The rapidly escalating cost of fuel is being cited by companies with fleets as a major reason to switch to electric vehicles, according to new research.

B2B comparison website iCompario conducted the research, and found that 86% of companies questioned would switch to EV and hybrid model vehicles.

24% of companies with a fleet have already switched some if not all of its vehicles already to battery electric vehicles and plug-in hybrids. Directors and chief officers are most inclined to make the move to EVs, according to the research. Companies in the finance sector are more likely to have switched to an entirely ultra-low emission vehicle.

The research found that there are still barriers to switching. 31% of those businesses questioned were concerned about charging point access, 25% believed insurance costs would be higher and 20% thought that running and repair costs would be more expensive for EV and hybrid vehicles.

Yet over half (53%) of those surveyed said that they have access to one or more EV charging points at their workplace.

“It’s clear that the current high fuel prices are altering perceptions and timescales when it comes to moving to ULEV models,” said Kerry Fawcett, digital director at iCompario.

“While fuel cards can help secure lower petrol and diesel prices ‘at the pumps’, and ease with admin too, it’s clear that further cost savings can be made if businesses are open to switching to EV and hybrid vehicles. We estimate that it could work out as much as £900 cheaper to ‘fuel’ an EV per year and depending on which models you go for there are also savings to be made in insurance and leasing costs too.”