Fastest EV charging costs drop for second month in a row – AA EV Recharge Report

• Off-peak ultra-rapid charging drops by 15.6% since January
• Flat rate slow charging falls by 2 p/kWh compared to last month, closing gap between driveway and kerbside costs
• AA calls for “help to buy” schemes to accelerate EV sales
• “The appetite is there, but EVs feel out of reach to many” says AA

The March 2023 AA EV Recharge Report shows a 15.6% reduction in off-peak ultra-rapid charging since the start of the year from 71 p/kWh in January to 64 p/kWh in March, making electric cars cheaper to ‘fuel’ than a petrol car for the second consecutive month.

With the UK kickstarting its spring and summer driving season when domestic holidays and daytrips take place, travelling longer distances across the UK in an EV has become even cheaper. Business drivers will feel the benefit too as ultra-rapid charging keeps drivers on the road while reducing their running costs.

In further good news for EV drivers flat rate prices for slow chargers, which are traditionally found in residential areas where there is no dedicated off-street parking, dropped by 2 p/kWh with the price sat at just a penny above the Energy Price Guarantee for domestic electricity costs (35 p/kWh Vs 34 p/kWh).

However, flat rate rapid charging costs increased by 1 p/kWh between February and March to 67 p/kWh. Elsewhere, all other flat rate costs, peak and off-peak prices remained static providing more stability to drivers when it comes to ‘refuelling’ their cars.

AA EV Recharge Report, March 2023. Flat rates;

AA EV Recharge Report, March 2023. Peak and Off-Peak rates;

AA calls for ‘Help to Buy’ schemes to boost EV sales

While the latest figures from the SMMT show that newly registered EVs are booming, the AA is calling for ‘help to buy’ schemes to encourage further uptake of electric cars.

In a poll of more than 14,500 drivers, seven out of 10 said being eligible to obtain some form of benefit to buy either new or used EVs would help them make the switch**. The most popular option was mirroring the recently closed Electric Vehicle Loan scheme run in Scotland where drivers can buy an EV with a 0% loan over three to five years.

Other popular incentives included scrapping VAT on the sale of new EVs, reinstating the £3,500 plug-in grant and introducing schemes to help buy used EVs. Low-income drivers would be most persuaded by either a 0% loan or a grant to purchase used EVs.

The reintroduction of any form of assistance to help drivers purchase electric cars could remove tailpipe emissions from the UK Car Parc quicker than current targets set at 2050.

Jack Cousens, head of roads policy said: “The second consecutive month of falling prices on the fastest types of charging is great news and is further boosted by flat rate slow charging almost meeting parity with domestic electricity costs.

“With more drivers wanting to take advantage of greener and cheaper travel, now is the time to offer ‘help to buy’ schemes to accelerate the uptake of electric cars.

“The appetite is there, but EVs feel out of reach to many. The fact that drivers are interested in buying a used EV shows that fears and concerns over battery life and longevity are beginning to fall away. This could be the perfect time to energise the EV market.”

ends

NOTES TO EDITORS

* Average prices are the PAYG options without connection fee as at 23 March 2023. Subscriptions are available for all charge point speeds which can unlock a cheaper p/kWh, however rates vary across provider.

Calculations based on adding 80% to a Vauxhall e-Corsa, 50kW, with a WLTP range of 222 miles. Adding 80% range equates to 178 miles of range. Vauxhall e-Corsa specifications here: Corsa_Spec_ePG_5_January_2023.pdf (vauxhall.co.uk)

Calculations based on Vauxhall Corsa 1.2L (75PS) Petrol with a 40 litre tank. 80% refuel = 32 litres.

Petrol: 32 litres @ 146.63 ppl = £46.92. Combined MPG of 47.9 = 335 miles at 14.01 p/mile.

Vauxhall Corsa specifications here: Corsa_Spec_ePG_5_January_2023.pdf (vauxhall.co.uk)

** AA Yonder Driver Poll, March 2023 – 14,668 respondents.