UK rapid EV charging network InstaVolt is introducing off-peak pricing to encourage drivers to charge their vehicles during low-demand periods when electricity is cheaper.
Under the initial rate schedule, drivers will be able to charge for 54 pence (p) per kWh between the hours of 10 pm and 6 am across InstaVolt’s network of more than 1,600 chargers—more than a third less than the regular price of 85p per kWh.
The lower off-peak rate will initially be available to InstaVolt App users, and will be extended to contactless users before the end of the year. The company plans to support variable pricing in the future, including additional time-of-day and regional pricing.
InstaVolt operates more than 1,600 chargers and has more than 400 under construction across the UK, as well as operating sites in Iceland, Ireland, Spain and Portugal. The company plans to install 11,000 chargers in the UK and Ireland, and continue its European expansion, adding 5,000 chargers across Spain and Portugal and more than 300 in Iceland by 2030.
The company’s chargers are powered using renewable energy, and its upcoming Winchester superhub will use battery storage to take advantage of peak energy production.
“We know the winter presents extra challenges, and we’re mindful that the cost-of-living crisis is still affecting people. The price of energy is also set to increase following the recently announced October price cap,” said Delvin Lane, CEO of InstaVolt. “Charging during our off-peak hours will create a significant reduction for customers ahead of this rise. Our new tariff will have the benefit of offering motorists who can’t charge at home a cheaper rate for electricity.”
Source: InstaVolt
