Switching to an electric car could save drivers almost £1,800 a year on charging at home compared to fuelling a petrol car, new figures suggest.

EV drivers on the standard energy price cap spend on average over £800 less a year on charging at home than petrol car owners spend on fuel

Cornwall Insight analysed at-home charging data for EV drivers. It found that EV drivers on the standard energy price cap spend on average over £800 less a year on charging at home than petrol car owners spend on fuel; standing at £630 a year and £1,432 respectively.

This rises for high-mileage drivers, with savings of £1,154 annually.

But the biggest savings are available to those on specialist off-peak EV tariffs. These can offer average annual savings of up to £1,240 compared to petrol, increasing to £1,780 for high-mileage drivers.

Despite this, research from Uswitch shows up to 82% of EV drivers may not be taking advantage of these more cost-effective tariffs.

EV-specific tariffs, which reward drivers for charging overnight when electricity demand is low, can dramatically reduce running costs. However, they aren’t right for everyone. Some come with higher peak-time rates and standing charges, meaning households need to be aware of how and when they use electricity more broadly.

Cornwall Insight’s research also highlights the growing ‘driveway divide’ gap between those who can charge their EV at home and those who can’t. Some 40% of drivers do not have access to home charging facilities, but public rapid charging remains the most expensive way to power a vehicle, bringing into focus the cost pressures faced by public charging operators and how best we might support their important role in the transition.

With less than a decade before all new conventional fossil fuel cars are banned in the UK, the researchers said the data underlines the urgent need for wider access to public, home and apartment-based charging infrastructure.

Rhys Brown, senior analyst at Cornwall Insight, said: “These figures demonstrate the real-world savings available to EV drivers who have the means to charge at home – even on the standard price cap tariff. But the bigger opportunity lies in switching to an EV time-of-use tariff, which could mean putting well over £1,000 a year back in the pocket of a typical driver.

“If we’re serious about accelerating the shift to electric, we need to make these savings more accessible. 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.”

Annual cost of refuelling across charging methods and petrol (as of April 2025)

Source: Cornwall Insight – EV Insight Service

Notes: Average mileage of 7,000 miles, high mileage of 10,000 miles. Annual figure assumes 100% of refuelling done by each method. EV Tariff rate assumes all charging done during off-peak period. Petrol prices are from the Government’s weekly road fuel  prices report. Figures based on average vehicle efficiency of 3m/kWh and 30mpg.