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The Markets
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Transport

Cost of EV charging skyrocketing alongside demand

Roadside charging has become 58% more expensive since May, while 37.4mln EVs are predicted in the UK by 2050, up from 0.6mln currently

Roadside charging for electric vehicles (EV) has become 58% more expensive since May, with fossil-fuelled cars now cheaper for long journeys according to motorist organisation the RAC.

Drivers using public chargers currently pay up to 21p per mile of electricity, while petrol and diesel users spend 17p and 20p per mile respectively, reported the group.

“Indeed, it can be more expensive for an EV driver to recharge quickly on a longer journey than it is for petrol and diesel drivers to refuel,” it added.

Charging EVs at home is still far cheaper said RAC, with drivers paying less than half the cost to power cars using home plug in points.

Demand for EVs has also grown rapidly in recent years, despite higher charging costs, which have risen off the back of hiked wholesale prices after Russia invaded Ukraine.

National Grid’s system operating wing (ESO) anticipates there will be 37.4mln EV’s on UK roads by 2050, up from less than 1mln today.

As of December 2022, around 660,000 battery EV’s were registered in the UK, up from 206,000 in 2020 and 40% more than were in 2021, according to data website Zap Map.

In 2022, EV sales surpassed diesel for the first time, accounting for a fifth of the UK's newly purchased cars.

Some 30% of the UK’s energy demand came from the road transport sector in 2020, the system operator outlined, with this set to grow alongside EV sales.

ESO suggested that understanding driver trends will be important to ensure energy supply moving forward.

“Will they plug in frequently and top-up charge (grazing)? Or will they plug in less frequently and top up from close to empty (guzzle)?” it writes.

“Plugging in more frequently could have flexibility benefits for the energy system,” it added, suggesting time-of-use tariffs will provide incentives for drivers who plug in when electricity is cheaper and greener.

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