Petrol and diesel drivers switching to EV could be £700 better off
Electric cars could save drivers nearly £700 with proposals calling for an immediate end to fossil fuels. A Climate Change Committee (CCC) report has presented to the Labour Party government a new pathway to achieve a decarbonised UK by 2050.
The plan requires reducing emissions by 87 per cent compared to 1990 levels by 2040 with electric vehicles being crucial. The report found that electrification will make up 60 per cent of emissions reductions by 2040.
Interim Chair of the CCC, Professor Piers Forster, said: "The Committee is delighted to be able to present a good news story about how the country can decarbonise while also creating savings across the economy."
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By 2050, household driving bills are also predicted to be approximately £700 cheaper than today while energy bills are also expected to fall by a similar amount, with annual savings of around £716.
Prof Forster said: 'For a long time, decarbonisation in this country has really meant work in the power sector, but now we need to see action on transport, buildings, industry, and farming. This will create opportunities in the economy, tackle climate change, and bring down household bills."
He added: "Our analysis shows that there is no need to pitch action on climate change against the economy. We will need Government and business to deliver the investment, but we are confident that this Seventh Carbon Budget offers a secure, prosperous future for the UK."
In addition, by 2040, the CCC's Balanced Pathway sees three-quarters of cars and vans and nearly two-thirds of heavy goods vehicles (HGVs) on the road being electric, up from only 2.8% of cars and 1.4% of vans in 2023.
The share of new car and van sales that are electric grows quickly, ahead of the zero-emission vehicle mandate, reaching around 95% by 2030 and 100% by 2035. This is propelled by the falling cost of batteries, which allows electric cars to reach price parity with comparable petrol and diesel cars between 2026 and 2028. The pathway also assumes battery-electric vehicles are chosen to decarbonise all HGVs.
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