Off-peak rates for ultra-rapid charging fell by 2p/kWh in February, making an EV on average 1.2p per mile cheaper to ‘refuel’ than filling up with petrol (12.58 v 13.82 p/mile).

Peak and off-peak costs on ultra-rapid charging have fallen

The figures, revealed in the AA’s EV Recharge Report for February 2024, also show that 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 5ppl, and edged closer to 150ppl.

Currently, many drivers who have switched to EVs are able to charge at home, which means 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.

AA EV Recharge Report, February 2024 – flat rates:

AA EV Recharge Report, February 2024 – peak and off-peak rates:

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.”

Cousens added that 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.

“As the AA predicted last month, the gap between the per mile cost between petrol and off-peak ultra-rapid charging has widened and could expand further if the electricity prices continue to drop across 2024.”

Average prices are the PAYG options without connection fee as of 28 February 2024. Subscriptions are available for all charge point speeds which can unlock a cheaper p/kWh, however rates vary across provider.

Charging calculations are based on adding 80% to a Vauxhall Corsa Electric, 50kW, with a WLTP range of 222 miles. Adding 80% range equates to 178 miles of range.

Meanwhile, the petrol comparison is with a Vauxhall Corsa 75hp 1.2-litre and an 80% refuel, which equates to 32 litres. Petrol: 32 litres @ 144.63 ppl = £46.28. Combined MPG of 47.9 = 335 miles at 13.82 p/mile.