Electric vehicle drivers charging at home are now driving for less than 5p a mile on standard rate domestic tariffs.
The AA’s latest EV Recharge Report found that the 2p reduction in the energy price cap from 1 July has meant that drivers are effectively driving at 4.97p a mile.
This is a ‘worst case’ scenario too – the price cap level is the maximum a provider can charge to power up at home and EV drivers using special EV tariffs and plugging in at off-peak times can benefit from even cheaper prices.
In December 2022, when the AA first launched its EV Recharge Report, the price cap level for charging a car domestically was 7.99p a mile – 61% higher than now.
The energy price cap summer cut has made powering at home at least 60% cheaper than the petrol equivalent, according to the AA’s analysis. Its report for July also found that all other speeds and tariffs across the public charging network remained static while petrol pump prices actually rose by 0.5p per litre 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) | Jun Ave (p/kWh) | Difference (p/kWh) | Cost to add 80% charge | Pence per mile (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 | 145.10ppl | 144.60ppl | 0.50ppl | £46.43 | 12.90 | |||||||
AA EV Recharge Report July 2024 – Peak and Off-Peak rates
| Charge Type | Speed | Jul Ave (p/kWh) | Jun 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 | 145.10ppl | 144.60ppl | 0.50ppl | £46.43 | 12.90 | |||||||
The AA said it was a landmark moment but warned of the October price cap increase. Last month saw Ofgem announce that the price of domestic electricity will rise 10% from 1 October.
Jack Cousens, head of roads policy at the AA, said: “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.”
