UK drivers are set to save 68.6% of their annual fuel costs when making the switch from internal combustion engine vehicles to electric vehicles, new research shows. Analysts at Your Electrical Supplies, Service, and Solutions (YESSS Electrical) compared the cost per mile of charging an EV to fueling a new gas/petrol or diesel car based on current pump and energy prices.
The analysts used the Tesla Model 3, which is the most popular EV in the UK, which achieves 4.4 miles per kilowatt-hour, at a cost of £4 a mile. The Tesla was compared with a gas/petrol car that achieved 49.2 miles per gallon, which cost £13 per mile. Also, they compared it with a diesel car that achieved 55.4 miles per gallon, costing £12 per mile. According to the Department of Transport, these are the average miles per gallon statistics for new cars, the analysts noted.
For those driving older and less-efficient vehicles, switching to an EV would see much higher savings in fuel costs — higher than 68.6%. These findings show that EV drivers pay just £265.82 to power their car for a year’s travel, based on the various averages. Diesel drivers spend £808.51.
The research showed that although the average person in the UK would reduce spending on fuel by 68.6% with an EV, those in Yorkshire & Humberside would see even larger annual savings — £549.93 for a diesel motorist and £627.84 for gas/petrol. This is due to the regional variations in electricity and fuel prices and represents a 69.5% decrease in fuel outgoings.
Those living in the East Midlands would see the second-highest cost reductions — lowering their fuel costs by 69.3%. In London, drivers would save 68.6% of fuel costs when making the switch to electric and would also be exempt from ULEZ and congestion charges.
Residents in Merseyside and North Wales would see the lowest annual savings, but they would still save on costs by switching to an EV from gas or diesel. They would score £563.21 in annual savings, representing a 66.4% reduction in fuel costs.
Mark Abbey, Director at YESSS Electrical, touched upon the continuous rise in the cost of living as well as the rising fuel costs, noting that the pressure to keep up can be overwhelming. He pointed out that according to ONS, transport is the highest expense for families following mortgage and rent payments, with the average household paying £354 on travel each month — with car fuel accounting for 27.3% of that number.
The analysts also looked at how EVs change the demand for electricity across the UK. Before diving into that, they gently pointed out that the UK, which has depended on other countries and trade blocs for fossil fuels since 2005 and only has enough stored fuel to power the nation for a few days, often sees significant increases in gas and diesel prices.
The UK is unable to produce enough fossil fuels to meet domestic demand. However, researchers found that if EVs replaced all of the current fossil-fueled cars registered to owners in the UK, the household demand for electricity would rise across different areas. In London, it would rise by 46% with a need of 1.9 billion kilowatt-hours of additional electricity to power the 1,236,642 EVs.
Stockport would see the highest increase in electricity demand of any major UK city, but it also has one of the highest ratios of cars per population of any UK area. If almost all 300,000 ICE cars were switched to EVs, the electricity demand would increase by 242%.
There’s a way for the UK to handle the increasing demand for electricity. The analysts noted that evenings are generally the peak times for electricity usage. The Distribution Network Operator in areas experiencing large demand increases due to EVs could reduce charging times between 6 pm and 8 pm and allow for overnight EV charging at lower cost when demand is low.
You can read the full report here.
“A lot of people also depend on their car to support their day-to-day life, and may struggle if they can no longer afford to keep their vehicles running….
“Although electric cars require an upfront investment if you’re buying it brand new, it instantly reduces your monthly outgoings. You don’t need to worry about increasing petrol and diesel prices, or the fuel shortages we’ve seen in recent months.
“Electricity and fuel prices vary by UK region, so UK residents in areas like Yorkshire & the Humber can save even more than the UK average.
“As well as saving money on fuel, EVs experience much less wear and tear than petrol and diesel cars resulting in minimal repair payments.”
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