Today marks the turning point when a gasoline-powered car driver spends more on fuel than the average electric car driver does in an entire year, data shows.
Also known as ‘Electric Car Day’, this day ensures that owners of electric cars have ‘free’ running costs for the rest of the year, compared to owners of combustion engine models.
And there’s more good news for electric car owners: the tipping point will come earlier this year than in 2023, thanks to lower electricity prices.
Research by The Electric Car Scheme has found that the average petrol driver spent more on fuel up to July 15 than the average EV driver spent for the whole year.
The Electric Car Scheme has analysed the figures and found that the average driver of an electric car can drive for free for five months.
The research marks the second year the group has identified a tipping point at which electric vehicles pay for themselves.
The annual fuel costs for the average UK driver travelling 7,400 miles per year were analysed and compared with the charging costs of an EV driver over the same distance.
A typical petrol driver will spend £1,268 on fuel this year, compared to £680 for an electric driver.
This was revealed by an analysis of the annual fuel costs for the average British driver who drives 11,900 kilometers per year.
In 2019, the Department of Transport recorded an average mileage of 7,400 per car – the last full year of record-keeping without the pandemic’s interference.
According to Nimble Fins, petrol cars get an average of 39 miles per gallon of fuel, and government figures suggest the price per gallon of petrol will be £1.44 by 2024 (YTD). That would put the annual cost of petrol at just under £1,300.
The cost depends on the model of electric car and when you charge it. According to EcoExperts, the average price per mile for electric driving is just £0.09. However, the annual cost of an electric car is just under £700.
While it depends on the EV model and when you charge it, the average cost per mile for driving an electric car is just £0.09. The annual cost of an EV is just under £700.
The annual fuel costs for the average UK driver travelling 7,400 miles per year were analysed and compared with the charging costs of an EV driver over the same distance.
If you have a Tesla Model Y Long Range and charge outside of peak hours, EV Day could come even sooner for you: March 10 could have been your free EV day, saving you a lot of money compared to gas drivers, the report claims.
Thom Groot, Director and Co-Founder of the Electric Car Scheme, said: ‘For the rest of the year, electric car drivers can be confident that petrol car drivers have already spent as much on driving as they will all year round.
‘And this is despite the fact that we know that since the beginning of March, drivers of electric cars have been driving with virtually zero emissions compared to traditional cars. And that’s without even mentioning the huge amount of pollution that is being eliminated from our towns, cities and villages and the health benefits that this brings.’
This is Money recently reported that the standard variable tariff fell to 22.4p/kWh in July – the lowest price in years.
It’s not just the reason EV Day was held earlier this year, it also means all EV drivers who charge at home can save more. And by taking advantage of a special EV tariff and smart charging, costs can be reduced even further.
EDF recently introduced a new tariff, Evolve Sept25, which will cost the average motorist just £247 per year to charge if they drive an average of 7,000 miles. This is because they have five hours of off-peak time each night to charge their car.
Because fuel and energy prices are not static, this ‘Electric Car Day’ could come even earlier next year. That would be welcome news for all EV drivers and those considering the switch, especially as the new ban on petrol and diesel cars is being brought forward to 2030 under our new Labour government.
For a Model Y owner, EV Day could fall as early as March 10 this year
In addition to the monetary savings, the Electric Car Scheme has calculated the equivalent day for the carbon emissions transition: March 5.
This is the day on which an electric car has produced more CO2 emissions than an electric vehicle produces in an entire year of driving and power consumption.
The average petrol car emits 2,030 kg of CO2 annually, while the average electric car emits only 352 kg.
This day will come earlier every year as the UK electricity grid increasingly switches to renewable energy sources and electric cars move closer to the 100 percent zero-emission target.
Edmund King, chairman of the AA, said: ‘The data shows a stark contrast in the relative costs and environmental impacts of driving a petrol car. It’s hard to ignore, especially as we approach the point where a petrol car driver will spend more on fuel than an electric car driver over a whole year.’
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