In the UK the Energy Price cap is assessed every three months.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.

From 1st October 2024 to 31st December 2024 the Energy Price cap is set at £1,717 per year. However Ofgem have recently announced an increase of 1.2% from 1st January 2025. 

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 January 2025 - 31 March 2025

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 24.86 pence per kilowatt hour (kWh). The daily standing charge is 60.97 pence per day. This is based on the average across England, Scotland and Wales and includes VAT.

 

The impact on EV Charging

Some may see an increase in their chagring tariff, depending on supplier. However, In partnership with Pod Point, our customers will be given the opportunity to switch their residential energy tariff onto one of the EDF Energy GoElectric zero-carbon tariffs.

 

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 (December 2024), 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 (24.86 pence per kWh)
8.49p ÷ 100 x 91 ÷ 372(WLTP) = 2.07p per mile.  0-100% = £7.70	24.86 ÷ 100 x 91 ÷ 372(WLTP) = 6p per mile. 0-100% = £22.62

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.

 

To compare the costs, we've used the following prices:

EV Charging	Petrol / Diesel
Home Charger Tariff - EDF Energy Go Electric with Pod Point = 8.49p per kWh Standard UK Rate (October 2024) = 24.86p per kWh	UK Wide Unleaded Price = 136.71p  per litre UK Wide Diesel = 142.593p per litre
Average Public Charging Tariff Ultra Rapid Charger (150kWh +) = 77.67p per kWh*	UK-wide Unleaded Price - Motorway = 158.89p per litre UK Wide Diesel Motorway = 165.10p per litre

The figures have been sourced from RAC Fuel Watch (accessed 11.12.2024) and RAC Charge Watch (accessed 11.12.2024). To find out more about our EV charging partner Pod Point, and the Home Charging Tarriff with EDF Energy, click here. 

 

 

Cost comparison December 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 - 6.6p per mile	Unleaded = 13.22p per mile
Public Charging Ultra Rapid Charger = 20.7p per mile	Motorway Unleaded= 15.36p 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 - 8p per mile	Diesel = 16.45p per mile
Public Charging Ultra Rapid Charger = 25p per mile	Motorway Diesel = 18.93p 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 April 2025 to 30 June 2025 will be published by 25 February 2025.

For more information about the UK Energy Price Cap, click here.