In the UK, 12 million drivers are considering buying an electric vehicle in the next two years, according to new research by comparison and switching service Uswitch.com.
This could potentially save motorists £8bn in fuel costs, as electric car owners save an average of £329 a year, compared to the cost of running a petrol or diesel vehicle, based on typical annual mileage, the research found.
Charging an electric vehicle at home adds an average of £30.90 a month to household electricity bills, the equivalent of £370 a year. Meanwhile drivers of petrol and diesel vehicles spend an average of £74.86 on fuel a month, or £898 a year, according to Uswitch. When adjusted for average mileage, electric vehicle owners save £27.48 a month compared to fuel.
The popularity of electric vehicles is on the rise as 4.3 million drivers (11%) said they will buy an electric vehicle in the next two years, and an additional 7.6 million motorists (19%) are considering it.
Registrations of new electric vehicles also grew to a market share of 4.6% in March — the highest proportion of sales recorded in the UK for battery powered cars.
The trend is set to continue as the UK government bans sales of new diesel, petrol and hybrid vehicles from 2035 as part of its pledge to bring all greenhouse gas emissions to net zero by 2050.
The best-value electric vehicle is the Renault Twizy (RNO.PA), with an overall cost of £11,746 after eight years, based on initial price, range, and cost per mile, according to Uswitch.
It is followed by the Skoda Citigo e iv (£19,107), the Seat Mii (£21,555), the Citroen C-Zero (£21,833), and the Smart fortwo (£21,917).
The most expensive electric car is the Porsche Taycan (PAH3.DE), which will set drivers back £86,581 in overall cost after eight years.
The second most expensive is the Tesla Model X (£85,410), followed by the Audi e-tron Sportback (£83,657), and the Tesla model s (£79,993).