Electric Vehicle Owners Enjoy 6p per Mile Advantage: Insights from The AA's EV Recharge Report
Exciting news for electric vehicle (EV) owners! A recent finding from The AA’s EV Recharge Report reveals that EV drivers now have a notable 6p-per-mile advantage compared to conventional petrol prices. This marks a significant moment in the transition to sustainable transportation.
Just last week, petrol prices dipped slightly, settling at an average of 134.7p per litre, and further decreasing to 134.3p this week. Despite these reductions, electric vehicle owners continue to benefit from substantial savings. Even those charging at home on the standard worst-case rate still see costs capped at a mere 5.65p per mile, an impressive figure by all accounts.
When it comes to charging outside the home, the benefits of EV ownership become even clearer. Variable rate kerbside charging offers drivers an average off-peak saving of nearly 2p per mile compared to petrol. In fact, the costs for unplanned rapid charges have decreased by 5.8% just this month, making this option more economical than ever. Off-peak rapid charging now provides an even greater advantage, making it about a penny cheaper than petrol, clocking in at 10.6p per mile.
These updates on charging costs come at a time when the public charging infrastructure is expanding rapidly. The latest statistics from the Department for Transport reveal a remarkable 28% increase in available public charge points over the past year, bringing the total to 76,507 devices. Notably, 20% of these are classified as rapid or ultra-rapid chargers, allowing drivers to recharge their vehicles quickly—making it even more convenient for EV owners.
Jack Cousens, the head of roads policy at The AA, emphasized the positive implications of these developments. "The drop in peak rate slow charging is good news for EV owners without a driveway," he stated. However, he also pointed out a missed opportunity during the recent Spring Statement, where the government chose to maintain the 20% VAT rate on public charging instead of enacting bold changes.
Cousens further commented on the sluggish nature of petrol prices, noting that despite a decline in oil prices, higher gasoline demand in the U.S. ahead of the motoring season has kept prices stable. Coupled with rising wages and overheads affecting UK road fuel retailers, it remains uncertain when, or if, petrol prices will see a substantial decline.
As we look ahead, the growth of the charging infrastructure is pivotal in alleviating range anxiety among potential EV drivers. Creating confidence in the national charging network is crucial for encouraging more drivers to make the switch to electric. Positive word-of-mouth from satisfied EV users can significantly influence future purchasing decisions, helping to further promote the shift towards environmentally-friendly vehicles.
With these promising advancements, now is an excellent time for drivers to consider making the leap to electric. The future looks bright for EV enthusiasts, and the cost benefits are only getting better.