Electric car ownership is no longer just about going green — it’s about saving serious money. New research shows that electric car drivers can save up to £460 more per year compared to petrol and diesel owners, thanks to lower charging costs, reduced maintenance, and smart energy plans. With fuel prices still unpredictable and EV infrastructure expanding, the financial benefits of switching to electric are clearer than ever.
Big Savings At The Plug
If you’re still on the fence about switching to an electric car, here’s a number that might tip the scales: £460. That’s how much more electric car owners can save annually compared to petrol and diesel drivers, according to new research from OVO Energy. And with fuel prices still unpredictable and maintenance costs rising, the financial case for going electric has never looked stronger.
OVO’s new subscription-based charging plans are designed to make EV ownership simpler and cheaper — and they’re already shaking up the market.
How The Savings Stack Up
OVO Energy’s Premium EV charging plan costs £37.50 per month, giving drivers access to 1,000 miles of smart home charging, public charging vouchers, charger insurance, a free battery health check, and discounts on tyres. Over a year, that adds up to £450, which is less than a third of the average annual fuel spend for petrol and diesel cars — currently around £1,650 for petrol and £1,450 for diesel.
Even OVO’s Standard plan, priced at £27.50 per month, offers 700 miles of home charging and public charging perks, saving drivers up to £340 a year. That’s still a significant win for anyone looking to cut costs without sacrificing convenience.
Home Charging: The Real MVP
The biggest savings come from charging at home. According to Carwow, the average cost of a full home charge for a 60kWh battery is just £15.81, even after the October energy price cap increase. That works out to around 6–8p per mile, compared to 15–17p per mile for petrol and 13–16p per mile for diesel.
Drivers who use off-peak tariffs or smart chargers can push costs even lower — some overnight rates dip as low as 7p per kWh, making electric cars up to 50% cheaper per mile than their combustion counterparts.
Maintenance And Tax Perks
It’s not just about fuel. Electric cars have fewer moving parts, meaning 20–30% lower servicing costs on average. No oil changes, no exhaust systems, no timing belts — and regenerative braking means less wear on brake pads.
From April 2025, EVs will start paying Vehicle Excise Duty (VED) like petrol and diesel cars, but many will still benefit from lower insurance premiums and exemptions from congestion and low-emission zone charges — saving frequent city drivers hundreds more each year.
Public Charging Still A Challenge
While home charging is a clear win, public charging remains a mixed bag. Rapid chargers can cost upwards of 70p per kWh, narrowing the savings gap. That’s why OVO’s inclusion of public charging vouchers in its plans is a smart move — helping drivers offset higher costs when they’re on the road.
There’s also growing pressure on the government to cut VAT on public charging from 20% to 5%, matching the rate applied to home energy. According to GB News, industry leaders argue this would level the playing field and make EVs more accessible to drivers without off-street parking.
Final Thoughts
The numbers don’t lie — owning an electric car can save you hundreds of pounds a year, especially if you charge at home and take advantage of smart tariffs or subscription plans. With fuel prices still volatile and EV infrastructure expanding, the financial case for going electric is stronger than ever.
Whether you’re looking to cut costs, reduce emissions, or future-proof your driving, now’s the time to consider making the switch. And with new plans like OVO’s making charging simpler and cheaper, it’s never been easier to plug in and save
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