The Hidden Costs of Powering the Electric Revolution

Recent data suggests that the cost of operating electric cars may be significantly higher than that of petrol or diesel-powered vehicles. The figures highlight that running an electric vehicle (EV) could be up to twice as expensive per mile when compared to traditional combustion-engine cars. This unexpected revelation raises questions about the true affordability and viability of the electric vehicle transition.

Charging Ahead: The Surprising Expense of Powering Electric Vehicles

The Rising Cost of Charging Electric Vehicles

According to recent findings, charging an EV on the road using rapid or ultra-rapid chargers can reach up to 80p per kilowatt-hour. This cost translates to roughly 24p per mile, assuming that the average electric car covers around 3.3 miles per kWh of electricity. In contrast, a diesel vehicle costs around 12.5p per mile, with the average diesel car traveling about 43 miles per gallon. Meanwhile, petrol-powered cars cost about 14.5p per mile under current fuel prices. These disparities highlight a substantial difference in the day-to-day running costs between electric and fuel-powered vehicles, potentially making the switch to EVs a more financially burdensome decision for many consumers.The financial implications of these cost differences become particularly noticeable over longer trips. For example, a round trip from London to Penzance could set an electric vehicle driver back £148 if they rely on rapid charging stations. By contrast, a diesel car would complete the same journey for just £77, and a petrol car would cost approximately £89. This stark contrast underscores the importance of home charging for those looking to reduce the costs associated with owning an electric vehicle, as charging at home is considerably more affordable, costing less than a third of the price of rapid roadside chargers.

Public Charging Prices on the Rise

Although the wholesale cost of electricity has fallen by around 30% in the past year, prices at public rapid charging points have increased by 5%, according to ZapMap, a popular app that tracks EV charging points. This increase has occurred even as oil prices have decreased, further complicating the cost-benefit analysis of electric vehicles versus petrol and diesel cars. The rising cost of public charging, coupled with the higher initial purchase price of EVs, presents a significant financial barrier for many consumers considering the switch to electric mobility.

Slower Chargers Still Expensive

Even when using slower public charging points, which typically provide less than 50 Wh of power, EV drivers are paying more per mile than their petrol and diesel counterparts. Slower chargers can cost around 16.4p per mile, which, while cheaper than rapid chargers, is still more than the cost of running a diesel or petrol car. This additional expense can further erode the perceived financial advantages of electric vehicle ownership, especially for those without access to affordable home charging options.

The Charging Infrastructure Conundrum

Despite a 40% increase in the number of rapid or ultra-rapid charging stations across the UK, bringing the total to over 12,500 stations, sales of electric cars have slowed considerably. In the first half of 2024, EVs accounted for 17.2% of all new car registrations, a drop from 18.7% in the second half of 2022. This trend is not limited to the UK, as the situation appears to be even more challenging in Europe, where sales figures show that electric car registrations fell by 44% in August alone.Mike Hawes, the CEO of the Society of Motor Manufacturers, commented on the state of the market, stating, "It's tough out there. Levels of demand are much, much softer." This slowdown in EV sales suggests that the growing charging infrastructure may not be enough to overcome the financial barriers faced by consumers, particularly those without access to affordable home charging options.

The Urban Affordability Conundrum

One of the most important considerations for prospective EV buyers is the ability to charge at home. Typically, home charging is far more affordable than relying on public charging points, especially the rapid ones. However, nearly half of households in the UK live in terraced houses or flats, where installing a home charging point may be impractical due to the lack of driveways or garages.For these households, the reliance on public charging stations may make EV ownership significantly more expensive, raising questions about the overall affordability of switching to electric vehicles, especially for urban residents. This challenge highlights the need for policymakers and industry stakeholders to address the unique needs of urban dwellers and ensure that the transition to electric mobility is accessible and financially viable for all.