As petrol and diesel pump prices soar, electric vehicle (EV) drivers are finding financial relief through stable charging costs, according to the AA.
According to the AA’s EV Recharge Report in August 2023, while petrol prices at the pump have increased by 4.25% since July (rising from 145.00p to 151.19p), the costs of EV charging have remained consistent.
For those charging their EVs at the kerbside near their homes, the report reveals a 3p/kWh reduction in average peak charging expenses, albeit with a 5p increase in off-peak charging costs. However, in various peak/off-peak and flat-rate charging categories, costs have not only held steady but have decreased by 1p/kWh in some instances, especially for the fastest recharging speeds.
Simultaneously, the average price of petrol has surged by 6.19 pence per liter in August compared to the end of July, and the upward trend is continuing into September. This price hike can be attributed to a $15 increase in the cost of oil within the same period, inspired by OPEC, pushing it from $75 to over $90 per barrel.
Remarkably, ultra-rapid charging for EVs is now more cost-effective on a per-mile basis than petrol. The report indicates that last month, the pence-per-mile cost for a typical small petrol car stood at 13.85p, which has now risen to 14.44p. This cost is now higher than the per-mile costs for both peak (14.38p) and off-peak charging (12.58p) at ultra-rapid charging facilities, although flat-rate ultra-rapid charging remains slightly higher at 15.96p.
Jack Cousens, head of roads policy for the AA, said;
“Stability in electricity prices showcases the benefits of EVs when compared to the ‘rocket and feather’ approach for fuel pricing.
“As well as limited movement in the price paid at the device, unlike fuel there is more uniformity in the cost drivers pay wherever where they plug in, be it Padstow, Pontypool or Perth.
“As more drivers and businesses make the switch to electric, many may look back at their days owning a petrol or diesel car and wonder why charge point companies can keep costs consistent across the UK but the fuel trade can’t.”
Charging calculations are based on adding 80% to a Vauxhall Corsa Electric, 50kW, with a WLTP range of 222 miles, while the petrol comparison is with a Vauxhall Corsa 75hp 1.2-litre.
