EV charging prices down but varying peak-rates threaten to drive up cost, AA warns
The cost of charging electric vehicles (EV) fell in January but drivers should be aware that providers are now offering different rates depending on the time of day, a report by the AA warned.
The insurance company found that slow charging costs dropped eight per cent last month to match home charging, but the average peak-rate slow charging price has risen by 35 pence per kWh.
EV charging costs fell faster than petrol prices, which were down 1.7 per cent in the same period.
Jack Cousens, head of roads policy & EV charging at the AA, said the speed in which the prices fell “is encouraging and hopefully means the ‘rocket and feather’ approach to wholesale costs experienced in petrol prices won’t be adopted by charge point operators.”
Cousens added, however, it was important for regulators at Ofgem to “keep a watchful eye on peak rate costs to ensure they don’t escalate to the point where it puts drivers off using them”.
AA said this problem will not affect the majority of EV drivers who save rapid charging for occasional use such as a top up on long journeys or if there is no other option.
This comes after a recent report that said the UK government is on track to deliver its target of 300,000 public electric vehicle chargers by 2030.