Updated 25 October 2026
Quick answer: Yes, for most drivers who can charge at home, an electric car is now much cheaper to run than a petrol car, and the gap has widened since petrol prices jumped after the Iran war began. At October 2026 prices, an American driving 12,000 miles a year in a 28 mpg petrol car spends about $1,830 on fuel, compared with about $630 charging an EV at home, a saving of around $1,200 a year. In the UK, 12,000 km costs about £1,260 in petrol against £570 charging at home on a standard tariff, or under £200 on an off-peak EV tariff. Across the EU, a typical driver saves roughly €1,000 to €1,200 a year. The big exception is drivers who rely mostly on public rapid chargers: at the UK average of 79p per kWh, charging can cost more than petrol. Use the calculator below with your own mileage and prices.
Most online comparisons of EV and petrol costs were written when petrol was cheaper, use one country's prices, or ignore the price of public charging. This guide uses October 2026 fuel and electricity prices from official sources for the US, UK and EU, explains when an EV saves money and when it does not, and lets you check your own numbers.
Fuel and Electricity Prices in October 2026
The comparison depends on four prices:
- Petrol: $4.28 a gallon in the US (up 46% since February), 174.6p a litre in the UK (up 33%) and €1.99 a litre on average in the EU (up 22%), according to official weekly surveys. Our guide Petrol Prices Since the Iran War: How Much They Have Risen in 35 Countries has every country.
- Home electricity: about 18.3 cents per kWh in the US, 26.32p under the UK price cap and 28 euro cents on average in the EU. Household electricity prices have so far risen much less than petrol; see Electricity Prices by Country 2026: What Households Pay per kWh, and What the Iran War Means for Bills.
- Off-peak EV tariffs: in the UK and some other countries, special tariffs charge as little as about 7p to 9p per kWh overnight.
- Public charging: Zapmap's index puts the UK average at 54p per kWh for standard public chargers and 79p for rapid and ultra-rapid chargers in September 2026. In the US, DC fast charging typically costs around 45 to 55 cents per kWh, and in Europe roughly 50 to 70 euro cents.
How Much an EV Saves: Three Examples
United States
A driver covering 12,000 miles a year in a petrol car that does 28 mpg uses about 429 gallons, costing about $1,830 at $4.28. An EV that does 3.5 miles per kWh uses about 3,430 kWh. Charged entirely at home at 18.3 cents, that costs about $630; with 20% of charging at fast chargers at $0.48, about $830. The saving is about $1,000 to $1,200 a year. Before the war, with petrol at $2.94, the same petrol car cost about $1,260 a year to fuel, so the EV saving has roughly doubled.
Electricity prices vary widely by state: at 12 cents in the cheapest states the saving is larger, while at 40 cents in Hawaii it nearly disappears.
United Kingdom
Driving 12,000 km in a petrol car using 6 litres per 100 km takes 720 litres, costing about £1,260 at 174.6p. An EV using 18 kWh per 100 km needs about 2,160 kWh:
- On a standard tariff at the price cap rate of 26.32p: about £570 a year.
- On an off-peak EV tariff at about 7.5p: about £160 a year.
- With 20% at rapid chargers: about £800.
- Entirely at rapid chargers at 79p: about £1,710, more than petrol.
Euro area
A German driver covering 15,000 km in a petrol car using 6.5 litres per 100 km spends about €2,130 at €2.18 a litre. Charging an EV that uses 18 kWh per 100 km at Germany's household price of about 36 cents costs about €980, or about €1,130 with a quarter of charging at public chargers. At the EU average electricity price of 28 cents and petrol price of €1.99, the saving is about €1,200 a year.
When an EV Does Not Save Money
- You rely on public rapid charging. Rapid charging can cost three to ten times as much per kWh as home charging. Drivers without a driveway or workplace charging, especially in the UK, can pay as much as or more than for petrol.
- You drive very little. At 4,000 miles a year, an EV saves only a few hundred dollars a year in fuel, which may not justify a higher purchase price.
- Your electricity is very expensive. In places with high electricity prices and relatively cheap petrol, the advantage shrinks.
- The EV costs much more to buy or insure. Insurance for EVs is often higher because repairs are more expensive. Our guide Why Did My Insurance Premium Go Up When I Never Made a Claim? explains how premiums are set.
Beyond Fuel: The Full Cost of Ownership
Fuel is only part of what a car costs. Over the life of a car, the other big items are:
- Purchase price and depreciation. EVs still usually cost more to buy new, although the gap has narrowed sharply, especially for Chinese-made models, and used EVs have become much cheaper. EVs have often lost value faster than petrol cars, which is good for used buyers and bad for new ones.
- Maintenance. EVs have no oil changes, spark plugs, exhaust or clutch, and regenerative braking reduces brake wear. Studies typically find maintenance costs 30% to 40% lower, though tyres can wear faster because EVs are heavier.
- Taxes and incentives. Many countries offer lower road taxes, company car tax or purchase incentives for EVs, but several are being reduced. The UK, for example, has started charging vehicle excise duty on EVs and plans a per-mile charge for electric cars from 2028.
- Batteries. Modern EV batteries typically retain most of their capacity for well over 150,000 miles, and most come with eight-year warranties.
For a full comparison including the loan and insurance, our guide How to Afford a Car in 2026 When the Average Payment Is $777 (Calculator) works through what a car really costs per month.
How the War Changed the Sums
Before February 2026, the fuel saving from an EV was real but modest in many countries. Petrol price rises of 20% to 46% since then have roughly doubled the saving in the US and increased it by a half or more in the UK and much of Europe, while household electricity prices have so far risen far less, partly because many tariffs are fixed or regulated.
That gap may narrow. European wholesale gas prices have roughly tripled since February, and electricity bills are expected to rise this winter. Even so, at current prices, home electricity would have to roughly double in the UK and Germany, and nearly triple in the US, to cancel out the saving for a typical driver who charges at home.
Electric car sales were already growing fast: the International Energy Agency estimates that more than 20 million electric cars were sold worldwide in 2025, one in four new cars, and expects close to 30% in 2026 as higher fuel prices push more buyers towards EVs.
How to Cut Your Charging Costs
- Charge at home if you can, and ask your supplier about an EV or time-of-use tariff. Off-peak rates can cut charging costs by two-thirds.
- Use smart charging to schedule charging for the cheapest hours automatically.
- Use workplace or destination chargers, which are often free or cheap.
- Join charging network subscriptions if you use rapid chargers regularly; they can reduce the price per kWh significantly.
- Do not charge to 100% routinely; charging to 80% is faster at public chargers and better for the battery.
- Precondition the car while it is plugged in during cold weather, so the battery and cabin are warmed using grid power rather than the battery.
Data Notes
Petrol prices are official weekly averages for 19 October 2026 (US Energy Information Administration, UK Department for Energy Security and Net Zero, European Commission Weekly Oil Bulletin). Household electricity prices are the US EIA average for July 2026, the UK Ofgem price cap for October to December 2026 (excluding the standing charge, which you pay whether or not you own an EV) and Eurostat's figures for January to June 2026. UK public charging prices are Zapmap's September 2026 index; US and European public prices are typical ranges. Fuel economy and EV efficiency defaults are typical real-world figures for mid-sized cars. All figures are running costs only.
Frequently Asked Questions
Is it cheaper to charge an electric car than to buy petrol?
Yes, for most drivers who charge at home. At October 2026 prices, home charging costs about a third of the price of petrol per mile in the US and between about an eighth and a half in the UK, depending on the tariff.
How much does it cost to charge an EV at home?
Multiply the battery capacity you add by your electricity price. Adding 60 kWh costs about $11 at the US average of 18.3 cents, about £16 at the UK price cap rate and about €17 at the EU average.
How much does public rapid charging cost?
About 79p per kWh on average in the UK in September 2026, about 45 to 55 cents in the US and roughly 50 to 70 euro cents in Europe, with wide variation between networks.
Is an EV cheaper to run if I cannot charge at home?
Not always. If you use mostly rapid chargers, your costs per mile can be similar to or higher than petrol. Slower public chargers, workplace charging and network subscriptions reduce the cost.
How much will I save per year with an EV?
For a typical driver who charges at home, roughly $1,000 to $1,200 in the US, £700 to £1,100 in the UK and €1,000 to €1,200 in the EU at current prices. Use the calculator with your own mileage and prices.
Are EVs cheaper to maintain?
Generally yes: there is no engine oil, fewer moving parts and less brake wear. Tyres and insurance can cost more.
Final Thoughts
The jump in petrol prices this year has made the running-cost case for electric cars stronger than ever for drivers who can charge at home. For those who rely on rapid public chargers, the saving is much smaller or disappears altogether.
If you are choosing your next car, look beyond fuel to the purchase price, depreciation, insurance and the incentives available where you live, and check your own figures with the calculator. Fuel and electricity prices are changing quickly, so revisit the numbers before you buy.
Sources
- US Energy Information Administration: gasoline and diesel fuel update
- UK Department for Energy Security and Net Zero: weekly road fuel prices
- European Commission: Weekly Oil Bulletin (fuel prices in every EU country)
- US Energy Information Administration: Electric Power Monthly
- Ofgem: energy price cap will rise by 4% from October 2026
- Eurostat: household electricity prices (nrg_pc_204)
- Zapmap: UK EV charging price index
- International Energy Agency: close to 30% of cars sold in 2026 set to be electric
Related Guides
- Petrol Prices Since the Iran War: How Much They Have Risen in 35 Countries
- Electricity Prices by Country 2026: What Households Pay per kWh, and What the Iran War Means for Bills
- How to Afford a Car in 2026 When the Average Payment Is $777 (Calculator)
- Why Did My Insurance Premium Go Up When I Never Made a Claim?
- Why Are Prices Still So High When Inflation Has Come Down?
Prices from official surveys and Zapmap, October 2026. This article is for information only.
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