The AA has stated that both peak Fast and Rapid EV Peak charging costs have fallen by 19% in the last month.
According to the automobile company’s June 2023 AA EV Recharge Report, Fast and Rapid-off peak charging has also seen a significant drop of around 13p/kWh, or a 15% fall. This will be welcomed by many within the EV industry with charging costs having previously deterred many potential EV drivers from adoption.
There could also be further joy for the EV industry, the AA has indicated. In a statement, the firm stated that the 15% fall in costs show that “chargepoint providers have overcome the issues experienced last month when some operators could no longer carry the increased charges following the ending of the Energy Bill Relief Scheme (EBRS)”.
With Cornwall Insight also having decreased the forecast of energy prices per year for a typical household from £1,978.33 to £1,871.28 in Q4 2023 for electricity and from £2,004.4 to £1,900.52 for gas in Q1 2024, EV charging costs could be set to drop further in the near future resulting in cheaper running costs.
|Charger type||Speed||June Ave (p/kWh)||May Ave (p/kWh)||Difference (p/kWh)||Cost to charge to 80%||Pence per mile (p/mile)|
|Slow Off-Peak||Up to 7kW||33||33||0||£13.20||7.42|
|Slow Peak||Up to 7kW||53||53||0||£21.20||11.91|
|Petrol||143.86 ppl||146.52 ppl||0.51||£46.04||13.74|
Commenting on the prices, Edmund King, president of the AA said: “This is exactly the spark EV ownership needed after the electricity cost crisis. The future of electric cars is now looking very bright. A 19p/kWh fall in a month for both fast and rapid peak time charging shows how quickly chargepoint operators can adjust their pricing and give EV drivers the benefit of cheaper energy.
“With predictions of further reductions in energy prices throughout 2023, EV owners may feel that this drop is just the tip of the iceberg when it comes to charging out on the road.
“Despite some concerted attempts to undermine the EV transition, the future is immensely positive for electric cars. More models on the market, high levels of new car registrations, improved ranges, cheaper charging rates and investment in the charging infrastructure are only making the decision easier to buy a car with a plug.”
The number of EVs on UK roads has continued to surge with the latest data from New Automotive having shown that EV sales experienced a 60% year-on-year increase, growing to make up 16% of the market. This market share is set to rise as, according to the Society of Motor Manufacturers and Traders (SMMT), there were 1.1 million EVs on UK roads in April 2023, a figure that is since expected to have grown to 1.2 million.