InstaVolt is updating its tariff in response to continued pressure from wholesale energy costs. From 4th May 2022, charging on the InstaVolt network will cost 57p per kWh.
The wholesale energy market remains volatile and continues to rise, while a rise in the rate of inflation means businesses are facing increases across operating costs, resulting in some costs being passed onto consumers.
InstaVolt is once again highlighting the VAT disparity between home and public charging. Home energy tariffs attract just 5% VAT whilst public charging continues to attract a 20% rate of VAT, meaning the inequality between drivers who can charge at home, compared to those that cannot, increases further.
Adrian Keen, CEO of InstaVolt, said: “Electricity is by far our greatest cost, and the volatile energy market and record high inflation means we face no choice but to pass on some of these costs to consumers. We have tried to minimise how much we pass to consumers and absorb costs where possible.
“At this critical point in the mass transition to EV’s it is important that we continue to invest in building our network to give drivers confidence in public charging. We are on track to grow the number of chargers on the InstaVolt network by over 80% in the next 12 months.
“We’re building more hubs, and seeking to offer more chargers at each location to serve a growing number of vehicles. We’ll also be expanding some of our busiest sites too, such as the recent expansion at Stroud Park, Oxfordshire just off the M40.
“We continue to support the reduction in VAT rates for public charging, which currently stands at 20%, versus the at home tariff VAT of 5%, discriminating against those who don’t have access to home charging. We are raising awareness to align the rates of both public and private charging.
“This remains a difficult time for consumers and businesses nationwide, and I want to thank all of our customers for their ongoing support and custom.”