The simple answer is a resounding yes. Now more than ever, electric vehicles offer more economic travel compared to petrol or diesel powered cars. However, the size of the savings can depend on several factors.
In this article:
The cost per mile for electric vs petrol cars
If you use an off-peak tariff to charge your EV overnight, you could pay as little as 2-3p per mile. That means a 100 mile journey would cost around £3.
Compare this to a petrol car using fuel at £1.58 a litre and averaging 40 miles per gallon. This vehicle would cost around 18p per mile to drive, or around £18 to travel 100 miles*.
Obviously the cost of charging an electric car at home can vary.
Efficiency and real-world fuel savings
One of the main areas electric cars can help cut fuel costs is through their efficiency. Standard engines lose energy as heat, but EVs can convert a much higher proportion of stored energy into motion.
Other factors can affect efficiency too. Driving at higher speeds, carrying heavy loads or using heating and air conditioning can all increase energy consumption, just as they do in petrol cars.
Weather also plays a role, with colder temperatures slightly reducing battery efficiency, although there are many ways to counter this.
Even so, for most everyday driving scenarios, electric cars remain noticeably cheaper per mile.
Break-even points for fuel savings
While EVs are typically cheaper to run, they can be slightly more expensive to buy. This means it can take time for fuel savings to offset the initial price difference.
Based on the above example of cost per mile, a driver averaging 12,000 miles a year would save more than £1,600 a year in fuel alone. However, annual mileage, electricity and fuel prices, plus charging habits all play a part in calculating costs.
Also, don’t forget that EVs have fewer maintenance needs, which can also reduce costs.
Maximising fuel cost savings
When it comes to getting the greatest financial benefit from an electric car, how and where you charge makes a significant difference. Home charging is typically the cheapest option, especially when combined with off-peak electricity tariffs. As we mentioned earlier, charging overnight can bring the cost-per-mile down to just a few pence.
Planning ahead before longer journeys is a simple way to help minimise reliance on expensive public chargers.
The way you drive also plays a role. Smooth acceleration, moderate motorway speeds and efficient use of climate controls can all help maximise range and reduce energy consumption.
Savings for the taking
- A big difference – an EV can cost as little as 2–3p per mile to drive^, compared to 18p for petrol.
- Long term savings – while upfront costs are higher, fuel savings alone could reach over £1,600 per year.
- Plug and play – maximising savings comes down to home charging, planning journeys and efficient driving habits.
* Price sourced from UK Government Fuel Finder data, correct as of May 2026.
^ https://www.smarthomecharge.co.uk/guides/home-charging-costs/
