27 August 2024
The two pence reduction in the Energy Price Cap which started on 1 July 2024**, means that EV drivers on Standard Rate domestic tariffs are now driving for less than 5p a mile according to the AA EV Recharge Report for July.
This is the ‘worst case’ scenario as the Price Cap level is the maximum a provider can charge to power up at home. EV drivers can obtain even cheaper prices with special EV tariffs if they plug-in at off-peak times, typically overnight.
In December 2022, when the AA first launched the EV Recharge Report, the Price Cap level for charging a car domestically was 7.99p a mile – 61% higher than now (4.97p).
Across the public charging network, all speed and tariffs remained static, a rosier picture compared to petrol prices which rose by 0.50 ppl between June and July.
Public charging costs had already fallen earlier in the summer. Slow and kerbside charging fell in June (as much as 8p per kWh for slow charging at peak times) and ultra-rapid public charging costs dropped in May (down 5p per kWh at both peak and off-peak times).
AA EV Recharge Report, July 2024. Flat rates;
|
Charge Type |
Speed |
Jul Ave (p/kWh) |
June Ave (p/kWh) |
Difference (p/kWh) |
Cost to add 80% charge |
Pence per mil (p/mile) |
|
| Domestic | Up to 7kW | 22 | 24 | -2 | £8.80 | 4.97 | |
| Slow | Up to 8kW | 51 | 51 | 0 | £20.40 | 11.53 | |
| Fast | 8-49kW | 56 | 56 | 0 | £22.40 | 12.66 | |
| Rapid | 50-149kW | 73 | 73 | 0 | £29.20 | 16.50 | |
| Ultra-rapid | + 150kW | 77 | 77 | 0 | £30.80 | 17.40 | |
| PETROL | 145.10 ppl | 144.60 ppl | 0.50 ppl | £46.43 | 12.90 | ||
AA EV Recharge Report, July 2024. Peak and Off-Peak rates;
| Charge Type | Speed |
Jul Ave (p/kWh) |
June Ave (p/kWh) |
Difference (p/kWh) |
Cost to add 80% charge |
Pence per mile (p/mile) |
|
|
Slow Off-peak |
Up to 8kW | 42 | 42 | 0 | £16.80 | 9.49 | |
| Slow Peak | Up to 8kW | 59 | 59 | 0 | £23.60 | 13.33 | |
| Fast Off-peak | 8-49kW | 75 | 75 | 0 | £30.00 | 16.95 | |
| Fast Peak | 8-49kW | 79 | 79 | 0 | £31.60 | 17.85 | |
| Rapid Off-Peak | 50-149kW | 75 | 75 | 0 | £30.00 | 16.95 | |
| Rapid Peak | 50-149kW | 79 | 79 | 0 | £31.60 | 17.85 | |
| Ultra-rapid Off-Peak | +150kW | 51 | 51 | 0 | £20.40 | 11.53 | |
| Ultra-rapid Peak | +150kW | 59 | 59 | 0 | £23.60 | 13.33 | |
| PETROL | 145.10 ppl | 144.60 ppl | 0.50 ppl | £46.43 | 12.90 | ||
Halloween hike in domestic energy not as scary as it could’ve been
Last week, OFGEM announced that the price of domestic electricity will rise*** which will have put fear into households. However, from an electric car owner’s perspective the rise is not as bad as first feared. The rise is scheduled to be similar to the April 2024 to June 2024 rates, meaning the per mile cost to charge from home will rise, but will still stay lower than previous winters.
Jack Cousens, head of roads policy at The AA, said; “Driving an EV for less than five pence a mile is a landmark moment and shows just how cheap running an EV can be. As this is the cost based on the Standard Variable rates, savvy EV drivers will have scoped out the best deals across energy providers to bring their costs down further.
“The vast majority of EV drivers charge at home, with just 15% of their charges being carried out on the road. This helps keeps costs down further as drivers can plan their trips to coincide with the cheapest rates at their ideal location.
“However, this moment will be short lived following the news of the uplift in domestic energy prices in October. EV owners will hope that the increase in electricity prices is merely temporary, but will find solace in the fact that they are not as high as the peak costs experienced at the height of the Russian invasion of Ukraine.”
* Average prices are the PAYG options without connection fee as at 24 July 2024. Subscriptions are available for all charge point speeds which can unlock a cheaper p/kWh, however rates vary across provider.
EV calculations are based on adding 80% to a Vauxhall e-Corsa, 50kW, with a WLTP range of 222 miles. Adding 80% range equates to 178 miles of range. Vauxhall e-Corsa specifications here: New_Corsa-CorsaYes_PSG_3_April_2024_Library.pdf (vauxhall.co.uk)
Petrol calculations are based on a Vauxhall Corsa 1.2L (75PS) Petrol with a 40 litre tank. 80% refuel = 32 litres.
Petrol: 32 litres @ 145.10 ppl = £46.43. Combined MPG of 51.4 = 360 miles at 12.90 p/mile.
Vauxhall Corsa specifications here: New_Corsa-CorsaYes_PSG_3_April_2024_Library.pdf (vauxhall.co.uk)
** New energy price cap level for July to September 2024 starts today | Ofgem