Running an EV will remain cheaper than petrol and diesel equivalents despite the recent electricity price rises.

That’s the conclusion of a new report by MyEnergi in response to worries over the current energy crisis.

All charged up

According to the research, the key cross-over point will only be reached if fuel prices fall below £1 per litre.

Under the Government’s Energy Price Guarantee, the average dual fuel unit price for electricity on standard variable tariffs with direct debit is limited to 34p per kWh.

For an electric car averaging just over three miles per kWh, this equates to a cost of 11p per mile. Fuel prices have been falling after high. nearing £2 per litre, and are now averaging £1.50 per litre. A petrol car averaging around 45 miles per gallon will cost 15p per mile.

Happy homes

“The vast majority of electric vehicle charging happens at home and often overnight,” says Jordan Brompton, co-founder and CMO of MyEnergi. “That remains significantly cheaper than fuelling a petrol or diesel car.

“While some public charging costs have risen noticeably in recent months, very few drivers rely on the rapid or ultra-fast chargers on the public charging network for their everyday charging needs.

“That’s good news for existing and prospective electric car drivers”.

Home charging can take advantage of time of use home energy tariffs with cheaper overnight electricity. With more people considering solar panels on their homes, an increasing number will “have the ability to charge for a marginal cost of zero”.

Increasingly popular

MyEnergi’s figures come in the wake of new UK electric car registrations exceeding the motor industry’s own expectations in 2022.

Almost 25,000 (7%) more registered last year than had been forecast by the Society of Motor Manufacturers and Traders (SMMT).

EV registrations in the UK since 2010 reached over 1.1 million by the end of 2022. The SMMT forecasts that an additional 1.1 million will be registered by the end of 2024.