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Soaring Electricity Prices Are Making EV Charging as Expensive as Petrol: Report

The cost of charging an electric vehicle (EV) has increased due to the rise in energy prices, which may hinder EV normalization.

RAC — a UK-based insurance firm — reported that EV owners who use fast public charging stations are paying almost as much for electricity per kilometer as they would for petrol.

The report states that it is cheaper to charge cars at home, but domestic electricity costs are also rising, adding that Russia’s invasion of Ukraine is largely to blame for the recent increase in electricity and gas prices.

Since May, the average cost to charge an EV at a public rapid charger on a pay-as-you-go basis has increased by 42% to 63.29p per kWh. Considering an average of 40 miles per gallon (17 km/l), that is a marginal difference per mile for a petrol-powered vehicle, according to a motoring organization.

The cost per kilometer to charge an average-sized electric vehicle at home is approximately 9 pence (Rs. 23). This has led most EV drivers to charge their vehicles overnight at home, according to BBC.

RAC spokesman Simon Williams said:

Charging away from home remains less expensive than refueling a gasoline or diesel vehicle for those who have already made the switch to an electric vehicle or are considering doing so. However, the gap is narrowing as a result of the enormous increases in the cost of electricity.

The drivers who use fast and ultra-fast chargers the most are being hit the hardest, as shown by these statistics. Williams added that the government’s support package for household bills, which will limit typical bills to approximately £2,500 (Rs. 646,000) per year until 2024, would benefit home-charging motorists.

Those who rely on public charging stations and lack driveways, face a “much bleaker picture”, Williams stated.