Costs and Electricity
The bottom line is if you’ve made the switch to an EV then charging at home is a must.
Although good progress its being made, the public EV charging network is just not there yet and the chargers that are available are not fast enough to give you anything like a petrol/diesel experience.
Many new chargers being installed are rapid chargers and once there are enough of them then filling up an electric vehicle won’t be much different from that of a diesel/petrol engine. However due to the cost of rapid charger installations, the tariff or unit of electric you will pay has to be higher to cover the cost, so in term of cost per mile, if you were to use predominately rapid chargers you won’t make much, if any, saving against petrol/diesel.
However charging at home can lead to a significant saving, especially if you utilise overnight tariffs.
Let's look at a real life example using the I-pace.
The standard I-Pace has a 90kWh battery or put another way it needs 90 units of electric to go from 0-100% charge.
Therefore a full charge at home, at the standard tariff of 15p/unit, will cost around £13.50p (90 x 15p). This gives a significant saving however Octopus energy, for example, have an EV specific tariff that you only pay 5p/unit (limited to 4 hours overnight). Therefore you can fully charge the car (over the course of 3 nights) for a 3rd of the price at 4.50p. If you have a smart charger installed you simply tell it what time to turn on before you go to bed. £4.50p for 200 miles is not bad by anyone’s standard.
If you do need a full charge overnight you will still get 4 hours at 5p but the rest will revert to the standard 15p.
The graph compares the distance £1 would get you using petrol/diesel or 3 different electric tariffs.
As you can see charging on the public network is comparable to petrol or diesel. Charging at home on a standard tariff will allow you to travel more than twice as far. Charging on a night tariff will get you more than 7 times further.
The cost of using petrol or a rapid charger is more than 7 times an overnight tariff rate.
|Fuel type||Range||Cost to fill up||Miles per £1|
|Electric ( Rapid Network 35p)||200||£32||6.35|
|Electric ( Standard tariff home 15p)||200||£14||14.81|
|Electric (Overnight tariff 5p)||200||£5||44.44|