1st December saw the HMRC advisory electric rate (AER) increase from 5p/m to 8p/m. A step in the right direction, for sure, but problem solved? Not quite.
TMC continue to produce data that looks at the real world cost per mile for each electric vehicle in the market, taking into account real world battery usage and home & public charging prices.
The new AER has now exceeded the average cost per mile across all electric cars, as calculated by TMC, but still leaves a few cars trailing and almost half of vans too. Rising public charging costs can only worsen this for those that must charge on the public highway.
For example, recently published respected indices have claimed the average cost of public charging (Aug 22) is 53p / kWh, for rapid public charging (Sep 22) is 63.3p / kWh and for ultra rapid (Sep 22) is 64p. At these costs a Tesla Model 3 would drive at 11.6p per mile, 13.9p and 14p respectively.
TMC can help you reimburse at AER, but perhaps a fairer, more representative method would suit better? After all, why risk having employees out of pocket when TMC’s simple solution pays the correct rate for all?
TMC can do this with actual cost, or TMC EV Rates.