Smart chargers
Mina’s real-life data reveals that savvy drivers are running their EVs far more cheaply than some critics claim
Results from Mina’s EV Report from autumn 2022 revealed that EV costs actually rose only marginally towards the end of the year, despite claims to the contrary.
The report showed that those motorists who could charge at home saw real-life costs rise by only 4p per kWh since the end of last summer to an average of 30p per kWh.
For those that need to charge in public though, the story was different, with an average price rise of 14p to 70p per kWh over the same period.
The data from Mina comprises more than 60,000 charging events and showed the average price of home electricity for EVs stayed level during September at 26p, then rose to 30p in October and 31p in November.
“The claims that the cost of running an EV is now matching, or costs more, than petrol and diesel, is just not accurate when you look at how people really charge,” says Ashley Tate, CEO, Mina. “Our data shows that home is by far the main source of electricity for most drivers, with 92% of all charging undertaken there.
“Home charging is still incredibly good value, and our data shows that there is scope for more savings because the 30p per kWh average suggests not enough drivers are accessing the much lower EV-specific or off-peak tariffs available,” he adds. “But even at the current 30p per kWh average, a 70kWh capacity EV being charged fully at home in September would have cost, on average, £18.20. By late November it would have been £21.70. Assuming a 250-mile range, that’s an average increase of only 1.4p per mile.”
“Home is by far the main source of electricity for most drivers, with 92% of all charging undertaken there”
Incremental increases
When the increasing efficiency of new electric cars is factored in, Mina has found that the average real-life pence per mile cost across all journeys only went up 2p per mile during those three months.
One issue that still hits drivers though is the Advisory Electricity Rate (AER) for business mileage reimbursement. Mina’s analysis found that despite the rise to 8p per mile in the autumn, 80% of all journeys charged at home (and 100% of public charging) still cost more, meaning business drivers would be out of pocket using today’s rate. When compared to the previous 5ppm AER figure, a staggering 96% of charges at home, and 100% in public, were over this rate.
Mina’s data also allows it to see behavioural trends, and in the vast majority of cases public charging is being used as a top-up rather than for a full charge.
In that sector, prices have risen far quicker because unlike home electricity, which is capped, public charging energy is not, so providers have no choice but to pass it on.
They have also been hit by increased business rates and all the other inflationary issues that companies face: rising maintenance costs, wages and interest rates. Added to which is the fact that through the autumn and winter there is usually less cheap renewable energy available.
“Yes, there is a need for public charging, and costs have risen in that sector, but when you look at real-life examples rather than making theoretical assumptions, the vast majority of EV drivers aren’t doing full charges in public, which mitigates against the price rises,” concludes Tate.
