Is it cheaper to hire an electric car?
Not yet. In Iceland, the cost of electricity for charging an EV is considerably cheaper than filling the equivalent ‘traditional’ vehicle with petrol. We estimate, for example, that the fuel cost for driving 1,600km in a standard VW Golf is around £158*, while the equivalent VW ID.3 electric car would cost about £59** to charge over the same distance. However, the rental cost of EVs is currently higher than traditional cars, so you do end up spending more, overall, by going electric. For seven day’s car rental between June and August, the total cost of an electric VW ID.3 (rental plus charging) is likely to be around £175 more than a petrol VW Golf. Don’t forget that this is the rate for the vehicle, so divide this by the number of people in your party for the cost per person. Remember that, by hiring an EV, a significant part of your travel will be emissions-free, so you will be paying less if you choose to carbon-offset your trip.
As a guide, Iceland’s Ring Road (Route 1) is 1,332km. Costs estimated April 2023.
* Fuel cost based on approx ISK328.7 per litre; consumption 4.8 litres per 100km
** Charging cost based on approx ISK6 per 100km