Electric vehicle running costs
Electric vehicles are much cheaper to run than petrol or diesel vehicles. That’s because you can charge your electric vehicle overnight at home, using New Zealand’s cheap off-peak electricity rates.
EV running costs explained
EECA has calculated that the fuel running cost of an EV is the equivalent of paying $0.30/L, or approximately 15% of the cost of running an equivalent sized petrol vehicle.
EECA’s 30 cents per litre is an estimate based on the fuel running cost of an EV compared to a similarly sized petrol engine car, and will vary.
The calculation is based on:
- A comparison of the fuel running costs of a 2018 Hyundai IONIQ EV, a common EV in New Zealand, relative to a 2018 Toyota Corolla GX, a popular similar sized petrol engine car.
- Urban driving energy consumption:
- 11.5kWh/100km for Hyundai IONIQ
- 6.4L/100km for Toyota Corolla.
- Energy costs:
- Residential off-peak electricity rate of $0.15 kWh incl GST (home overnight charging). Excludes fixed line charges as these are not additional costs for EV charging.
- Petrol pricing at $2.00/L.
- RUC – excludes road user charges, as EVs are currently exempt from RUC charges.
Urban driving energy consumption data is gathered from NZTA RightCar.