You can now save £1,000 per year by buying an electric vehicle

✔ You can spend £594 per year on electricity – or £1,608 on petrol

✔ The price of petrol has risen by 10% in the past three weeks

✔ We predict a litre of petrol will cost £2.18 in October

The average driver in the UK can save more than £1,000 per year by switching to an electric vehicle, according to calculations by The Eco Experts.

The annual cost of charging an electric vehicle at home is now £594 – which is £1,014 less than the £1,608 it costs to run a petrol car.

This is the first time in history that savings have topped £1,000, amid soaring petrol costs that have pushed the average price at the pump up to 186.85p per litre.

How much does it cost to refuel?

Filling a 50-litre tank with petrol now costs £93.43, according to government data.

The average electric vehicle can be fully charged for five times less – just £18.

You’ll need to top it up twice as many times per year as a petrol car, but you’ll still pay 2.7 times less by going electric.

It costs 9p to drive a mile in an electric vehicle, and 24p in a petrol-fuelled car.

Over a year and 6,800 miles, that adds up to a £1,014 saving – as long as you use a home charging station. Since they cost around £950, you’ll typically make your money back within a year.

And even if you only use public chargers, you’ll still save £548 per year.

Use our calculator tool to see how much you could save per year by switching to an electric vehicle:

Will costs continue to increase?

Yes, they will.

Electricity costs 71% more for the average household than it did just a year ago, and is set to increase by another 42% in October, as Ofgem raises its energy price cap.

That’ll put electric drivers’ annual charging costs at £846.

Petrol prices have risen by 44% since last June – including a frightening 10% jump over the past three weeks.

The Russian invasion of Ukraine and the spiralling cost of electricity and gas makes it likely that petrol prices will keep increasing rapidly for at least the next six months.

On 1 October, when the energy price cap increases, we predict that a litre of petrol will cost £2.18 – and a year’s worth will set you back £1,879.

Does this mean it’s worth getting an electric vehicle?

Yes – as long as you get a good deal.

Driving is getting increasingly expensive, whether your car is fuelled by petrol or electricity.

The average cost of an electric vehicle is currently £27,915 – around £12,500 more than a typical petrol car.

This sizable price difference means it takes 12.3 years for the average driver to break even on an electric car.

Our advice is to see if you can get an electric vehicle for less than £20,000.

If you find a good model for £19,000, you’ll save enough in refuelling costs to make up the difference within 4.5 years – and that includes the cost of a home charging station.