Cost of home charging levelling out after “shocking leaps”

The cost of domestic charging has levelled out at 32p per kWh, while public charging continues to rise, according to a new report from Mina.

EV payment specialist Mina has launched a new monthly EV Snapshot report that will reveal the price of charging electric vehicles in the previous month, in order to give businesses even more clarity and understanding about the charging costs of going electric.

The EV Snapshot, with data based on more than 50,000 real-life charging events every month, reveals the true rate of charging at home and in public, as well as calculating the cost of running cars and vans in various scenarios on a pence-per-mile basis.

In its first May 23 EV Snapshot, Mina says domestic charging has levelled out at 32p per kWh, while public charging continues to rise, to 76p per kWh.

“The reaction to our quarterly EV Reports has been phenomenal, and they have even won awards!” said Mina CEO Ashley Tate. “And while that information, put into context over an extended period of time, is incredibly useful in creating strategies for going electric, what those reading our reports also want is more frequent information about the price of charging.

“Our data is unique in that it records an actual electric vehicle user’s cost and consumption, at home and in public, and so every month we can build a far more accurate picture of what’s really going on than just extrapolating from energy and chargepoint providers’ headline figures as others may have to.

“In the first of these EV Snapshots we can see that the shocking leaps in energy prices of last year are not happening any more, but we’re still seeing public charging costs have been rising bit-by-bit every month, even into Spring,” said Tate.

“At home it’s a different story. Costs have levelled out and the question now, especially with the announcement of the new price cap from July, is whether there will be a fall in home charging tariffs as energy prices drop this Summer, or whether it may take a while for the wholesale prices to feed through to EV users.”

The EV Snapshot will be published at the end of every month, along with a summary into what the numbers mean for drivers and businesses. Alongside this, Mina will be continuing to produce regular deep dive insights into every aspect of charging, using its unparalleled data to reveal how EVs are being used, and performing.

“Since we launched the quarterly EV Report last year a lot of businesses have come on board with us because, as well as Mina making domestic and public charging payments much simpler and more accurate, they’ve realised we can provide a granular level of information about their vehicles and drivers that shapes their entire electric strategy. By moving to a monthly EV Snapshot we can help them on a more regular basis too,” said Tate.