UK drivers cut fuel costs by 69% by switching to electric vehicles from petrol/diesel cars

UK drivers are expected to save 68.6% of their annual fuel costs when switching from internal combustion engine vehicles to electric vehicles, according to a new study. Analysts at Your Electrical Supplies, Service, and Solutions (YESSS Electrical) compared the cost per kilometer from charging an electric vehicle to powering a new petrol/petrol or diesel car based on current pump and energy prices.

Image courtesy of YESSS Electric

Analysts used the Tesla Model 3, which is the most popular electric vehicle in the UK, which achieves 4.4 miles per kilowatt hour, at a cost of £4 per mile. The Tesla was compared to a petrol/petrol car which achieved 49.2 miles per gallon, costing £13 per mile. Additionally, they compared it to a diesel car which achieved 55.4 miles per gallon, costing £12 per mile. According to the Department of Transportation, these are the average miles per gallon statistics for new cars, analysts noted.

For those driving older, less efficient vehicles, switching to an electric vehicle would result in much greater fuel savings, over 68.6%. These results show that EV drivers only pay £265.82 to power their car for a year of travel, based on the different averages. Diesel drivers spend £808.51.

Research has shown that while the average person in the UK would reduce their fuel costs by 68.6% with an electric vehicle, residents of Yorkshire and Humberside would see even greater annual savings: £549.93 for a motorist diesel and £627.84 for gas/petrol. This is due to regional variations in electricity and fuel prices and represents a 69.5% drop in fuel expenditure.

UK drivers set to save 68.6%

Image courtesy of YESSS Electric

Those living in the East Midlands would see the second highest cost reductions – reducing their fuel costs by 69.3%. In London, drivers would save 68.6% in fuel costs when going electric and would also be exempt from ULEZ and congestion charges.

Residents of Merseyside and North Wales would see the lowest annual savings, but would still save on costs by switching to a petrol or diesel electric vehicle. They would achieve annual savings of £563.21, representing a 66.4% reduction in fuel costs.

Mark Abbey, Director of YESSS Electrical, spoke of the continuing rise in the cost of living as well as rising fuel costs, noting that the pressure to keep up can be overwhelming. He pointed out that according to the ONS, transport is the highest expense for families after mortgage and rent payments, with the average household paying £354 on travel each month – car fuel accounting for 27.3% of this number.

Analysts have also looked at how electric vehicles are changing electricity demand across the UK. Before we dive into that, they kindly pointed out that the UK, which has depended on other countries and trading blocs for fossil fuels since 2005 and only has enough stockpiled fuel to power the country for a few days, sees often significant increases in gasoline and diesel. prices.

The UK is unable to produce enough fossil fuels to meet domestic demand. However, the researchers found that if electric vehicles replaced all fossil fuel cars currently registered with owners in the UK, household electricity demand would increase in different regions. In London, it would increase by 46% with a need for 1.9 billion kilowatt hours of additional electricity to supply the 1,236,642 EVs.

Stockport is said to see the biggest increase in electricity demand of any major city in the UK, but it also has one of the highest car-to-capita ratios of any region in the UK. If almost all 300,000 ICE cars switched to electric vehicles, electricity demand would increase by 242%.

There is a way for the UK to manage the growing demand for electricity. Analysts noted that evenings are generally the peak hours for electricity consumption. The distribution network operator in areas experiencing a surge in demand due to EVs could reduce charging times between 6 p.m. and 8 p.m. and enable overnight EV charging at lower cost when demand is low .

You can read the full report here.

“Many people also depend on their car for their daily lives and can struggle if they can no longer afford to operate their vehicle….

“Although electric cars require an initial investment if you buy them new, they instantly reduce your monthly expenses. You don’t have to worry about rising petrol and diesel prices, or the fuel shortages we’ve been experiencing in recent months.

“Electricity and fuel prices vary by region of the UK, so UK residents in areas like Yorkshire and the Humber can save even more than the UK average.

“In addition to saving money on fuel, electric vehicles wear out significantly less than gasoline and diesel cars, resulting in minimal repair payments.”


 

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