Electric vehicle charging costs fell across the board in 2024, with home charging seeing the largest decreases, according to new data from ZapMap.
The company’s Retail Price Index shows home charging rates dropped by up to 10% between December 2023 and December 2024. Public charging costs saw smaller reductions.
Off-peak domestic rates saw the biggest decline, falling 10% to 8p per kilowatt hour. The domestic price cap decreased 7% to 25p/kWh.
Public charging costs showed more modest changes. Slow and fast chargers (up to 50kW) averaged 53p/kWh, a 4% reduction from 2023. Ultra-rapid charging costs barely moved, dropping just 1% to average 80p/kWh.
Using a Volkswagen ID.3 as a benchmark, public charging costs:
- 16p per mile using slow/fast chargers
- 24p per mile on ultra-rapid chargers
These rates make public charging more expensive than fueling a petrol VW Golf, which costs about 14p per mile.
However, ZapMap notes most EV drivers don’t rely entirely on public charging. Many operators offer memberships and deals below standard pay-as-you-go rates.
Some charge point operators will offer time-bound, location specific or partner specific promotional deals, and so for many EV drivers the actual amount they pay will be lower than the pay-as-you-go price
Several networks offer lower rates, including:
- Sainsbury’s Smart Charge: 75p/kWh
- Fastned: 69p/kWh
- Believ: 66p/kWh
Home charging remains significantly cheaper than petrol, costing about 2.4p per mile on off-peak tariffs.
Drivers charging 80% at home on overnight rates could save £770 annually compared to petrol vehicles. Even splitting charging equally between home and public chargers could save more than £200 per year.
