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Cost of home and public EV charging has stabilised

 Published 15th May 2023
General Guides  Low Emission Vehicles 

The cost of charging an electric vehicle has stabilised over the last few months, according to research by EV charging aggregator Mina.

As part of its latest industry report, following a year of climbing electricity prices at home and for network operators, the cost of charging has levelled out recently - between December 2022 and February 2023.

Home charging increased by 1p in the first quarter of 2023, to 31p per kWh, while public charging rates increased by 4p to 74p per kWh.

This means that the average pence-per-mile cost for driving an electric vehicle stayed level, at 9p per mile for electric cars, and rose only 1p to 14p for electric vans, compared to autumn 2022.

Mina's previous report - covering September to November 2022 - showed a climb in home charging prices of 4p to an average of 30p per kWh, and public charging rose by 14p to 70p per kWh.

Despite prices climbing more slowly than in recent reports, prices still mean that most journeys work out at a higher cost than the Advisory Electricity Rate, despite it rising to 8p per mile during the three months covered by the report.

Based on Mina data of more than 125,000 charging sessions for the three months to February, the report shows that feared further inflation has not yet arrived in the EV charging space.

Mina CEO Ashley Tate said: “The cap on domestic electricity has certainly helped stabilise prices for home charging. But businesses such as charge point operators, who are not subject to the cap, have also seen prices levelling out.

“And while we'd like to see these costs coming down over the summer months, at least companies running electric vehicles can at last plan costs with more certainty than before.

“In fact, our research in the report shows that electric cars and vans are still on the whole extremely cost-effective when compared to petrol and diesel – even though the cost of fuel has reduced in the past few months.”

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