such as the BMW iX xDrive40 M Sport – they could save around £1,232 on fuel costs when charging at home. However, if they charge their electric SUV on a cheaper EV energy tariff, they could save an impressive £1,694 every year – that’s a saving of over £140 per month.

Estimates of all annual costs

Vehicle Type

Fuel cost (yearly)

At-home charging cost (yearly)

At-home charging (EV tariff) cost (yearly)

Saloon

£1,297.62

£385.53

£132.50

Hatchback

£1,467.15

£531.80

£182.80

SUV

£1,937.03

£705

£242.30

Charging the options

The cost-savings of drivers switching to EVs and charging at home depends on whether they’re doing it on an EV-specific energy tariff or a standard dual-fuel tariff.

When electric car drivers have EV energy home tariffs, they have access to exclusive cheaper rates for charging their cars at off-peak times and other benefits, such as discounted installation of home chargers.

Each of the EV and fuel equivalents for saloon, hatchback and SUV vehicles can be found below:

Saloon: Audi A4 Sport 40 TDI quattro S tronic (fuel) VS Tesla Model 3 (EV)

Hatchback: Volkswagen Polo GTI (fuel) VS MINI Cooper E Classic (EV)

SUV: Mercedes GLE 450 d 4MATIC AMG Line (fuel) VS BMW iX xDrive40 M Sport (EV)

You can view the full results here