According to Statista, the average cost of a lithium-ion electric car battery in 2023 was $139 per kWh. This works out as £109.25 per kWh in the UK. While it is still expensive, it is much lower than in 2013 when the cost per kWh was $780 (£613.04). How Much Does an EV Battery Cost?
The analysts concluded that this would be down to declining prices of EV raw materials, such as lithium, nickel, and cobalt. This would mean a battery would cost $99 per kilowatt hour, drastically reducing an electric car battery replacement cost. How Can I Keep My Battery Replacement Cost Down Now?
If you have an EV battery you need to recycle, find out how to do so here, along with the challenges that come along with it. We estimate that the average electric car battery costs £7,235.07 in 2024. Find out why EV batteries are so expensive in this guide.
Charging at home costs around 8p per mile while a diesel or petrol vehicle can cost around 13p to 17p per mile to fuel, as of January 2024. Some suppliers continue to offer tariffs enabling drivers to charge their EVs at under 3p per mile (such as an overnight tariff offered by Octopus Energy).
This guidance provides information on EVs and EV charging infrastructure. While a new electric vehicle (EV) costs more to buy up front, today most drivers in the UK (around 80%) will buy their cars on the used market. Industry intelligence suggests that some EVs on the used market are now similar in price to their petrol and diesel equivalents.
While this may be disheartening for some who are now questioning their choice to switch to an electric vehicle, owning and maintaining an EV is typically nowhere near as expensive as you might think. Currently, most manufacturers offer a five to eight-year warranty on their EV batteries.