Despite the rising cost of energy, it’ll remain significantly cheaper to power electric vehicles than their ICE equivalents…
Electric Vehicles Still Cheaper
With energy prices set to soar in the UK, there has been considerable speculation concerning the impact on electric vehicles. However, data compiled by RAC Fuel Watch suggests that it’ll remain significantly cheaper to power an electric vehicle than a petrol or diesel equivalent.
Ofgem has announced that the cap on electricity unit rates will rise from 28p.3/kWh to 34p.0/kWh at the start of October; ultimately, with a rise in the daily standing charge from 45.3p to 46.4p. It was originally due to rise to 52p/kWh, prior to Liz Truss’ Energy Price Guarantee.
This 20% increase will entail steeper charging costs for drivers of electric vehicles. However, it’s far lower than the jump that was originally anticipated.
‘Cushion the Impact’
Simon Williams, EV spokesman for the RAC, commented on the situation. He explained, “the 34p per kilowatt hour (kWh) Energy Price Guarantee will significantly cushion the impact of rising energy prices affecting drivers of electric cars. From 1 October it will cost on average £22.22 to fully charge a typical 64kWh family-sized electric SUV, £3.85 more than it does currently, and a third less than it would have cost under the new cap that was announced by Ofgem on 26 August (£33.80)”.
For perspective, figures from RAC Fuel Watch for August showed the average cost of filling a 55-litre petrol car stood at an average of £93.39 at the end of the month. For diesels, the price sat at £101.04. This means that the pence per mile (ppm) cost for a 64kWh EV will be around 11p, whilst the ppm cost of a typical 40mpg petrol car will equate to 19p. EVs, then, will remain significantly cheaper to run.
Fleets Should Expect Mileage Increases Over Winter – https://autoservefleet.co.uk/latest-news/fleets-should-expect-mileage-increases-over-winter/
EVs And Rapid Charging: Prices Rise By 50% – https://autoserve.co.uk/motoring-news/evs-and-rapid-charging-prices-rise-by-50/