Do EVs save money? How much you could save on fuel by going electric
Do EVs really save money? Do the benefits of owning an EV really add up? With interest in electric cars on the rise amid increasing fuel prices, it’s a question worth delving into.
To answer it, we compared best-selling traditional petrol, hybrid and all-electric models in four popular vehicle segments: hatchbacks, small SUVs, mid-size SUVs and utes. By comparing common charging scenarios against the cost of refuelling at today’s average fuel prices (currently 229.6c/L), we can then offer some insight.
Note: The figures below are indicative only. Outcomes will depend on your fuelling and charging patterns, the fluctuating price of fuel and energy, driving style and road conditions. Savings will also be more significant the further you drive per year, if you have solar at home, and taking into account lower costs to own an EV. See price assumptions at the end of the article.
Petrol vs hybrid vs electric hatchbacks
|
Mazda 2 |
MG MG3 |
BYD Atto 1 |
|
|
Variant |
Neo 1.5 Auto Petrol |
Hybrid 1.5L |
Essential 130kW EV |
|
Price before on-roads |
$28,990 d/a |
$28,490 |
$23,990 |
|
Petrol ($2.29/L) |
$1748/year |
$1367/year |
- |
|
Charging at home without solar (28c/kWh) |
- | - |
$608/year |
|
Public chargers (70c/kWh) |
- | - |
$1519/year |
|
Savings over ten years, driving 14,000km a year |
$0 | $38101 | Up to $11,4002 |
Petrol vs hybrid vs electric small SUVs
|
Chery Tiggo 4 |
Hyundai Kona |
Jaecoo J5 |
|
|
Variant |
1.5L Urban Petrol |
1.6L Hybrid |
155kW EV |
|
Price before on-roads |
$21,990 |
$39,990 d/a |
$36,990 |
|
Petrol |
$2352 |
$1239 |
- |
|
Charging at home without solar |
- | - |
$545 |
|
Public chargers |
- | - |
$1362 |
|
Savings over ten years |
$0 | $11,130 | Up to $18,070 |
Petrol vs hybrid vs electric mid-size SUVs
|
Mazda CX-5 |
Toyota RAV4 |
Tesla Model Y |
|
|
Variant |
2.0L FWD Petrol |
2.5L GX Hybrid |
RWD 208kW EV |
|
Price before on-roads |
$37,990 d/a |
$45,990 |
$58,900 |
|
Petrol |
$2193 |
$1494 |
- |
|
Charging at home without solar |
- | - |
$600 |
|
Public chargers |
- | - |
$1499 |
|
Savings over ten years |
$0 | $6990 | Up to $15,930 |
Petrol vs hybrid vs electric utes
|
Ford Ranger |
Toyota Hilux |
KGM Musso |
|
|
Variant |
2.0L Sport 4WD Diesel |
2.8L SR5 Hybrid |
152kW AWD EV |
|
Price before on-roads |
$66,390 |
$63,900 |
$64,000 |
|
Petrol |
$3187 |
$2732 |
- |
|
Charging at home without solar |
- | - |
$1019 |
|
Public chargers |
- | - |
$2548 |
|
Savings over ten years |
$0 | $4550 | Up to $21,680 |
To calculate potential savings by charging an EV, we’ve assumed a 28c/kWh average flat tariff rate for charging in NSW at home. If you have access to solar, however, this figure can reduce significantly (even to zero if you can charge off solar only). For public chargers, we’ve used an average figure of 70c/kWh. Many car makers also have free charging deals with Chargefox, and NRMA members get 10 per cent off using the NRMA EV network, bringing the cost of public charging down.
To calculate charging and fuel costs, we used the Vehicle Emissions Star Rating (VESR) website, which uses lab-test figures submitted by carmakers that are best used as comparisons. We assumed 14,000km driving each year, and you can edit these figures to suit yourself on the website. Actual real-world costs may differ, and the real-world fuel and energy usage of 140 or so car models can be found at the Real-World Testing Program website.
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