In the UK the Energy Price cap is assessed every three months. From today, 1 October 2024, the energy price cap for a typical household that uses gas and electricity and pays by Direct Debit will go up from £1,568 to £1,717 per year. This is an increase of around 10% which adds around £12 a month to an average bill.
The energy price cap sets the maximum amount that energy suppliers can charge for each unit of energy and standing charge. This is calculated based on typical energy use for households using gas and electricity.
If you use more than the typical household your bill will be higher, and if you use less, it will be lower. The amount you pay can also vary depending on where you live, the type of meter you have and your payment method.
Energy price cap rates 1 October to 31 December 2024
Electricity rates
If you are on a standard variable tariff (default tariff) and pay for your electricity by Direct Debit, you will pay on average 24.50 pence per kilowatt hour (kWh). The daily standing charge is 60.99 pence per day. This is based on the average across England, Scotland and Wales and includes VAT.
The impact on EV Charging
GoElectric tariffs provide 100% renewable electricity and are available either as a single rate tariff or two different off-peak tariffs. At the time of writing, those utilising the Exclusive Pod Point charger customer tariff, benefit from overnight electricity rates as staying low as 8.49p per Kilowatt-hour (kWh).
Using the Pod Point App, our customers can schedule charging for when it is cheapest, track their charging costs and see their monthly charging stats.
What will it cost to charge at home?
The easiest way to work out costs is to look at the pence per mile of EVs. To work out how much charging your vehicle costs use the formula below:
(Electricity rate in pence per kWh ÷ 100) x (Battery Capacity in kWh) ÷ Mileage = Pence Per Mile.
Example:
Ford Mustang Mach-e 216kW Premium 91kWh RWD 5dr Auto
| Exclusive Pod Point Charger Customer Tariff (8.49 pence per Kwh) | Standard UK Rate (24.50 pence per kWh) |
|
8.49p ÷ 100 x 91 ÷ 372(WLTP) = 0-100% = £7.70 |
24.50 ÷ 100 x 91 ÷ 372(WLTP) = 0-100% = £22.32 |
How does this compare to ICE Vehicles?
In many cases, EVs continue to benefit from significant savings on the cost of fuel. Charging a medium-sized electric car at home can cost less than half the price of filling up an equivalent petrol or diesel vehicle.| EV Charging | Petrol / Diesel |
|
Home Charger Tariff - EDF Energy Go Electric with Pod Point = 8.49p per kWh Standard UK Rate (October 2024) = 24.50p per kWh |
UK Wide Unleaded Price = 134.79p per litre UK Wide Diesel = 139.36p per litre |
| Average Public Charging Tariff Ultra Rapid Charger (150kWh +) = 77.86p per kWh |
UK-wide Unleaded Price - Motorway = 158.21p per litre UK Wide Diesel Motorway = 163.26p per litre |
The figures have been sourced from RAC Fuel Watch and RAC Charge Watch. To find out more about our EV charging partner Pod Point, and the Home Charging Tarriff with EDF Energy, click here.
Cost comparison October 2024:
MG ZS Trophy and MG ZS Exclusive
We have compared these vehicles, as the same model is available as either an electric vehicle (EV) or a petrol-fuelled vehicle.
|
MG ZS 115kW Trophy EV Long Range 73kWh 5dr Auto 273 miles (WLTP Combined) |
MG Z3 Exclusive 1.5 VTI-tech 5-speed Manual 47.0mpg (WLTP Combined) |
|
Home Charger Tariff - EDF Energy Go Electric with Pod Point =2.2p per mile Standard UK Rate - 6.5p per mile |
Unleaded = 13p per mile |
| Public Charging Ultra Rapid Charger = 20.8p per mile | Motorway Unleaded= 15.3p per mile |
Kia EV9 - Land Rover Ranger Rover Sport
Despite the difference in manufacturers, the comparison between the Kia EV9 and the Land Rover Range Rover Sport was made due to their similarity in size.
|
Kia EV9 282kW GT-Line S 99.8kWh AWD 5dr (7st) Auto 308 miles (WLTP Combined) |
Range Rover Sport S D250 39.4mpg (WLTP Combined) |
|
Home Charger Tariff - EDF Energy Go Electric with Pod Point =2.7p per mile Standard UK Rate - 7.9p per mile |
Diesel = 16p per mile |
| Public Charging Ultra Rapid Charger = 25p per mile | Motorway Diesel = 18.8p per mile |
Useful links:
Cost of Charging Home Charging FAQs Charging to 80%
Pod Point Public Charging FAQs InstaVolt: Off Peak Pricing
Next Energy review
Every three months,the amount energy supplier can charge for each unit of energy is reviewed, and new levels are set. The levels for the period 1 January to 31 March 2025 will be published by 25 November 2024.
For more information about the UK Energy Price Cap, click here.