The growth of the EV charge point sector

How do electric charge points work?

With the electric vehicle market expanding at a huge rate, EV charge points are fast becoming the most effective way to keep your EV charged and with the relatively short range of many EVs (typically 180 miles) people are relying on charge points at work and retail outlets as well as their homes to keep their vehicle charged throughout the week as the last thing they want to happen is to be stranded on the roadside.

As well as for individual use, businesses can also make use of electric charge points for their company car fleet or company visitors, with many big players such as BP and Shell involved in the marketplace.

Now that more portable units are becoming more popular, home users can install them in a number of suitable locations to make the charging process more user-friendly. With charges usually taking place overnight, they are cost effective too.

Home chargers typically use 3kW or 7KW power dependant on the charging capability of the vehicle itself. The 3kW option takes approx. 12 hours for a full charge whilst the 7kW takes as little as 6 hours to achieve a maximum charge. As many people don’t have access to off-road parking, street meters can be installed which have multiple access points to charge more than one vehicle.

Business chargers can cater for both business users themselves, helping maintain a fleet of vehicles during the day and for customers visiting the business. The units are located in easily accessible areas and can be used via key or RFID (radio frequency identification technology) card.

Businesses can use both wall mounted chargers (cheaper cost) or posts which are good options but come at a premium. The wall chargers typically come in a 7kW option and cost around £1.5k, allowing users to charge their vehicles in approximately 3-7 hours, with the premium 22kW post variant, costing around £3k-£5k being able to charge a vehicle in half the time compared to a typical wall mounted unit.

How does finance work in the EV sector?

With the costs of electric EV chargers reaching as much as £5k for post units and installation of these units costing as much as £1,500, finance is a user-friendly and flexible way to cover these costs of the unit which can suit both consumer and business users alike.

So, whether you are a consumer or a business looking to install EV points on your premises, flexible monthly payments can help to finance your EV charge point and its installation, leaving you with enough capital for other purchases.

The government has also stepped in by offering grants of up to £350 to help towards installation costs for both individuals and businesses. The grant can only be used for installations carried out by EVHS approved installers. The individual/business are the beneficiary of the grant which is claimed on their behalf by their installer. You can find out more about this scheme on the Government website here, and if your make and model of car is included in the scheme.

The EV charge point industry has been predicted to grow almost 50% in the next 6 years and with more EVs set to hit the road, with the end of sales of new petrol and diesel vehicles due in 2035, electric is most certainly the future.

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18/11/2021