Why Are EV Charge Point Prices Increasing?

EV charge-point prices have been rapidly increasing in recent years, and this trend is expected to continue. The cost of charging an EV has increased to 42% as of late 2022. This price increase is the result of a number of factors, including the cost of materials, labour, and installation, all of which will be covered in this article.

Reasons For EV Charge Point Prices Increasing

One of the main reasons for the increase in EV charge point prices is the cost of materials. The cost of metals such as copper and aluminium used in the production of EV charge points has been rising in recent years. This is due to a variety of factors, including increased demand for these metals, and supply chain disruptions caused by the COVID-19 pandemic. Batteries and charging controllers are two examples of advanced technology components whose prices have increased recently.

Another factor that contributes to the increase in EV charge point prices is the cost of labour. The installation and maintenance of EV charge points require specialized skills and knowledge, which drives up the cost of labour. Furthermore, as the demand for EV charge points increases, the cost of labour also increases as more technicians are needed to meet the demand.

Another element that drives up the cost is the process of installing EV charging stations. Installing EV charge points can be a complex and time-consuming process, which can drive up the cost of installation. This includes the cost of permits and inspections, as well as the cost of any necessary upgrades to the electrical system at the location where the charge point is being installed.

The local laws and incentive schemes also have an impact on the cost of EV charging stations. For example, in some regions, governments provide incentives to encourage the installation of EV charge points. These incentives can take the form of grants, tax credits, or other financial incentives, which can help to offset the cost of installing EV charge points. On the other hand, in some regions, government regulations can make it more difficult and expensive to install EV charge points.

Things To Take Away

In conclusion, the cost of materials, labour, and installation are a few of the reasons why EV charge point prices are rising. Local legislation and incentive schemes also have an impact on the cost of EV charging stations. As the demand for EV charge points continues to grow, it is likely that the prices will continue to increase. However, with the advancement in technology, it is expected that the prices will eventually come down.

Elite Electric Vehicle Chargers 

At Elite Electric, we provide both temporary and permanent mobile chargers for electric vehicles across the UK. We are focusing on supplying portable EV charge points for events and off-grid locations. If you want to keep up to date with the business and everything electric – check out our Twitter!