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EV Charging costs are now approaching the cost of gas for users of public chargers in the UK. While this is a good development, there are still a number of problems that will make the costs of charging an EV even more expensive. These issues include installation costs, country-specific Levelized Cost of Charging (LCOC) per kWh and recharging time.
LCOC
In the UK, LCOC for EV charging costs has reached almost the same level as gas prices for users of public chargers. This result is attributed to the fact that retail electricity costs have remained stable since the beginning of 2019. As a result, electricity prices are expected to increase in the near future. However, the current sensitivity analysis suggests that the LCOC for the Average user profile can increase by as much as 20%.
Installation costs
Installing EV chargers at commercial buildings has a number of advantages, including the ability to attract new customers and increase time spent in the store. In turn, this leads to an increase in sales. The benefits also go beyond just the financial benefit – new EV users are more likely to become loyal customers, which leads to increased marketability and retention.
Recharge time
In the UK, EV charging costs are approaching the same level as gas prices for users of public chargers. For this study, we used the average of the costs of using different charging options in a weighted average. This calculation takes into account the different charging shares of countries and their population shares. The figures for residential charging sites include country-specific VAT rates. Compared with commercial charging sites, residential charges are much cheaper.
LCOC per kWh
The LCOC per kWh for EV charges in the UK depends on the type of charging station used. While charging costs are low at off-peak hours, they can rise to 25 pence or higher at peak times. If you’re unsure of how much you’ll need to pay for your EV charging, contact Tesla for more information.
The LCOC per country for EV charging is determined by taking into account different charging options and their share in the user profile. This data is then weighted to represent a single European average. Different power levels require different yearly energy for charging. The utilization rate is calculated as the ratio between actual yearly energy charged and maximum charging output.
In the UK, there are several charging point schemes and incentives for EV owners. Many suppliers offer such schemes, and the government also offers its own EV-specific schemes to help EV owners get started. There are also guides available on Zap-Map which provide information on available charging points.