Motorists told to ditch petrol and diesel to save £1,900 a year with an electric car

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After a record March which saw petrol and diesel prices hit their all-time record prices, drivers are looking to cut costs wherever they can. Drivers can save an average of 80 percent of their fuel costs per year if they switch to an electric car.

This amounts to £1,900 in annual savings despite the rising cost of domestic electricity.

Based on petrol and diesel costs from mid-March, drivers in the Inner East and Inner West of London would benefit from the biggest cost savings from going green.

At the time of the research, petrol prices per litre in both areas was estimated to be around £1.526 and price per kWh at £0.185.

If a motorist was travelling 10,000 miles a year, it would cost a total of £2,441.60 to run a petrol car.

On the other hand, costs for an electric car would be just £457.48.

Residents from these areas could see an 81.26 percent decrease in costs by switching from a petrol to electric vehicle – a staggering £1,984.12 decrease in expenses per year.

Greg Wilson, founder of car insurance comparison website, has advised drivers to look around to save on vehicle costs.

He said: “Fuel prices are on everyone’s lips at the moment as prices rocket and the deadline for the switch to electric vehicles looms. 

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“Whilst electricity prices are also on the up, we thought it an ideal time to stop and compare, to help get a sense of where there are real savings to be had.

“Of course, there are a lot of other variables involved in choosing between petrol and electric cars such as the cost of buying the vehicle itself, the cost of installing charging infrastructure and how much they cost to tax and insure.

“Electric cars tend to be more expensive to buy new but there are tax incentives from the Government to help make them more affordable.

“Insurance wise, it’s actually become more of a level playing field as more insurance providers add electric cars to their offering, creating more competition and better value for our customers.”

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