For most UK drivers who charge at home, yes — running an electric car is cheaper than running a petrol equivalent. Often significantly cheaper. But the gap is not uniform, and for some drivers the numbers tell a different story entirely.

The answer hinges on three variables: how you charge, how far you drive, and what car you are comparing. Get those right and the numbers become genuinely useful rather than vague reassurances that ‘EVs save money’.

Here is the honest breakdown, using real 2026 UK figures.

The cost per mile: home charging

Home charging is the bedrock of the electric car financial case. A standard home electricity tariff in the UK runs at around 24–28p per kWh in 2026. On a dedicated overnight EV tariff — available from several suppliers — that can fall to 7–12p per kWh during off-peak hours.

Take a car like the Hyundai IONIQ 5 with its 77.4kWh battery and real-world efficiency of around 3.5–3.8 miles per kWh. At a standard tariff of 25p/kWh, that works out at approximately 6.6–7.1p per mile.

On a cheap overnight EV tariff at 10p/kWh, that drops to around 2.6–3p per mile — astonishingly cheap by any measure.

A full charge from near-empty costs around £19–21 at standard rates, or £8–11 on an overnight tariff. For most UK drivers covering 30–40 miles daily, a full charge lasts three to four days.

The cost per mile: public charging

Public rapid charging tells a different story. Prices on the UK public network have risen sharply since 2022 and now vary significantly by network and location.

• Pod Point / bp pulse rapid chargers: typically 65–75p per kWh
• Osprey / Gridserve: typically 79–85p per kWh
• Tesla Superchargers (non-Tesla vehicles): around 73–79p per kWh
• Tesla Superchargers (Tesla owners): around 62–68p per kWh

At 75p/kWh, the IONIQ 5's cost per mile rises to approximately 19–21p per mile — comfortably above the petrol equivalent. At 85p/kWh, it exceeds petrol outright.

For drivers who rely primarily on public charging — typically those in flats or terraced houses without off-street parking — the financial advantage of going electric is substantially reduced or eliminated. This is an important caveat that is often glossed over in pro-EV comparisons.

The cost per mile: petrol

At the time of writing, average UK unleaded petrol prices sit at around 135–142p per litre.

A typical family petrol SUV returning 38–42mpg in mixed driving uses approximately one litre every 9.4–10.4 miles. At 138p per litre, that works out at 13–15p per mile for an efficient petrol.

A larger or less efficient petrol SUV returning 30–35mpg pushes that to 16–18p per mile.

Diesel is broadly similar per mile despite better fuel economy, as diesel prices remain higher than petrol.

The honest comparison: home-charged electric is roughly half the per-mile cost of petrol. Public-charged electric is broadly similar to or slightly more expensive than petrol. The driveway is, quite literally, what makes the economics work.

Servicing: a consistent electric advantage

Fuel costs are the most visible part of running costs, but servicing is where the electric car delivers a quieter, consistent saving every year.

Electric motors have far fewer moving parts than petrol engines. No oil and filter changes. No spark plugs. No timing belt or chain. No exhaust system. No turbocharger. The annual service for most electric cars involves checking brake fluid, cabin air filters, cooling systems, and tyres.

Expect to pay:

• Electric car annual service: £120–200 at a franchised dealer, less at an independent EV specialist
• Petrol car annual service: £220–380 depending on engine complexity and make

Over three years, that is a saving of roughly £300–£500 in the electric car's favour. Brake wear is also lower on EVs thanks to regenerative braking handling much of the deceleration, though tyre wear tends to be higher due to the additional weight and instant torque delivery.

For the full picture on what you will pay to maintain an EV, see our guide to electric car maintenance costs.

Road tax, insurance, and other costs

Road tax (VED): From April 2025, electric cars registered after April 2017 pay the same standard VED rate as petrol cars — currently £195 per year. The historic zero-VED advantage for EVs is largely gone for modern cars. Older EVs registered before 2017 remain exempt.

Insurance: Electric cars typically cost more to insure than petrol equivalents. Higher purchase values, specialist repair requirements, and battery replacement risk push premiums up. Budget for 15–30% higher insurance costs for a mainstream EV versus a comparable petrol car. This erodes some of the fuel saving but rarely reverses the overall financial advantage for home-charging drivers. See our electric car insurance guide for ways to reduce the cost.

Depreciation: Varies significantly by model. Some EVs have depreciated sharply; others have held value well. The Hyundai IONIQ 5 and Kia EV6 have stronger residuals than the Nissan Leaf, for example. Depreciation is increasingly model-specific rather than a blanket EV disadvantage.

The verdict

For a driver who charges at home and covers around 10,000 miles per year, switching from petrol to electric saves in the region of £450–730 per year on running costs. Over three years, that is £1,350–£2,200 — meaningful money.

For a driver without home charging who relies on public rapid chargers, the running cost advantage largely disappears. In some scenarios the electric car costs more per mile to run than petrol.

The question ‘is it cheaper to run an electric car?’ has a genuinely honest answer: it depends on your driveway. If you have one, and can install a home charger, the answer is almost certainly yes. If you cannot charge at home, the answer is probably no — at least until public charging prices come down or off-peak public tariffs become more widely available.

For a complete picture of what you will pay across every cost category over three years, read our true cost of owning an electric SUV vs a petrol one. Or if you want to understand your charging costs in more detail, see our breakdown of public vs home charging costs in 2026.