EV charging costs up after increase to Energy Price Guarantee

The increase of 2p/kWh to the Energy price guarantee has been reflected in the cost of flat rate electric vehicle (EV) chargers.

Flat rate costs across fast, rapid and ultra-rapid charging matched the rise from the Energy Price Guarantee, meanwhile peak and off-peak rates in ultra-rapid charging, the fastest type of charging available, increased by 1p/kWh.

Despite this increase, off-peak rates for ultra-rapid chargers continues to remain cheaper per mile compared to petrol – even with pump prices falling for 15 weeks until the middle of January. 

All other rates remained static compared to the end of 2023.

Jack Cousens, head of roads policy for the AA, said: “While the Energy Price Guarantee nudged up charging prices, charging from home remains the cheapest way to power an electric car, even if drivers don’t have a special EV tariff.

“Off-peak ultra-rapid charging continues to be cheaper per mile than petrol, and that gap will begin to widen following the recent upturn in pump prices.

“However, the Government can do more to encourage drivers to make the switch to electric cars by cutting VAT to 5% on public charging. That would help all drivers, especially those without a driveway or a dedicated parking space.”

The AA expects to see more drivers introduced to the public charging network for the first time this year.

To help encourage the transition to EVs and help consumers without dedicated off-street parking, it is reiterating its call for VAT on public chargers to be set at 5% to match the rate set on domestic energy costs.

AA EV Recharge Report, January 2024 - flat rates

AA EV Recharge Report, January 2024 - peak and off-peak rates