Automotive service provider AA has released the latest in its monthly EV Recharge report series for December 2023 and claims that ultra-rapid off-peak electric vehicle (EV) charging is cheaper than petrol.
Despite the fact that petrol prices fell in 2023, reporting a 7.96 pence per litre (ppl) drop between November and December, charging prices remained consistent and cheaper.
According to the report, it cost 12.81 pence per mile to use an ultra-rapid charger during off-peak hours in December, compared to 13.54 pence per mile for an equivalent petrol car.
EV drivers with access to a home charger carry out 95% of their recharging at home and experience the cheapest rates, says the report, likely a result of the UK VAT policy, which grants 5% VAT to home charging but 20% VAT to on-street charging.
Jack Cousens, head of roads policy for the AA, said he believes 2023 saw “good value for money” from EV charging costs.
He added: “We are expecting a boom in charging infrastructure installations in 2024. Not only will this counter the unfounded fears of running out of charge, it will also build stronger competition within the market as operators will battle it out amongst the ever growing EV car park.”
Paving the electric road
Since the UK government passed its zero-emission vehicle (ZEV) mandate into law in January 2024, thus confirming the ban of 100% internal combustion engine (ICE) vehicle sales by 2035, industry members have continued to raise the issue of available charging infrastructure.
The stations, located in Canning Town, Hillingdon Circus, Hatton Cross, Tottenham Hale and Hanger Lane, will each include at least six ultra-rapid charging bays.
There are organisations working to combat this issue, including City Hall and Transport for London’s (TfL’s) property company, Places for London, which announced that five new ultra-rapid EV charging hubs will be offered to the market.
Moreover, supermarket chain Sainsbury’s launched its own public ultra-rapid EV charging service named Smart Charge in January 2024.
Over 750 150kW charging bays are set to be installed across 100 Sainsbury’s locations by the close of 2024, aiming to fully charge EVs in 30 minutes or more if the vehicle can accept higher charging speeds (300kW).