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EV home charging costs have FALLEN | Energy price cap

The upcoming winter season brings good news for electric vehicle (EV) owners who charge their vehicles at home on a standard variable tariff. Ofgem has officially announced a reduction in energy price cap rates, decreasing from 30.11p/kWh to 27.35p/kWh, effective from October 1.

This rate adjustment means that EV drivers can expect monthly savings of approximately £15. This marks a significant milestone as, for the first time since the onset of the energy price crisis, the cost of home charging for many drivers will dip below the mileage reimbursement rate for a standard EV.

Moreover, the cost of using rapid and ultra-rapid public EV charging stations, which are essential for drivers embarking on longer journeys, is finally stabilising and expected to decrease.

As electricity prices decrease, the RAC anticipates that charge point operators (CPOs) will lower their prices in the coming weeks, making rapid and ultra-rapid charging more affordable for EV owners.

RAC spokesperson Rod Dennis expressed optimism about these developments, stating, "The fact that charging prices, whether at home or at public rapid or ultra-rapid chargers, seem to have reached their peak is excellent news for all drivers, whether they already own an electric vehicle or are considering one for their next vehicle. It is now crucial for charge point operators (CPOs) to swiftly reduce their rapid and ultra-rapid charging prices to demonstrate their support for drivers."

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