Demand for EV charging points set to soar!
With forecasts of up to 2 million Electric Vehicles on our roads by 2023, there is bound to be an increased demand for the relevant charging infrastructure to complement our motoring choices. Benefit in Kind (BIK) tax incentives, whole life cost motoring savings and the obvious environmental benefits are all factors contributing to the increased take up.
Electric vehicle Personal car leasing and Business car leasing is becoming extremely popular as the ability to fix the monthly costs and remove the residual value risk and uncertainty associated with car ownership, proves an attractive and cost-effective route to be an early adopter of this new technology.
Whilst the simplest model of owning and charging an EV involves private charging on your own driveway or as designated user of a fleet charging scheme, between 40 and 50 percent of the UK’s car owning population does not have access to a driveway or private charging.
The Governments ambitious plans to have EV uptake equal to 60% of all new vehicle sales and 30% of the total number of vehicles in circulation by 2030 mean that there will need to be an estimated 28,000 public charge points to power around 7 million vehicles, many of whose owner’s lack access to private charging.
At present, 13,500 public charge points are available for use, 83% of which are ‘Alternating Current’. The significance of this is that these are cheaper to install but are limited to a maximum of 43kW of power, whereas ‘Direct Current’ charging begins at 50kW.
To charge a 90kWh battery (Found in Jaguar iPace, Tesla Model S, Model X) a 7kW AC charger typical of most domestic charge points would take 12 hours for a full charge, whereas a 50kW DC charger would do the same work in less than 2 hours.
Within the foreseeable future, EV charging cannot accommodate charging times akin to that of filling up at a traditional petrol station, and therefore must accommodate a wide range of charging behaviours. Public charging points can be split into two categories:
- Around Town, where charging is offered as an amenity to attract footfall and increase dwell time. A longer stay of over an hour means the stronger AC chargers are suitable for these locations.
- En Route, which would be similar to the model offered by current petrol stations, can be available at motorway service stations and will feature rapid and ultra-fast DC charging.
The longer charge times mean that each car spends longer tethered to the plug and a higher EV:Charge point ratio would be required, estimated at 50-300:1 in the highest demand areas (ICE:Petrol Pump ratio typically runs at 500:1) where access to off-street and private charge points is limited or cities that have incentivised the use of Plug-in Hybrid Electric Vehicles (PHEVs) and EVs more.
Major Infratructure investment required
An estimated £1.6bn of investment is forecast as requirement to provide suitable charging infrastructure. The Deloitte report on UK Electric Vehicles has referenced the EV and charging market as a “Chicken and the egg”, scenario: EVs and their charge points rely on the pre-existence of each other and the market depends on the continued uptake of EVs to incentivise the provision of further charging infrastructure, however consumers are looking for this infrastructure to alleviate their ‘range anxiety’ so long journeys can be made comfortably, before they decide to take the electric route.
More and more manufacturers are increasing their range of Hybrid and All Electric car options within their portfolio of models. With some manufacturers making bold commitments as to the speed and proportion of Electric powered cars which will feature in their brands offering. With the increased supply and competition, Hybrid and All Electric cars are now fast becoming a realistic option for many car drivers
Please take a look at some of the latest Hybrid car leasing and All electric car leasing special offers available.