One of the most enticing aspects of electric car adoption is the potential to reduce costs when compared to traditional petrol and diesel powered cars.
However, despite the surge in electric vehicle in the UK (approximately 1,000,000 to date), many potential buyers are still unsure about the overall running costs of an EV compared to a petrol or diesel car.
In this blog, we’ll break down all the expenses of driving an electric car and answer the question – How much does it cost to run an electric car in 2024?
The cost to charge an electric car depends on when you charge and what charger you use. For example, public EV charging points are typically more expensive than home EV chargers – especially if you are using rapid or ultra-rapid EV charging stations.
Home EV charging during off-peak hours or with an electricity tariff is also significantly cheaper than charging your electric car at home throughout the day.
We’ll take you through the individual costs for public, home and work EV charging.
The cost of charging an electric car at public EV charging points fluctuates significantly already, and these prices are expected to rise because of the ongoing challenges in the energy market, too.
That said, currently, the weighted mean cost for charging an electric vehicle at public charging stations stands at 56 pence per kilowatt-hour (kWh) for slow/fast chargers and 80 pence per kWh for rapid/ultra-rapid chargers, translating to approximately 14 pence per mile and 21 pence per mile.
However, different public chargers, power outputs, and networks will mean that public EV charging costs for electric cars will differ. For example, Aldi EV chargers, Tesco EV chargers and Sainsbury’s chargers have different price points for their public EV chargers.
Some EV charging networks offer subscription plans, such as BP Pulse, where you pay a monthly fee for discounted charging rates. Using EV charging network plans or RFID cards provides flexibility, especially when you’re on long journeys and need to charge your electric car on the go.
In rare cases, you may stumble across public EV chargers offering free charging sessions. However, this is uncommon nowadays.
Charging an electric car at home with a dedicated charger is cheaper than using public charge points – and more convenient.
As such, it comes as no surprise that many electric vehicle owners primarily charge their vehicles at home, benefiting from the current electricity price of approximately 28.6 p/kWh (pence per kilowatt hour).
To demonstrate how much money you can save by charging your electric vehicle at home, we’ve collected a handful of common electric cars in the market and calculated the cost of charging the EVs at home for a full charge.
| Electric car | Battery size | Real-world range (miles) | Approx. cost to fully charge |
| Tesla Model 3 | 60 kWh | 310 real range | £16.84 |
| Volkswagen e-Up! | 36.8 kWh | 125 real range | £10.33 |
| Mini Electric | 32.6 kWh | 110 real range | £9.15 |
These figures are based on the electric car data from EV-database and the current electricity rate in the UK.
If you want to save further on home EV charging costs, other options are available. Choose a solar EV charger and charge with free solar energy, or opt for a home EV charger with advanced tariff integration.
Yes, the electricity tariff you are on significantly determines the cost of running an electric car and how much you will pay to charge your EV at home. Many energy suppliers now offer dedicated EV tariffs, which allow you to charge your electric car at home at substantially lower rates.
For one, Octopus Energy offers an Intelligent tariff that allows you to charge at an off-peak rate of 7.5p per kWh. The caveat is that you need a compatible EV or an Ohme charger to take advantage of the advanced EV charging tariff.
Another premium EV charging tariff is the British Gas Electric Driver Tariff, enabling you to charge 8.95p per kWh between 12 am and 5 am. Unlike Octopus Energy, no matter what EV charger you have installed at home, the British Gas EV tariff works with all charge points and electric vehicles.
Many EV tariffs are now available, so browse and find the cheapest tariff for you – or feel free to call our experts at 03333 44 96 99 for unbiased advice.
If your employer provides workplace charging for electric vehicles, it can be convenient. However, it’s important to be aware that there may be associated costs. While some companies offer free charging as a workplace benefit, others have implemented various pricing structures.
The EV charging expenses at work will vary significantly, depending on your employer’s policies, the type of charging equipment available, and your usage patterns. Some businesses may charge a flat fee per hour of charging, while others may bill you based on the amount of electricity consumed. Additionally, membership fees might be involved if your workplace is part of a more extensive charging network.
On average, workplace EV charging costs vary but is typically comparable to public charging unless your employer offers it for free.
Electric cars typically have slightly higher insurance costs than diesel or petrol cars because of their high upfront cost and the expensive nature of repairing or replacing their unique technology, such as lithium-ion car batteries.
According to NimbleFins, the average cost of EV car insurance is around £654. However, insurance premiums vary significantly between cars, with quotes ranging from approximately £400 to well over £1,000 per year.
Nevertheless, as electric cars gain popularity, insurance expertise and options are growing, reducing electric car insurance costs.
Electric cars have fewer moving parts, don’t need oil changes, and have regenerative braking, which can reduce wear and tear. As a result, electric vehicles require less regular maintenance. This can lead to cost savings throughout the vehicle’s lifespan, compared to petrol and diesel vehicles.
In 2024, electric cars in the UK are not required to pay road tax (Vehicle Excise Duty) and are not subject to the expensive car supplement tax.
Read our blog if you would like to find out more about this.
Benefit in Kind (BIK) taxation on a company car is lower for electric cars than hybrid cars, and the cost saving is even more significant when compared to regular petrol and diesel cars. In the next two financial years, 2023/2024 and 2024/2025, electric car tax rates are only 2%. But it will gradually increase by 1% each year, and by the 2027/2028 financial year, it will be 5%.
In 2024, certain electric vehicle drivers who meet specific requirements can get a government grant that reduces the cost of getting a home electric vehicle charger by £350.
If you rent any residential property or own a flat, you can claim £350 towards installing a home charger. (You also need off-street parking and must own an eligible electric or hybrid vehicle).
If you run a business from your home and it’s officially registered there (as shown on your incorporation or VAT certificate), you can claim £350 towards getting a home charge point. You’ll also need designated off-street parking and an eligible electric or hybrid vehicle.
The Plug-in Grant used to offer a reduction on the cost of new low-emission cars. However, starting June 2022, the Plug-In car grant unfortunately doesn’t cover electric vehicles but still offers a discount on low-emission vans, motorcycles, and other eligible vehicles.
Charging an electric vehicle (EV) will increase your energy bill considerably – this, unfortunately, is a given. However, your potential EV charging savings will be significantly greater since you won’t be buying petrol or diesel, which is generally more expensive than charging at home or using public charging points.
Electric cars typically have fewer maintenance costs, and currently, EV drivers pay less tax than those with a petrol or diesel vehicle, which can further reduce costs.
Although insurance may be slightly higher for electric cars than petrol and diesel vehicles, the difference isn’t substantial, and prices will likely fall in the upcoming years.
As such, electric car running costs are likely to be cheaper than a petrol or diesel vehicle.
Many local councils provide free parking for electric vehicles (EVs) in council-owned car parks and on-street parking. For example, Sheffield City Council offer a Green parking permit that allows free city centre parking for Ultra Low Emission Vehicles (ULEVs) that meet specified criteria.
In London, electric vehicles currently enjoy an exemption from the Congestion Charge.
If you drive an electric vehicle in London, you are also exempt from the Ultra Low Emission Zone charges. This means that every time you drive within the Ultra Low Emission Zone (ULEZ), you will save the daily fee of £12.50.
In conclusion, when considering the overall cost of running an electric vehicle compared to a traditional petrol or diesel car, several key factors come into play:
In summary, while there may be high initial costs associated with buying an electric car outright, the long-term savings in EV charging, maintenance, and potential tax benefits make electric vehicles a cost-effective and environmentally friendly choice for many consumers in 2024.
You can find cheaper, alternative ways to afford an electric car in 2024 in our blog.
Installing a dedicated EV charger at your home is a great way to reduce the cost of running an EV – on top on the additional convenience. With engineers nationwide, we can install home electric vehicle chargers across the UK in as little as ten working days.
For more information about installing an EV charger at your home, please call us at 03333 44 96 99, fill in the contact form below or browse our range of home EV chargers. Our lines are open seven days a week, including bank holidays.
Follow us on Facebook, Instagram, Twitter, and LinkedIn to keep up to date with all things electric.
Enter your information below, and one of our expert advisors will be in touch shortly.
This type of electric charger has it's own cable to charge your car.
This type of electric charger requires a seperate cable to charge your car.
Spread over a 60 month period.
Tenants and homeowners are eligible for finance.
You decide the amount of months.
Minimum of £1000.
We will contact you to process the credit application. Approval is subject to application, financial circumstances and borrowing history. 13.9% APR representative. T&Cs apply.
Your order is not confirmed until your application has been approved.
We lay SWA cable laid at 600mm deep, with a protective cable warning tape laid 150mm above the cable. These are laid on a sand or sifted sand soil bed then backfilled.
We position overhead cables at a minimum height of 3.5m and are run along a catenary wire. The cable run should not be accessible to vehicles.
Standard Installation
Our instant price is fixed if it falls within our standard installation package plus any additions that you have selected (extra cabling for example). This package covers the majority of homes in the UK. Before we undertake your installation we will carry out a digital survey to check that nothing has been missed. After reviewing the survey results some additional work may be required in order to complete your installation safely and to the required standards. If this is the case, we will contact you well before the installation date and advise the cost of any required work. You can then continue with your installation, or alternatively we will refund you in full if you do not want to proceed.
Included in our standard installation is :
• Fitting of a single phase charge point to a brick or plaster wall or other suitable permanent structure
• Up to 10 metres of cable, run and neatly clipped to the wall between the electricity supply meter / distribution board and the charge point.
• Routing of the cable through a drilled hole in a wall up to 500mm (20 inches) thick if this is needed.
• The fitting and testing of electrical connections and protections required for the charge point.
• An additional three way consumer unit, if required
• Installation of a Type A RCBO in an RCBO enclosure
• Up to 3 metres of plastic trunking to conceal interior wiring.
• An O-pen earth protection device if the charge point requires it. (This is NOT an earth rod)
• Up to 4 hours of labour from your installer to complete the work.
• Electrical testing of the whole installation.
• Handover and setup of the charge point and any app that may be needed.
Not included in our standard installation (additional work) :
• Where the installation requires additional cabling over and above the amount you have told us about.
• Upgrade/replacement of the main incoming supply fuse where the local DNO (eg Northern Powergrid) would need to attend site.
• If the charge point is to be mounted on a post/pedestal rather than an existing wall and where you have not selected a post as an extra cost option in your order.
• Installation of a charge point to a three phase supply.
• Where gas and water mains bonding (earthing) is not in place at your property. If this is not in place, additional work would be required before installation of the charge point.
• Any groundwork that has not been selected during the order process.
A Surge Protection Device is not included in our standard installation.
What else you need to know :
• On the day of installation, please ensure that the area around your consumer unit (fuse box), incoming electricity supply meter and proposed charge point location (including where the cable is expected to be run) is clear and free of obstructions.
• We will need your WiFi password as part of the installation process in order to connect your charge point to the internet. Please have this available for the installer. Details will not be kept.
• The charge point must be on your own designated off road parking.
• The charger will be fixed in line with current guidelines at a height where it cannot be hit by a vehicle.
• Our installers are not able to enter loft spaces; lift floorboards or flooring; take apart any furniture of work above a height of 2m. If you anticipate that any of this may be required, then please contact us and we can discuss in more detail and provide you with a quotation.
• Should there be extreme weather conditions our installers may not be able to continue with you installation if it is not safe to do so (for example flooding). They will always do their best to complete the work where they can.
If you have any questions then please contact our customer service team who will be happy to help. Please also read our terms and conditions.
