According to Cornwall Insight, using public or workplace chargers can add more than £1,500 a year to an EV driver’s costs compared to off-peak home charging.
That’s on top of a steep upfront cost—new EVs are still about 40% more expensive than petrol or diesel models.
“The environmental and financial benefits of switching are being lost for those who can’t afford them,” said Tilly Boultwood, Analyst at Cornwall Insight.
“Affordability is now a critical barrier to EV adoption. If EVs remain the preserve of the wealthy, the transition to zero-emission transport will be delayed and uneven.”
Even the second-hand EV market is out of reach for many.
Prices remain high, and without targeted intervention, the cost gap between clean and dirty transport is set to widen.
The report warns that unless action is taken fast, the government’s goal of reaching 80% zero-emission car sales by 2030 could be missed.
To fix the gap, Cornwall Insight recommends bold moves: bring back grants for new and used EVs aimed at lower-income drivers, expand 0% interest loan schemes like those already operating in Scotland – and slash public charging costs for those without access to private chargers.
Despite record EV market share in 2024, the report says momentum is at risk if the government fails to level the playing field.
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