Many people in the UK are feeling the squeeze of the current cost of living crisis. Prices have gone through the roof for food, utilities and indeed fuel. Since March 2021, the cost of petrol has increased by 29.5% whilst the cost of diesel has risen by a staggering 37%. Inflation was already an issue prior to Russia’s invasion of Ukraine, as a result of the pandemic, but global markets have reacted negatively to the uncertainty surrounding a potential global economic shock that may result from a protracted conflict.
Despite a small recent drop in the price of crude oil and gas on global markets, fuel retailers have been slow to pass these savings on to consumers. Individuals who drive to work and commercial businesses that operate with fleet vehicles have seen a substantial increase in their monthly outgoings. The UK government stepped in with a 5p reduction on fuel duty in the Spring statement on March 23rd, but the average cost saving to consumers will only equate to around £3 when filling up their tanks. It’s unlikely that prices will drop substantially from these record levels in the near future, so there is a clear need for alternative solutions.
In 2022, the cost of fully charging an Electric Vehicle at home in 2022 is as little as £15, up to 80% cheaper than the equivalent cost of filling up a petrol or diesel car. Free car charging is also becoming more readily available at more public locations, such as supermarkets and car parks. Commercial businesses are increasingly adding workplace charging points to their premises to better support their employees. Despite some progress being made in the provision of charging points across the UK, the charging infrastructure is far from where it needs to be to enable the electric revolution. If the government is serious about supporting those suffering through the cost of living crisis then they must commit to a broader range of interventions to rapidly scale up the UK’s charging infrastructure.
The benefits of electric vehicle charging are not limited to cost. The ease of charging your vehicle at home or at your workplace can give people peace of mind and save them time. Companies with commercial premises will also be able to generate revenue from installing EV charging points through opening them up to the public and charging variable tariffs based on demand, whilst also signifying to existing and potential employees that they care about the environment. Lastly, the government are providing generous grants for electric vehicle charging point installation through the Electric Vehicle Homecharge Scheme (EVHS) and the Workplace Charging Scheme (WCS), with further details available here.
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