Brand new fuel costs calculator guides motorists on how much they can save

The RAC has warned motorists that petrol prices could be set to rise again, due to a cut in oil exports that could see prices rise at the pumps.

With petrol prices becoming an increasing concern for many commuters, it’s no surprise that commuters are considering making the switch to an Electric Vehicle (EV).

Sales of electric cars (including fully electric and plug-in hybrids) doubled in 2021 to a new record of 6.6 million. 

To help consumers better understand the savings that switching to an EV can make, Select Car Leasing has launched a brand-new Fuel Cost Calculator. The new tool summarises how much a motorist can save, on average, comparing traditional fuel vs electric cars. 

https://www.selectcarleasing.co.uk/guides/fuel-cost-calculator

Due to the Energy Price Guarantee, brought in on 1st October, the fuel cost per mile in an electric car is lower if you charge at home, compared to using a public rapid charger, where the average price per kilowatt hour (kWh) is 63.29p. Home electricity prices, on the other hand, have been capped at 34p per kWh. Charging at home can also often be cheaper if customers are on a dual-rate tariff that allows for off-peak plug-ins. 

How does the calculator work?

The fuel calculator works on the assumption that the cost of a litre of fuel is £1.71, in line with current petrol and diesel prices, and that a typical, traditionally-fuelled vehicle has an efficiency of 39.5 mpg. 

It also assumes that you’re charging an electric car at home at a cost of 34p per kWh, in line with the Energy Price Guarantee. It also works on the assumption that an electric car has an average efficiency of 3.5 miles per kWh – something Select says is a ‘conservative’ figure, with EVs often much more efficient. The Fiat 500 electric, for example, has an efficiency rating of 4.8 miles per kWh. 

By using the calculator’s slider, you can work out fuel prices depending on your annual mileage.

If you, for example, cover 10,000 miles annually, the calculator reveals that it would cost £1,973 to fuel a petrol or diesel car for the year, but just £971 to recharge an electric car. That’s a potential saving of £1,002. 

The table below shows how much petrol/diesel is per mile and illustrates how the electric vs petrol/diesel car comparison favours electric, especially when charging off-peak.

	Cost per Mile	Vehicle Efficiency	Fuel Cost
Electric Car – Off-peak	2.1p	3.5 miles per kWh	7.5p per kWh
Electric Car – Energy Price Guarantee	9.7p	3.5 miles per kWh	34p per kWh
Diesel Car	19.0p	43 mpg	£1.80 per litre
Petrol Car	20.6p	36 mpg	£1.63 per litre

What if I can only charge my electric car in public?

Some public charging points are free to use. For example, at Tesco you can often charge for free while you shop.

However, to use the more advanced, faster public chargers – known as ‘rapid’ chargers – you nearly always have to pay. Rates typically vary from about 30p per kWh to as much as 70p per kWh.

If you only use rapid chargers occasionally, you will still save a lot of money by switching to electric motoring.

If you do most of your charging at rapid charging stations, then your savings will be much less and it might even be cheaper in a petrol or diesel car, depending on what kWh rate you pay.