New figures from research consultancy Cornwall Insight have shown that EV drivers could save hundreds or even thousands each year depending on how and where they charge their vehicle.
The data shows that EV drivers on the standard energy price cap spend around £630 per year to charge their car for daily use, compared to petrol car drivers who spend around £1,154 per year to fuel their vehicle. For high-mileage drivers, the savings are even more significant, with drivers with the highest use able to save up to £1,154 annually by switching to an EV.
More significantly, those on specialist off-peak EV tariffs could see the most financial benefit from driving an EV. Cornwall Insight notes that these tariffs can bring average annual savings of up to £1,240 compared to petrol vehicles. This figure rises to as much as £1,780 for the highest mileage drivers. Specialist time of use tariffs, especially those designed for EV drivers, have seen a meteoric rise in the past year, with Ofgem’s recent State of the Market report noting that uptake of these tariffs has increased by 75% in the past year, with EV-specific tariffs growing by 107% across 2024. Around 62% of home EV chargepoints make use of a specialist EV tariff.
The gap between home and public charging costs
Cornwall Insight’s research also draws attention to the steadily increasing gap between the costs of charging an EV at home and with public chargepoints. According to Cornwall Insight, the costs of using public chargepoints vary significantly depending on the charger speed, but all are more expensive than charging at home on either a standard price cap tariff or a specialist EV off-peak tariff.
The average cost for using a slow-speed public chargepoint sits at £1,213 per year, with public fast charger costs sitting at £1,306. In fact, those who exclusively charge their vehicles with rapid public chargers may actually be spending more than those who drive petrol cars – with the average rapid charger cost falling at £1,726 compared to the average yearly petrol cost of £1,432.
Rhys Brown, senior analyst at Cornwall Insight, said that these figures reflect the opportunities available when switching to an EV, for those who have the means to charge at home. However, he added that these savings must be made more accessible, noting: “that means clearer information about tariffs, smarter household energy use, and crucially much better charging access and lower costs for the millions who can’t plug in at home.”
