Can UK EVs Weather the Storm of Rising Electricity Prices?

Get a quote in minutes Compare top UK suppliers Best price guarantee

Trustpilot Logo

Rated Excellent on Trustpilot
(Over 2,000 Reviews)

Get immediate pricing Save up to 45%
Choose your business address

Can’t see the address? Enter manually

Are you comparing for a business or home?

Business

Home


Go Back
Select Utility
Now please select a utility I want to get prices for...
Gas
Electric
Gas & Electric
Water
Go Back
Next
Please enter your business gas information
How much do you spend & how often?

An estimate is fine if you don't have a bill to hand

Go Back
Get Prices

Let’s save time, can we automatically gather meter information?

? What does this mean?
To get your quotes at lightening speed we need several key pieces of information which can all be found on your electricity bill. But by simply ticking this box, we can search ‘industry held data’ to get your meter number, electricity consumption and current energy supplier. This means that we can get you quick quotes without asking you to dig out all of your paperwork. This is personal data therefore we need you to allow us to access this information.
Go Back

Do you know your electric meter number?

Does your meter number end in any of the following?

Go Back
Enter meter number
I don’t know
Please enter your business electricity information
How much do you spend & how often?

An estimate is fine if you don't have a bill to hand

Start date for a new contract?
Get Prices
Please enter your water information
How much do you spend & how often?

An estimate is fine if you don't have a bill to hand

Go Back
Get Prices

    Enter your details below to get quotes We’ve helped over 90,000 businesses
    Trustpilot Logo

    Rated Excellent on Trustpilot
    (Over 2,000 Reviews)

    Contents

    Guide Author

    James Longley

    Managing Director

    min read
    Last Updated February 29, 2024

    Can UK EVs Weather the Storm of Rising Electricity Prices?

    In the UK, the surge in electric vehicle (EV) adoption marks a shift towards sustainability and cleaner transportation. However, this green revolution faces its own set of issues, the primary one being rising electricity prices. These escalating costs are putting a damper on enthusiasm for EVs. Many are raising concerns about the affordability and practicality of electric mobility.

    Apart from the energy crisis, the EV market is also facing soaring raw material costs, a shortage of essential parts, and a decline in disposable income among consumers. Ensuring the affordability of EVs, bolstering consumer confidence, and expanding the charging infrastructure are key steps to take in navigating these issues.

    As the UK strives to meet its sustainability goals, let’s explore whether electric cars can get through these turbulent times.

    TELCA 2022 Banner

    The Impact of Rising Electricity Prices on EV Charging

    As electricity prices surge, the cost of charging an EV, at both public and home charging stations, has seen a notable increase. This rise directly impacts the affordability of electric vehicles and slows down the adoption rate among potential buyers.

    Consumer behaviour is also changing, with many looking for more cost-effective charging solutions or altering their habits to reduce expenses. The government’s response to these rising costs is under scrutiny. There are calls for regulations and initiatives to cushion the impact on EV owners.

    Historical data has shown a significant percentage increase in electricity prices which has directly influenced the cost of EV charging. For example, the DC charging rate was raised by 10 pence to 79p/kWh by charging point operator Gridserve, making EV charging that much more expensive.

    This creates complications for all EV users, from daily commuters to long-distance drivers.

    The role of renewable energy in reducing charging costs offers a glimmer of hope. It highlights the need for sustainable solutions to support the long-term growth of the UK’s EV market.

    The Effects On EV Ownership and Adoption

    Rising electricity prices are casting a shadow over electric vehicles, deterring adoption and making consumers lean towards their petrol or diesel counterparts. The surge in energy prices makes the electric car seem less economically viable. It also negatively impacts businesses investing in EV fleets and charging stations.

    The wider economic and environmental benefits promised by a shift to EVs are at risk. Higher operating costs could slow the transition from combustion engine vehicles. Another huge issue is a decrease in disposable income among consumers. The combination of these challenges intensifies the barriers to EV adoption and threatens to stall progress toward cleaner transportation solutions.

    The Future of EVs With High Energy Costs

    Higher energy costs, particularly affecting electricity, have raised concerns about the affordability of EV charging. This could see consumers sticking with both diesel cars and petrol cars over EVs. Despite the evident challenges, the energy price cap and fluctuating fuel prices show the need for a strategic approach to support EV adoption.

    The gas demand and its implications on energy policies further complicate the situation. Technological advancements in battery technology and making infrastructure more accessible remain the focal points for combating the challenges. This, in addition to the integration of renewable energy sources, can have a huge say in where the future of EVs lies.

    Despite the rising costs, UK firms are investing heavily in fleet electrification, with almost £16 billion invested in 2022, a 50% increase from the year before. Plus, the government is offering financial incentives such as tax credits, grants, or subsidies for purchasing EVs and installing charging stations.

    Another great thing is that EV charging stations are being built with sustainable materials. Also, wind and hydrogen are being explored as power source options.

    The long-term viability of EVs will depend on a multilayer strategy. This strategy includes government support, investment in technological innovation, and commitment to sustainability. As the UK works around these challenges, the potential for EVs to contribute to a more sustainable and efficient transportation system remains significant.

    Conclusion

    The shift towards electric vehicles in the UK is at a critical point, with energy prices rising and the landscape of mobility changing quickly. Despite the challenges created by wholesale gas prices and even the energy price cap, the transition away from a petrol or diesel car remains important for environmental and economic reasons.

    Addressing these issues through innovative policies and technologies will ensure the sustainable growth of the EV market. One day, electric mobility might be an accessible and viable option for all. Until then, do your best to read up on sustainability guides to stay ahead of the curve.

    Get the best prices and deals on your utilities

    Immediate pricing access to almost all UK suppliers

    Utility Bidder
    Business Gas

    Business Gas

    Immediate pricing access to all major UK gas suppliers. We can save you upto 45% on your business gas prices.

    Business Electricity

    Business Electricity

    We manage 20,000 electric meters for our commercial customers – So you’re in safe hands.

    Business Energy

    Business Energy

    We’ll find the best prices and provide you with a hassle free service for both your business gas and electricity….

    Business Water

    Business Water

    With our help. You’ll get a better quality service, lower water bills and better value for money.

    Compare business energy quotes, business gas prices and business electricity rates

    It only takes a couple of minutes to save £100's on your utility bills

    Go Back
    x

    Get your estimated savings in minutes

    We compare live prices from 27+ suppliers

    Get a quote in minutes Compare top UK suppliers Best price guarantee

    Trustpilot Logo

    Rated Excellent on Trustpilot
    (Over 2,000 Reviews)

    Get immediate pricing Save up to 45%
    Choose your business address

    Can’t see the address? Enter manually

    Are you comparing for a business or home?

    Business

    Home


    Go Back
    Select Utility
    Now please select a utility I want to get prices for...
    Gas
    Electric
    Gas & Electric
    Water
    Go Back
    Next
    Please enter your business gas information
    How much do you spend & how often?

    An estimate is fine if you don't have a bill to hand

    Go Back
    Get Prices

    Let’s save time, can we automatically gather meter information?

    ? What does this mean?
    To get your quotes at lightening speed we need several key pieces of information which can all be found on your electricity bill. But by simply ticking this box, we can search ‘industry held data’ to get your meter number, electricity consumption and current energy supplier. This means that we can get you quick quotes without asking you to dig out all of your paperwork. This is personal data therefore we need you to allow us to access this information.
    Go Back

    Do you know your electric meter number?

    Does your meter number end in any of the following?

    Go Back
    Enter meter number
    I don’t know
    Please enter your business electricity information
    How much do you spend & how often?

    An estimate is fine if you don't have a bill to hand

    Start date for a new contract?
    Get Prices
    Please enter your water information
    How much do you spend & how often?

    An estimate is fine if you don't have a bill to hand

    Go Back
    Get Prices

      Enter your details below to get quotes We’ve helped over 90,000 businesses