For the first time in over a year, the average cost of charging an electric vehicle (EV) at a public charger in the UK has become cheaper per mile than fuelling a petrol or diesel car. This milestone, driven by recent increases in fuel prices, marks a significant shift in the economics of electric mobility.
Cost Comparison: Public Charging vs. Petrol and Diesel
According to analysis by Charge UK, the industry body representing EV charging infrastructure, standard public EV charging now costs approximately 15 pence per mile. In contrast, petrol cars cost around 17 pence per mile, while diesel vehicles are slightly more expensive at 17.5 pence per mile. These figures reflect the impact of rising fuel costs, which have outpaced the relatively stable pricing of public electricity for EVs.
Home charging remains the most economical option, with costs as low as 2 pence per mile, offering substantial savings for those with off-street parking. However, exclusive use of ultra-rapid public chargers, which are often more expensive, still makes liquid fuels cheaper on a per-mile basis.
EV Purchase Prices Also Fall
Separate analysis by Autotrader reveals that the average purchase price of a new EV has dropped below that of new petrol models for the first time. A new EV now costs an average of £42,620, compared to £43,405 for a petrol car. This price parity is expected to accelerate the adoption of electric vehicles among UK consumers.
UK Public Charging Costs Still Highest in Europe
Despite these positive developments, the UK continues to have the highest public charging costs in Europe. This is partly due to the 20 per cent VAT rate applied to public charging, compared to just 5 per cent for domestic electricity. Industry experts argue that reducing this VAT disparity could further encourage EV uptake and make public charging more competitive.
As fuel prices remain volatile, the cost advantage of electric vehicles is likely to strengthen, potentially leading to a tipping point in the transition from internal combustion engines to electric powertrains.
