Rising fuel prices are making electric vehicles an increasingly attractive option for Australian drivers, with new figures showing that recent EV buyers are already saving millions on fuel costs.
According to the National Automotive Leasing and Salary Packaging Association (NALSPA), Australians who purchased battery electric vehicles through novated leases and used the Federal Government’s Electric Car Discount between January and June 2026 are expected to save a combined $76 million on fuel by the end of the year.
The savings come as petrol prices have climbed, putting additional pressure on household budgets. Unlike petrol and diesel vehicles, EVs are less exposed to fluctuations at the fuel pump, with electricity generally costing less per kilometre.
Savings Could Continue
NALSPA estimates that if petrol remains around $2.10 per litre, the same group of EV drivers could save a further $103.6 million per year from 2027 after accounting for the cost of charging and assuming 15,000 kilometres of annual driving.
Victoria is currently leading the country in EV uptake among these buyers. Victorian drivers are expected to save approximately $22.2 million in fuel costs by the end of 2026, followed by NSW at around $22 million and Queensland at approximately $16 million.
NALSPA estimates that Australians who have purchased EVs through the Electric Car Discount since July 2022 could collectively save around $609 million in fuel costs by the end of 2026.
Lower Running Costs Drive EV Interest
Fuel isn't the only area where EV owners can save. The Electric Vehicle Council reported that more than 70% of Australian EV owners save over 60% on fuel compared with their previous petrol vehicle, while 73% spend less than $300 per year on maintenance.
With fuel prices remaining unpredictable and more electric models becoming available, lower running costs are becoming an important factor for Australians considering their next vehicle.
For many drivers, switching to electric is no longer just about reducing emissions - it can also mean keeping more money in the household budget.
