The RAC has warned electric car owners they’re not immune from the rocketing energy prices already afflicting households and petrol/diesel car owners across the country – particularly galling as low-running costs are one of the USPs of EV ownership.
Rising energy costs: what does it mean for electric car owners?
Earlier this month, energy market regulator Ofgem announced the energy price cap will rise from the £1,971 that has been enforced since April 2022 to £3,549 from the start of this October. The figure is based on an average-consumption household on a dual-fuel gas and electricity standard variable rate tariff paying by direct debit.
And it has ramifications for EV owners who charge their cars at home. The cost of charging an average electric SUV – the type of practical EV favoured by families – is set to rise from £18.37 to £33.80, an 84% increase in just six months.
The True Cost of Running an Electric Car
RAC spokesperson Rod Dennis said: “The impact of the energy price cap increase will certainly be felt by drivers who charge their electric cars at home, with a full charge of a typical family-sized electric SUV costing 84% more from 1 October than it did under the old cap - £33.80, compared to £18.37. Despite recent falls in the price of petrol and diesel, the cost of charging at home is still good value compared to paying for either fuel but again underlines just how the rising cost of electricity is affecting so many areas of people’s lives.
“We’re also aware that public chargepoint operators are having no choice but to increase their prices to reflect the rising wholesale costs they’re faced with, which will heavily impact drivers who have no choice other than to charge up away from home. The RAC continues to support the FairCharge campaign call for the Government to cut the VAT rate levied on electricity from public charge points to 5%, to mirror the rate charged on domestic electricity.”
Is charging an electric car cheaper than fueling a petrol or diesel car?
While the cost of charging an electric car has rocketed, you’ll still save a fortune versus fuelling up your petrol or diesel. Petrol and diesel prices peaked in July 2022 at 191.53p and 199.05p per litre, respectively, and although prices have since dropped, you’ll still pay around 171.1p per litre for petrol and 182.9p for diesel. That means your average family car with a 55-litre fuel tank will cost a little less than £95 (petrol) or a little over £100 (diesel), significantly more than the £34 it’ll take to charge your average family EV – even after you take account of an electric car's shorter range.
How Much Does it Cost to Charge an Electric Car?
How can I save money when charging my EV?
One of the easiest ways to save money when charging your EV is to use one of the UK’s networks of free chargers, which a quick Google will reveal the locations of. Or you can charge at home using an EV-friendly tariff with cheaper off-peak rates.
Have to pay to use a public charger? Then use a slower charger to give you just enough power to get you home – faster chargers cost more to use and there’s no point brimming the battery when it’s cheaper at home.
Charging apps can also plan your daily charging around off-peak electricity rates and will avoid topping your EVs battery when a full charge isn’t needed – EVs use the most electricity between 80-100% of battery charge so avoid doing this unless you need the range. Setting the charge limit to 80% will also help prolong the life of your car's battery.