There is no single cost of owning an electric car in the UK. The purchase price and depreciation usually matter most; after that, charging method, mileage, insurance, maintenance and vehicle tax shape the total. Home charging on a suitable tariff can make running costs much lower than relying on public rapid chargers, but a fair comparison needs the same model of ownership, mileage and cost assumptions for both cars.
What costs should you include?
Separate the cost of acquiring and owning the car from the annual cost of using it. A cheap-to-run EV can still cost more overall if its purchase price, finance or depreciation is higher.
- Acquisition: purchase price, finance interest and fees, or lease payments and inclusions.
- Value lost: the difference between what you pay and what the car is worth when you sell it. Compare likely resale values over the same period; there is no universal depreciation rate that applies to every EV.
- Running costs: electricity, insurance, servicing, repairs, tyres and vehicle tax.
- Charging setup: any home chargepoint and installation, if required. These are separate from the electricity tariff and depend on your home and installation.
For a useful comparison, use the exact model and trim, ownership period, annual mileage, finance or lease terms, personal insurance quote, and expected mix of home and public charging.
What does it cost to charge an electric car?
The largest day-to-day difference is often where you charge. Home electricity and public charging prices can differ substantially, so a calculation based on cheap overnight charging will not represent a driver who depends on rapid chargers.
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Home charging
Estimate annual electricity use by dividing annual miles by the car’s real-world miles per kWh, then multiply by your actual home tariff. Allow for charging losses, and use realistic efficiency for your journeys rather than assuming the car always achieves its official range. An off-peak tariff may reduce the cost if you can charge during its low-price periods.
HMRC’s advisory company-car electric rates, effective 1 September 2026, are 7p per mile for home charging and 15p per mile for public charging. These are reimbursement rates, not a forecast of a household’s bill. HMRC’s calculation assumes 3.59 miles per kWh and electricity inputs of 24.47p/kWh at home and 54p/kWh for slow or fast public charging. See HMRC’s advisory rates and their application.
Public charging
For public charging, work out the share of your miles likely to be covered by each network and charger type, then use the prices you would actually pay. Drivers without a driveway should check local charger availability, parking rules and prices before using a home-charging estimate. A DfT survey from 2022, reported in government guidance, found that 93% of respondents had access to home charging; 90% of that group charged overnight. That survey figure does not mean home charging is available to every driver.
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Government guidance published in January 2024 illustrated home charging at about 8p per mile and average public charging at roughly petrol-equivalent cost. Those are dated illustrations, not current tariff quotes. Read the DfT’s cost and charging guidance.
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A UK Government Clean Energy Campaign illustration estimates annual running costs of £1,902 for an EV and £3,320 for a petrol car at 10,000 miles a year—a £1,420 difference in that scenario. It assumes EV electricity at 7.5p/kWh and £1,680 a year for the EV’s insurance plus maintenance. The petrol example assumes fuel at £1.43 per litre and £1,490 for insurance plus maintenance.
These are scenario inputs, not a guaranteed saving or a quote for an individual. The £1,680 EV figure combines insurance and maintenance; it is not an insurance-only average. The campaign says its average insurance-and-maintenance estimates draw on earlier commissioned analysis, while some tariff assumptions are sample tariffs available in 2025/26. The comparison does not settle purchase price, depreciation, finance, charger installation or your own insurance premium. See the campaign’s supporting calculation and assumptions.
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How much does an electric car cost to buy?
Compare the actual price of the EV with the equivalent petrol or hybrid car, rather than assuming every EV costs more or less. Government guidance says new EVs remain more expensive in some comparisons, while parts of the used market have become more price-competitive. The price you pay, finance cost and eventual resale value all affect ownership cost.
Check whether the Electric Car Grant applies
The Electric Car Grant can reduce the price of some qualifying new electric cars by up to £3,750. The government’s campaign describes eligibility for new EVs with an RRP under £37,000, with the grant amount depending on the vehicle’s sustainability band. It does not apply to every new EV or to used cars. Check current model eligibility and grant band before deducting anything from a dealer quote. Check the government’s Electric Car Grant information.
Compare finance, lease and resale on the same basis
For a financed purchase, include the deposit, interest and fees, not just the monthly payment. For a lease, compare the term, mileage allowance, upfront payment and what servicing or other costs are included. When comparing ownership costs, account for resale value over the same period; a headline purchase price alone cannot show how much value the car may lose.
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What about insurance and maintenance?
Insurance premiums depend on the specific vehicle, driver and circumstances, so get a quote for the exact car rather than applying a general average. Government guidance says EVs can have lower maintenance and repair costs in many cases, but bills vary by model and use. Tyres, brakes, servicing and repairs can all affect the result.
In any comparison that uses the campaign’s £1,680 annual EV figure, remember that it is a combined insurance-and-maintenance estimate from its illustrative scenario, not a standalone insurance price. Your own insurer’s quote is the relevant figure for your budget.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What vehicle tax applies to electric cars?
Electric cars are subject to Vehicle Excise Duty (VED). The government campaign lists a £10 first-year rate for zero-emission vehicles; check the applicable VED for the car and tax year you are considering, since the amount depends on the rules in force and the vehicle’s circumstances.
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The government plans to introduce electric Vehicle Excise Duty (eVED) from April 2028. It is a future policy, not a current mileage charge to add to a 2026 ownership estimate. The Treasury consultation says the full-EV mileage rate will be half the equivalent average fuel-duty rate, with the plug-in-hybrid rate half as much again, and that eVED will be paid alongside ordinary VED. Read HM Treasury’s eVED consultation.
A practical way to estimate your own cost
- Choose the comparison period and mileage. For example, compare both cars over the same number of years and annual miles.
- Set the acquisition cost. Use the actual new or used price, or full finance or lease terms. Subtract a grant only if the specific new car qualifies.
- Estimate depreciation. Compare likely resale value at the end of the period rather than treating the full purchase price as an annual running cost.
- Price charging for your routine. Estimate EV kWh from mileage and real-use efficiency, then apply your home tariff and relevant public-network prices to the shares you expect to use.
- Add individual costs. Use an insurance quote for the exact car and include expected servicing, tyres and repairs.
- Include tax for the relevant dates. Apply current VED and account for eVED only if your ownership period extends to its planned introduction in April 2028.
- Run the same calculation for the alternative car. Use consistent mileage and ownership periods, and keep unlike assumptions out of the headline comparison.
This makes the trade-off visible: an EV’s charging savings are most meaningful when the purchase and depreciation costs, charging access and annual mileage are also accounted for.
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