In a significant turn for electric vehicle (EV) owners, a fierce pricing battle among charging networks is making it cheaper to run an EV than a petrol car. This shift marks a pivotal moment in the transportation sector, as public charging options become increasingly affordable.
Be.EV, a network operated by Octopus Energy, now offers a subscription plan costing £9.99 a month, which enables users to charge at a rate of 39p per kilowatt-hour (kWh) at any time. This plan provides access to the network’s 800 rapid and ultra-rapid charging stations.
Meanwhile, Ionity, a pan-European network supported by automakers like BMW, Ford, and Hyundai, provides a charging rate of 43p per kWh with an annual fee of £86.99. However, this offer will expire on Thursday.
Though Ionity’s subscription is cheaper, Be.EV’s plan offers more value for high-mileage drivers, as its lower unit price proves more economical once usage exceeds around 822 kWh annually—approximately 2,900 miles of charging with an average efficiency of 3.5 miles per kWh.
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Analysis indicates that Be.EV becomes the more cost-effective option for drivers exceeding the 822 kWh threshold yearly. For those who drive less, Ionity’s lower subscription cost may be preferable.
According to Be.EV, the average petrol driver spends £760 annually on fuel. By contrast, an average electric driver who relies entirely on public charging would spend about £694 annually with Be.EV, achieving a £66 savings.
This shift addresses a long-standing disadvantage for EV owners without home charging capabilities, who traditionally could not benefit from cheaper home energy tariffs.
As the UK government aims for 80% of new cars to be electric by 2030, charging networks are responding with competitive pricing. Tesla, for instance, has reduced its Supercharger rates and cut the cost of its non-Tesla membership to £8.99 monthly. Other networks like BP Pulse, Osprey, and InstaVolt have also introduced competitive off-peak and member-only rates.
Data from Zapmap shows the average rate for rapid/ultra-rapid charging at 76p per kWh, while slower public chargers average 52p per kWh. Be.EV’s rate of 39p is significantly lower than the market average for rapid charging.
Analysts suggest that the price reduction reflects a maturing market with declining wholesale electricity prices, alongside growing competition for drivers without home charging access.
Asif Ghafoor, CEO of Be.EV, stated: “It has been a sticking point that the cost benefits of electric car ownership should only be available to those with a driveway. With our new rate, the balance has finally tipped — it now makes financial sense for millions more people to buy an electric vehicle rather than a fossil fuel car.”
While public charging costs have decreased, home charging remains the most economical choice for those with access. Under Ofgem’s latest price cap, domestic electricity rates average 26.35p per kWh, with off-peak rates as low as 6p per kWh. However, over nine million UK households lack the convenience of off-street parking, as per the RAC.
Ghafoor also urged the government to cut VAT on public charging from 20% to 5%, the rate for domestic energy, suggesting it would further reduce costs and encourage wider EV adoption.
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Original Story at www.thetimes.com