Drivers of electric vehicles (EVs) will now need to fork out over £220 more per year to get around, as revealed by GoCompare electric vehicle insurance, in collaboration with Zap-Map, the UK’s leading EV charging app.
Indeed, the average cost of charging an electric car on the high-speed public network has risen by as much as 3p per mile since last year.
Surging energy prices have resulted in increases across both regular and rapid/ultra-rapid EV chargers. The research shows that it now costs an average of 48p per kWh to charge at a rapid/ultra-rapid device, compared to just 35p per kWh in December 2021. Similarly, the cost per kWh at regular devices has increased from 24p to 33p in the same period.
Despite this, EV enthusiasts can still claim to be in a better position than drivers who have to fill up at the pumps. That’s because charging an electric vehicle is still plenty cheaper than paying for petrol – at around £326 less per year.
With current petrol prices through the roof, it would cost an average of £1,246 to travel 8,000 miles (an average annual distance) in a petrol vehicle, and just £923 in an EV – and this is not taking into account further cost savings from charging at home or on slower lower powered units.
Ryan Fulthorpe, motoring expert at GoCompare, said:
“Our research finds that unfortunately climbing energy costs will have a knock-on effect on electric vehicle owners, at a cost of over £200 per year. However, drivers can clearly see that when compared to the price of petrol, charging an electric car is still the cheaper option.
“So, if you’re looking to save money in the long-term and can afford to invest in an EV, this might be your sign to do so. Or, if you’re still unsure, consider switching to a hybrid car. These are a great way for motorists to dip their toe into the electric market, as they aren’t reliant on electricity alone.”
Melanie Shufflebotham, Co-founder & COO of Zap-Map, said:
“The rising costs of fuel are crippling for many. Electric vehicle charging costs are rising as well, but even factoring in charging at the most expensive rapid and ultra-rapid public chargers, which are the closest equivalent of fuelling up at a petrol station, you could pay less than two-thirds of the cost.
“In reality many EV drivers charge at home for most of their energy needs or charge at less expensive low powered public chargers over a longer period. and even less if charging at home, which many do.
“Electric cars remain a good choice for low running costs during these uncertain times and of course far better in terms of impact on climate change and air quality emissions.”