Petrol prices began rising even before the conflict in Iran drove oil prices higher. Australia imports around 80% of its fuel, which means prices can spike when geopolitical shocks ripple through supply chains.

As motorists face long queues in Australian cities, some will wonder whether it’s time to join the increasing numbers going electric to prevent hip-pocket pain.

Avoiding the weekly petrol fill-up is appealing. But the sticking point for many motorists has long been the higher upfront cost of an EV. As competition has increased, EV prices have fallen. Even so, most EVs still cost several thousand dollars more than a comparable conventional car.

Over time, cheaper running costs and less maintenance mean EV owners should recoup some of this money. But how long does it take? To answer this, I helped develop a public EV payback calculator, comparing five popular EVs with closely matched hybrid cars in the Australian market. Here, you can estimate how long it will take to pay back the price difference between EV and a conventional car.

It turns out the biggest factor is how you charge your EV. For drivers who rely on pricier public fast chargers, payback will take much longer. But drivers who charge mostly at home can see payback in a few years.

What makes EVs cheaper to run?

Battery electric vehicles are generally cheaper to run for three main reasons.

Electricity is typically cheaper than petrol or diesel per kilometre driven – especially when charging at home using off-peak grid power or rooftop solar. EVs convert energy to motion far more efficiently than internal combustion engines, so less energy is wasted as heat.

Electricity is typically cheaper than petrol or diesel per kilometre driven – especially when charging at home using off-peak grid power or rooftop solar. EVs convert energy to motion far more efficiently than internal combustion engines,........

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