Thanks to the new Energy Price Guarantee, home charging an electric vehicle will now be a third cheaper than what it would have been…
Cheaper Home Charging
A new analysis by the RAC has revealed that home charging an electric vehicle is set to become a third cheaper than what it would of been. This is thanks to the recent introduction of the Energy Price Guarantee. This 34p-per-kWh guarantee, announced by the Prime Minister, will ensure that the cost of home charging an average 64kWh family-sized EV sits at £22.22 from the start of October.
Whilst this still represents an increase of £3.85 on existing prices, it represents a saving of £11.58. This is because Ofgem’s latest price cap rise would have entailed a price increase of £33.80 had the Government not intervened. The RAC is, however, still advising EV drivers to contact their energy providers to confirm new prices.
Simon Williams, a spokesman for the RAC, commented on prices associated with charging EVs. He said, “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”.
He continued, “there’s the potential for the Government’s net-zero transport ambitions to be derailed if higher electricity prices put drivers off from switching to an electric model, which is why we have called on the new transport secretary to cut the 20 per cent VAT rate on public chargepoints to match the five per cent charged on domestic electricity”.
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