25 September 2023

Electric vehicle home charging cost cut by 4p/kWh after energy price cap change

Following the new energy price cap, home charging costs have been reduced by 11.8% for electric vehicle drivers.

In July 2023, a report revealed contrasting trends in the pricing of electric vehicle (EV) charging. Home charging became more economical, dropping by 4p per kWh, while public flat rate charging costs witnessed an increase.

Starting on July 1st, the new energy price cap saw a reduction, going from an average of 34p/kWh to 30p/kWh. However, public flat-rate charging, designed to provide convenience to EV drivers, saw a price increase of at least 1p/kWh compared to the previous month.

The slow charging option, in particular, saw an average increase of 4p/kWh, reaching a rate of 48p/kWh.

In contrast, residential slow charging costs, typically conducted through lampposts, remained relatively stable during this period. Nevertheless, an exception was observed in Brighton and Hove, where the council announced a substantial increase from 39p/kWh to 61p/kWh, marking a significant 56% rise. This localized price surge had a cascading effect, causing the national average kerbside charging cost to climb by an additional 4p/kWh.

The report highlighted that all peak and off-peak rates for public charging remained consistent, offering some reassurance to drivers and in fact fleet managers who rely on these services.