InstaVolt Introduces Off-Peak Pricing To Cut EV Charging Costs by Over 36%

InstaVolt, the United Kingdom’s (UK) largest rapid charging network, has announced the introduction of off-peak pricing aiming to encourage electric vehicle (EV) owners to charge their EVs during low-demand periods when electricity is cheaper.

According to InstaVolt, EV owners will be able to charge their EVs at a reduced rate of 54 pence per kilowatt-hour (kWh) between 10 pm and 6 am starting September 1st, 2024. This represents a substantial discount of over 36% compared to the regular rate of 85p per kWh. For perspective, a charging session that would typically cost £60 during peak hours will now cost just £38 during off-peak times.

Delvin Lane, CEO of InstaVolt, explained the rationale behind this decision: “We’ve brought off-peak pricing in across our network ahead of our planned schedule as we wanted to offer this excellent price before we go into the colder months, giving InstaVolt users this saving now. We know the winter presents extra challenges, and we’re mindful that the cost-of-living crisis is still affecting people.”

Initially, the off-peak pricing will be available exclusively to users of the InstaVolt app, which already serves over a third of UK EV drivers. The company plans to extend this pricing scheme to contactless payment users by the end of the year, ensuring all customers can benefit from the lower rates.

Moreover, InstaVolt is also developing more advanced variable pricing solutions, including additional time-of-day and regional pricing options. This move mirrors strategies employed by other charging networks, such as Tesla’s Supercharger network, which adjusts prices based on location and time of day.

InstaVolt currently operates more than 1,600 rapid chargers across the UK, with an additional 400 under construction. The company has ambitious expansion plans, aiming to install 11,000 ultra-rapid chargers in the UK and Ireland by 2030. Moreover, InstaVolt is extending its reach into Europe, with operations already established in Iceland, Ireland, Spain, and Portugal.

All of InstaVolt’s chargers are powered by 100% renewable energy, aligning with the company’s commitment to sustainability. The upcoming Winchester superhub will feature battery storage technology to take advantage of peak energy production, further enhancing the network’s efficiency and environmental credentials.

While InstaVolt’s regular rate of 85p/kWh is higher than some competitors, who typically charge around 79p/kWh, the new off-peak rate positions the company as a more attractive option for night-time charging. This move is expected to benefit various groups, including late-night Uber drivers, night-shift workers, and early risers.

The introduction of off-peak pricing by InstaVolt, one of the UK’s most prominent charging networks, could potentially influence other operators to follow suit, leading to more competitive and flexible pricing across the industry.

With over 1,190,000 EVs registered as of July 2024 in the UK, initiatives like InstaVolt’s off-peak pricing are crucial in making EV ownership more accessible and affordable for a broader range of buyers while accelerating EV adoption in the nation.

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