The research from Blackhawk Network, The UK’s leading Cycle to Work scheme, found that cycling to work could save commuters in the West Midlands up to £760 each per year.
The cost of travelling to work, including fuel prices, is cited as a top concern for 62 per cent of employees, second only to utility bills (73 per cent).
But despite these worries, almost a quarter (18 per cent) of commuters are not fully aware of the annual savings they could make through the simple transition to cycling.
Cycling is gradually becoming the transport method of choice for people up and down the country.
With the average spanning just five miles or less, and the development of eBikes, getting in the saddle is more achievable than many might think.
In the last year alone, one in ten commuters began cycling to work, and a further 40 per cent are actively considering it.
Qasim Aziyan lives in Wolverhampton and sells eBikes and Scooters online.
He believes eBikes are a key change in the landscape which open up cycling to many who may have never seen it as something they could do before.
He said: "I find there's a clear divide between enthusiastic road cyclists and electric bike users.
"We are getting people using electric bikes that wouldn't think about cycling usually.
"The older demographic, people with breathing difficulties things like that.
"That is a completely new demographic I have found, people taking up cycling that otherwise wouldn't have.
"They find the electric bikes allow them to keep up with their friends and family
"The saving is significant too, it is pennies to charge one fully, which is massive considering the rising fuel costs."
Qasim estimates that for a commute of around 10 miles, it would cost 4p a day to run an electric bike.
Comparatively, with increases to fuel costs, it would cost £1.60 in an average diesel car, 40 times more.
With 36 per cent of employees considering changing their mode of transport to work, Blackhawk believes employers need to take note and make it easier for staff to access cycling equipment.