Driving an electric car for a year costs almost £600 less than its petrol equivalent after fuel prices rose more than electricity costs, research by comparison website Compare the Market has found.
Electric vehicles were already cheaper to operate, according to figures shared with The Guardian, but the gap has widened significantly amid the turmoil in global energy markets caused by the war in Ukraine.
The average annual cost of driving an electric vehicle is £1,264, Compare the Market found, compared to £1,834 for a petrol car.
Driving any type of vehicle is noticeably more expensive than it was a year ago.
Gasoline prices hit record highs in March and have only dipped slightly this month, while the new price cap on household energy bills, which came into effect on April 1, has brought with it higher electricity costs.
Petrol cars saw the biggest cost rise, more than £300 from £1,530, while owning an electric car is £137 more expensive than it was in 2021. The change means the cost advantage of an electric car has been lost. expanded from £403 to £570.
The figures take into account the average costs of insurance, ITV and fuel, as well as the excise vehicle tax of £165 for a petrol car, a tax from which electric cars are exempt.
The research was based on a driver who traveled 6,700 miles a year and paid £1.62 a liter for petrol or 28p a kWh for electricity.
Drivers who have special electric vehicle rates for their energy will pay much less for charging, so the savings will be even greater.
Alex Hasty, director of Compare the Market, said: “Despite rising energy bills, motorists who have made the switch will be glad to see electric vehicles cost substantially less than a gasoline alternative.
“In addition to helping the environment, these drivers benefit from savings on fuel, insurance and taxes.”
Rising gasoline and diesel prices are making electric cars an attractive option for many motorists, and sales have soared. Industry figures show that British drivers bought more in March than in the whole of 2019.
However, they are not an option for everyone. Hasty said: “There is a significant upfront cost to buying an electric car and installing a home charging point that will prevent many drivers from being able to afford this option.”