Electricity prices

[hanny1973]

With the current increase in energy prices, do you think it still makes economic sense to move electric?

Working on 20 pence per kwh it would cost £16 to charge a Polestar 2. I appreciate that this is significantly less than a tank of fuel the does the acquisition cost of the car equal out the fuel saving?!

[dmsims]

Only you will know how many miles you do ..............................

[hanny1973]

Fair point! 160 miles round trip a week.

[tamore]

and what is happening to petrol/ diesel prices?

[hanny1973]

Well they haven’t increased by 50%.

[dmsims]

hanny1973 said:

Well they haven’t increased by 50%.

Neither has leccy

[gangzoom]

dmsims said:

hanny1973 said:

Well they haven’t increased by 50%.

Neither has leccy

In the last 12 months electricity price have gone up by nearly 100%. I was paying 12p/kWh in 2020 its now 21p/kWh day time rates, and 7p/kWh night rate to 14p/kWh. Yes some cheaper fixed deals exist, and Octopus are still keeping going with their loss making 5p/kWh EV night rate, but the overall true cost of electricity seem crazy at present, way over 35p/kWh for us consumers, its only thanks to OFGEM consumers aren't feeling the heat retailers are.

However because electricity was so cheap anyways and EVs very efficient my acutal fuel cost per mile has only gone from 3.5p to 7p per mile, at present. That's still cheaper than a car doing 50mpg with fuel at £1.30/L. But if we are going to be seeing the OFGEM price cap for electricity go up to 30p+/kWh in 2022 the cost difference for fuel between an EV and combustion car will be negligible.

The big unknown right now is how long electricity costs will stay high for. Bare in mind taxation accounts for a huge amount of petrol costs and not electricity costs. If government also start to tax electricity like petrol, and whole sale electricity costs remain high, EVs will quickly become MORE expensive to fuel than combustion cars.

The days of running EVs for cheap seems to be rapidly coming to an end. Even EVs will have to pay the London congestion charge in 2025. It was good whilst it lasted - roughly 65k cheap EV miles for me, and it looks like I'll be making much more use of the 'free Supercharging for life' option on our car much sooner than planned.

If the government is serious about a 'green' future reducing ALL car usage will be the aim, and its looking like market forces may well do the job for them. So I cannot see government rushing to push down EV fuel bills any time soon.

Edited by gangzoom on Saturday 16th October 05:29

[silverfoxcc]

I read on another site, that all the freightliner traffic from Felixstowe, is noe being hauled by Class 66 diesels locomotives instead of the Electric LOco that normally haul the stuff.......due to increase Electricity costs!!

[Smint]

Good post gangzoom.

Agreed, once equivalent road fuel taxes get added to electricity costs, then the days of cheap travel for early EV users ends.
They'll come up with a way to trap everyone not enjoying MP's or similar expenses, whether its road pricing via GPS or whatever is a moot point.

No doubt those continuing to use ICE will be penalised further still, paying every tax going plus various climate penalties they are yet to dream up for not doing as bidden, so i suspect EV will continue to be the better bet for a long time yet if you exclude costs to buy and depreciation.

[springfan62]

Electricity costs currently include significant surcharges to pay for things like RHI and insulation grants.

These are set to be transferred to gas to encourage the move away from gas heating, so there will be some reduction in electricity costs.

There is now a real incentive to install solar pv and the government need to make exporting surplus more economically attractive so you can export surplus during the day and buy it back at night.

[dmsims]

I just checked Bulb statements from 2020 - 16p a unit - so I stand by my statement that leccy has not gone up 50%

[duff]

silverfoxcc said:

I read on another site, that all the freightliner traffic from Felixstowe, is noe being hauled by Class 66 diesels locomotives instead of the Electric LOco that normally haul the stuff.......due to increase Electricity costs!!

Yes, that is true. Network Rail have put their electricity charges up 200% apparently.

[Gaspode]

I haven't taken delivery of my EV yet, but my calculations are that it will cost me about 7p/mile for 4 months of the year, and 0p/mile for 8 months (charging from my solar panels). The ICE car costs about 25p/mile. So at c. 4000 miles/year payback is going to be well over 20 years.

Good job I'm not doing it for the money...

[Pica-Pica]

dmsims said:

I just checked Bulb statements from 2020 - 16p a unit - so I stand by my statement that leccy has not gone up 50%

Go on line, and try and find a NEW contract with a day rate much below 24p. I don’t have an EV, but renewed in July on a 24 month fixed contract that started in September on 21.21p
That would now be 25.25p

Our Previous rates were:

Octopus 12m fixed April 2019 v1 £0.159915
Octopus 12M fixed 2020 (from Sept 2020) £0.162120
Octopus 24M fixed 2021 (from Sept 2021). Our new plan £0.212100

A sample below from a week ago day rates at £/kWh: in late September 2021 there was a big increase in energy tariffs as shown below:-

Octopus fixed 2021 from Oct 2021 (new rates) £0.252500
Octopus go (includes 5p per kWh between 00:30 and 04:30) £0.258700
EDF £0.295300
British Gas HomeEnergy Secure Nov 2023v2 £0.268240
OVO - 2 Year Fixed Energy 16 September 2021 £0.282900
Average of above £0.262940

[georgeyboy12345]

For electric cars to cost the same to run as ICE cars at *current* fuel prices, electricity costs per KWh will have to be in the order of 50 - 60 p, which is outrageously high!

[stabilio]

Everything seems to be going up in price or for food, much is staying around the same price but you get less in a packet/box etc now.
I have a V8 as well as an EV and v power is now £1.60 per litre.
Sucks for everyone now and just don’t see thing getting better anytime soon especially with inflation still being played down.

[dmsims]

I just looked up Bulb - 21.5p, so as I said (again) not a 50% increase

Pica-Pica said:

dmsims said:

I just checked Bulb statements from 2020 - 16p a unit - so I stand by my statement that leccy has not gone up 50%

Go on line, and try and find a NEW contract with a day rate much below 24p. I don’t have an EV, but renewed in July on a 24 month fixed contract that started in September on 21.21p
That would now be 25.25p

Our Previous rates were:

Octopus 12m fixed April 2019 v1 £0.159915
Octopus 12M fixed 2020 (from Sept 2020) £0.162120
Octopus 24M fixed 2021 (from Sept 2021). Our new plan £0.212100

A sample below from a week ago day rates at £/kWh: in late September 2021 there was a big increase in energy tariffs as shown below:-

Octopus fixed 2021 from Oct 2021 (new rates) £0.252500
Octopus go (includes 5p per kWh between 00:30 and 04:30) £0.258700
EDF £0.295300
British Gas HomeEnergy Secure Nov 2023v2 £0.268240
OVO - 2 Year Fixed Energy 16 September 2021 £0.282900
Average of above £0.262940

[Pica-Pica]

dmsims said:

I just looked up Bulb - 21.5p, so as I said (again) not a 50% increase

Bulb is still vulnerable to going under.

[LordFlathead]

hanny1973 said:

With the current increase in energy prices, do you think it still makes economic sense to move electric?

Working on 20 pence per kwh it would cost £16 to charge a Polestar 2. I appreciate that this is significantly less than a tank of fuel the does the acquisition cost of the car equal out the fuel saving?!

Who pays 20p kw/h on a night rate? Mine is still 9p

[so called]

Aug 2020 to Aug 2021 I was on Octopus Go;
15.65p/kWh day, 5p/kWh 4 hours night.

Sept 2021 moved to Octopus Go Faster;
16.65p/kWh day, 5.5p/kWh 5hours night.

2.6% price increase on the day rate.
10% increase on night rate but I get an extra 1 hour and can use the 5 hours from 20:30 so costs for dishwasher, dryer etc less this year than last.