News & Features

Petrol Vs EV Charging Prices

Posted in General News on Wednesday, March 27th, 2024

Off-peak rates for ultra-rapid charging fell by 2p/kWh, making an EV on average 1.2p per mile cheaper to ‘refuel’ than filling up with petrol powered car, according to The AA EV Recharge Report for February 2024. Charging at home on a flat-rate tariff is already more than half the cost per mile of petrol. 

While all other flat and variable EV rates in the public realm remained static, petrol prices rose by almost 5p per litre. Most EV drivers charge at home, their use of the public network is limited to longer journeys, such as holidays. With an estimated 18.5 million drivers heading out on the roads this Easter, the fall in price for the fastest charging speeds (reaching 80% within 20-40 minutes) means EV drivers are primed for cheaper motoring. Jack Cousens, Head of Roads Policy for the AA, said: “The fall in both peak and off-peak costs on ultra-rapid charging has come at an ideal time, especially as drivers hit the road for Easter. A lower cost per mile leaves more money in the pockets of holiday travellers to spend on tourism. This helps to justify expenditure on EV charging infrastructure at tourist destinations. Higher pump prices will siphon off more holidaymaker cash this Easter. With more charging points installed each month, and at a wider variety of locations, the tipping point to EVs is approaching faster than people realise. Households in the market for an EV are looking at the costs and seeing that there are savings to be made, especially if they can get a good deal from the manufacturer.” 

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