Our team have run the numbers and they make for interesting reading...
In refreshing our quarterly TMC EV Rates, our data team have been able to provide some very interesting statistics on the running costs of electric vehicles.
As we all know, the HMCR advisory electric rate now stands at 10p per mile and has come a long way since it’s introduction at 4p. 4p turned to 5p, then to 8p at the end of 2022, up again to 9p in March of this year and now the change to 10p just last month.
But as a flat rate, TMC have found that it still isn’t quite right…
Our average pence per mile across all cars, for example, stands at 11.4 pence.
Now every car is different, we know, so it makes you wonder. How do today’s electric cars fare based on charging costs in the current climate, both home and public?
Comparing our very own TMC EV Rates with the HMRC Advisory Electric Rate of 10p allows us to see which electric cars are covered by the AER as a reimbursement method and which aren’t.
Using a tariff of 36p per kWh and based on 100% of charging events taking place at home, TMC data shows that 160 out of 865 derivatives have a cost per mile rate that falls under the AER.
If 75% of charging is done at home and a quarter is done on the EV public highway at 60p per kWh, the number falls dramatically to just 16.
Considering that public charging is imperative for many EV owners due to nature of work and mileage covered, it’s important to see the effect that different charging styles and differing rates can have.
Our data also shows that vans are a long way off being even remotely covered by the government rate. 1/476 covered and that’s with exclusively home charging on the 36p tariff too!
We want to show you this because our TMC EV Rates are a viable alternative for your reimbursement needs. They are a real world cost per mile for each electric vehicle on the market.