Price cap to cut home charging by a third

New analysis from the RAC has revealed that charging an electric vehicle at home will be a third cheaper than it would have been as a result of the government’s recently-announced Energy Price Guarantee announcement.

The guarantee means that from 1 October a typical UK household will now pay an average £2,500 a year on their energy bill for the next two years.

The 34p-per-kWh guarantee, announced by PM Lizz Truss, will mean that a typical 64kWh family-sized electric car will cost £22.22 to charge from October 1. This represents a saving of £11.58 against the £33.80 figure that would have been introduced prior to government intervention.

RAC EV spokesperson Simon Williams said: “The 34p per kilowatt hour (kWh) Energy Price Guarantee will significantly cushion the impact of rising energy prices affecting drivers of electric cars.

“From 1 October it will cost on average £22.22 to fully charge a typical 64kWh family-sized electric SUV, £3.85 more than it does currently, and a third less than it would have cost under the new cap that was announced by Ofgem on 26 August (£33.80).

“It remains to be seen what impact the government’s new package of help will have on chargepoint operators and the prices they set drivers, but we remain concerned about the rising wholesale costs of energy that may force some to increase their prices in the coming months.”