TMC EV Rates are a viable alternative to the HMRC AER, which is currently at 9p per mile, as they are a real-world cost per mile rate for each EV individually.
Our data team calculate the cost per mile for each electric car available in the UK when charged at home. These are updated every quarter and this rate can be used to reimburse your drivers.
The calculations are based on the manufacturer’s published WLTP figures and using the national average home charging kW/h rate (currently 34p). There is an adjustment to account for real world driving.
The research for Q4 of 2023 showed that only 160/856 electric car derivatives were covered by HMRC’s previous AER of 10p/m. The more the charging rate increases the higher the cost per mile for electric vehicles and the more unsuitable the AER becomes.
We also calculate the cost per mile for electric vans. The Q4 2023 research showed that almost all electric vans weren’t covered by HMRC’s previous advisory electric rate of 10p. In fact, our research suggested that only one van derivative was covered by the AER, so almost all electric van drivers continue to be left out of pocket.
The van figures are also calculated using the national average home charging kW/h rate (currently 34p) and based on the manufacturer’s published WLTP figures, with an adjustment to account for real world driving.
New data for Q1 of 2024 will be released shortly.
