Electricity prices have soared, but it’s still cheaper to recharge an EV than to refuel at the pump
Even if electric cars still cost more to buy than petrol cars, battery-electric vehicles have long been cheaper overall to own and run.
This is largely because recharging has typically cost much less than refuelling, so owning an electric vehicle (EV) would pay off after a couple of years. This is an irrefutable fact – or at least it was until recently.
Europe’s ongoing energy crisis, fuelled by Russia’s invasion of Ukraine and threats to cut off gas supplies, not only stirs up fears of a cold winter but is also sending electricity prices sky-high, due to the high share of gas in power generation.
Oil supply, on the other hand, was less affected and many European countries are heavily subsidising petrol and diesel.
In September, the average EU household had to pay a staggering 72 per cent more for each kWh of electricity than a year before. At the pump, aided by governments’ generous subsidies, fuel prices have increased less: diesel by 36 per cent and petrol by only 15 per cent.
The unprecedented surges in electricity prices have thrown into question the notion that recharging is cheaper than refuelling, and some are already predicting that the transition towards e-mobility will come to a sudden halt.
Read more: Transport&Environment
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