Where could you save the most?
Of all the countries we looked at, Norway and Iceland boast the biggest net savings when charging a battery compared to filling a petrol tank. Choosing an EV will save you more than AU$150 (approximately US$100) per top up in both nations. The next biggest savers in this metric on our list are Switzerland (AU$139.36 / US$92.74), Israel (AU$133.99 / US$89.17) and Greece (AU$130.16 / US$86.62).
However when we look at percentage savings per kilometre, as previously mentioned, Argentina saves EV drivers more than 92% of the equivalent cost of petrol (as well as being generally the cheapest nation on our list in dollars per 100km for electricity).
The other top performers in this category were India (88.26%), Norway (87.40%), China (86.97%) and Iceland (86.40%). The average in this category was only 66% savings!
It is interesting to note that even in the cases where a nation ranks better or the same in our list of petrol prices versus the list of electricity prices, the price per distance of electric vehicles still vastly outperforms their internal combustion counterparts.
How does Australia compare?
Compared to the other nations we looked at, Australia performs barely above average when it comes to EV charging prices. In Australia, it costs EV owners AU$4.50 worth of electricity per 100km of driving, making it the 28th cheapest overall. From empty, it would cost AU$13.72 to completely charge the 39.2kWh battery of the Hyundai Kona Electric.
On the other hand, Australia boasts decently low fuel prices, coming in ninth cheapest on our list at just AU$79.89 to fill a 50L tank – notably better than the global average of AU$111.15. This comes out to AU$9.79 per 100km.
Overall, the high electricity price and lower petrol price creates comparably little incentive to go electric compared to the other nations on our list – at least as far as refuelling/recharging prices are concerned.
However, there are still savings to be had, and there are other reasons to consider an EV over a traditional petrol vehicle. For example, the environmental benefits cannot be overlooked and by driving an EV, you could reduce your carbon footprint, decrease noise pollution, and help contribute to cleaner, fresher air – especially in cities where the density of vehicles is much higher.
Additionally, as renewable energy becomes more prevalent, the emissions intensity of electric vehicles will continue to fall. For example, according to the 2022 Climate Transparency Report, Australia produced an average of 625.6 grams of carbon dioxide for every kilowatt hour of energy produced in 2021, higher than the G20 average of 444.7 gCO2/kWh.1 However Australia’s emissions intensity is also decreasing at a rate of 18.1% over 5 years compared to the G20 average of only 8.1%.
This means that in Australia, drivers of the Hyundai Kona Electric could effectively produce 80.41 grams of CO2 for every kilometre driven, compared to 148gCO2/km for the petrol variant.2
Head of Energy at Compare the Market, Meredith O’Brien, explained that if you have solar panels, charging your EV during the day whenever possible can help offset the electricity cost of running an electric vehicle.
She also mentioned that in Australia, a number of energy providers offer special EV rates to charge overnight (during off peak times), to help drive down the cost of running an EV.
“These rates can be significantly lower than normal peak rates for electricity,” she said.
O’Brien also said driving an EV is a great way to help reduce your carbon footprint, but it’s not the only thing you can do to live a greener lifestyle.
“As well as driving an electric vehicle to reduce your carbon footprint, you could consider investing in better home insulation where possible – even through the use of blinds or curtains – drying your clothes on the line instead of in the dryer and turning appliances off at the wall when not in use,” O’Brien explains.
“You could also consider switching to a green energy plan that supports ongoing investment into renewable energy sources to help reduce your carbon footprint.”
If you are thinking about switching energy plans, why not try Compare the Market’s free energy comparison service to see what energy plans are available in your area? By considering a range of options, you can look for a deal that works for you.