Cost of Running an Electric Car
How much does it cost to run an EV?
Driving an EV has plenty of benefits, from outputting zero emissions to speedy acceleration. But what is the cost of running an electric car? We delve into the details of what it costs you as the driver to run an EV, including charging, wallbox installation, road tax, insurance, servicing and more.
Explore below to learn more about the cost of running an electric car.
How much does it cost to charge an electric car?
One of the biggest questions around EV ownership is “how much does it cost to charge an electric car?”
Having to charge your vehicle is one of the biggest changes when moving from a petrol or diesel car to an EV. Charging as a process works differently from refuelling in most ways, including cost and payment.
We’ve based our calculations on an average 60 kWh EV with 200 miles of electric driving range, charging up to 90%.
Cost of charging an electric car at home
Charging at home is typically the cheapest and most convenient way to charge your electric car. How much this costs depends on a few things, including:
- The size of your car
- The size of your electric motor
- Your energy supplier
- Your energy tariffs
But as mentioned above, we’ve worked out the costs based on an average EV with a 200-mile range.
Smaller EVs like compact hatches can cost around 10p per mile. This turns into anywhere between £750-£840 annually.*
Medium-sized electric cars come in at closer to 11p per mile, ranging from £800-£975 yearly charging costs.*
Large cars and SUVs typically cost around 13p per mile to charge at home. This can equate to an annual cost of anywhere between £975-£1,150.*
Home charging cost summary:
Small EVs: 10p per mile, £750-£840 yearly
Medium EVs: 11p per mile, £800-£975 yearly
Large EVs: 13p per mile, £975-£1,150 yearly
For more information, read our full guide on the cost of electric car charging.
1. Average yearly mileage of 8,100. 2. 7kW home charger. 3. 34p per kWh. This matches the Energy Price Guarantee (EPG) from October 2022, which is due to be revised in April 2023. Prices are likely to change when the EPG is raised or lowered in April 2023.
Cost of charging an electric car at work
The next best place for daily charging is at work. Not every workplace offers EV charging points and if they do it may work differently from one place to another.
Some are completely free to use, whilst some may have a flat fee to use for a few hours.
Either way, it’s an affordable way to charge your car when you’re not at home. Charging at work is very convenient too, even if you’re just getting a top-up charge!
Speak to your employer to find out how it works and how much it costs (if at all.)
Cost of charging an electric car at a charging station
Public chargers are a great way to top your car up when you’re on the go. You may even find some near supermarkets and shopping centres so you can charge whilst you’re doing something else.
Public chargers cost to use, with this price varying based on the provider, charger type and location.
We chose to look at the cost of using BP Pulse as it’s one of the country’s most extensive networks.
With a paid subscription (£7.85 a month):
- Slow charging: 44p per kWh
- Fast charging: 55p per kWh
- Rapid charging: 65p per kWh
As a guest without a membership:
- Slow charging: 57p per kWh
- Fast charging: 69p per kWh
- Rapid charging: 79p per kWh
This is based on just one network so prices will be different at different charging locations run by other networks.
It usually makes sense to sign up for a membership if you’ll regularly use a certain network.
Wallbox installation costs
You can make your electric car ownership much more convenient with a wallbox charging point installed at your home.
Not every property type can have these easily installed. The most effective setup for a wallbox is on a driveway.
That being said, you can still get wallbox installed in flats and apartments.
EV Chargepoint Grant
If you own or rent a flat you can get funding of up to 75% of the cost of wallbox installation.
This is a great initiative that promotes the uptake of EVs by making charging at home easier, even if you don’t have a driveway!
Read our guide to the EV chargepoint scheme.
Servicing & maintenance costs for an EV
Just like with a petrol or diesel car, your EV needs regular servicing and maintenance to keep it running safely and efficiently.
You’ll also need a yearly MOT to prove your electric car is roadworthy. The cost for servicing, maintenance and MOTs shouldn’t be much different from traditional Internal Combustion Engine (ICE) cars.
You’ll likely need less work done during your time with your EV. This is because there are fewer moving parts in an EV so there’s less that can go wrong.
Tyres and suspension are likely to wear slightly quicker than a petrol or diesel equivalent. This is because EVs are heavier than similar-sized ICE vehicles, so there’s more stress on your suspension and tyres.
EVs also rely heavily on regenerative braking to run efficiently. Ensuring your brakes work perfectly is another important factor when it comes to driving an EV.
Road tax for EVs
Electric cars enjoy free road tax until April 2025. So if you drive an EV you just have to apply for Vehicle Excise Duty (VED) but don’t have to pay a penny!
This will change in the second quarter of 2025 so EVs will have to pay road tax. This happens as the government’s ban on the sale of new petrol and diesel-only engines draws closer.
Electric car insurance costs
There’s no special type of insurance that you need for an EV so there shouldn’t be much of a difference compared to traditional powertrains.
However, electric cars tend to be more expensive which can increase insurance costs.
They’re also extremely quick off the mark due to having instant access to torque when accelerating. Put your foot down in an EV and you’re off instantly.
This super speedy acceleration may also be another factor when it comes to insurance costs.