Home charging costs up by £1m due to price cap rise
Electric vehicle drivers will see home charging costs increase by around £1m a month following Ofgem’s updated energy price cap.
The energy price cap is increasing by two per cent until 31 December, when it will be reviewed again.
As a result, the average cost to fully charge an electric vehicle at home will increase from £15.43 to £15.81, while average costs per mile will rise from 8.6p to 8.8p for low efficiency vehicles and from 6.4p to 6.6p per mile for high efficiency vehicles.
With 1.6 million electric vehicles across the UK, motorists are expected to spend approximately £45.5m a month charging their car due to the energy price increase.
Favourable conditions
Aidan Rushby, founder and CEO of Carmoola, said: “Even with October’s price rise, our analysis shows the average cost of using a home charger is just 6p or 9p per mile for a 60kWh vehicle, depending on the car’s efficiency.
“Combined with the recent government grants of up to £3,750 for new EVs, as well as more availability of stock in the used car market, conditions seem favourable for the UK’s transition to electric cars.
“Home charging costs remain lower than they were earlier this year, so while this price cap adjustment will see a small increase in costs, the dual benefit of lower upfront costs and cheaper running costs directly addresses two of the biggest concerns we hear from consumers when it comes to going electric.”
