Connect with us

Technology

Brace for a shock: cost-of-living crisis drives up price of electric car charging | Electric, hybrid and low-emission cars

While petrol price rises may have made the headlines, the energy crisis has also been hitting owners of electric cars in the pocket. The cost of charging at home has risen by 43% for some drivers, while the already higher cost of on-the-road recharges has gone up 25%.

As energy prices are forced up due to rising costs for suppliers, specialist charging deals for drivers have become more scarce. And now there are suggestions that people may put off the purchase of an electric car as the cost-of-living crisis takes hold.

Although demand for vehicles is high, a new report to be released this week from Volkswagen Financial Services suggests that fewer people might commit to buying electric vehicles (EVs) as belts tighten and the cost of energy increases.

“The cost-of-living squeeze will probably mean some potential EV purchasers may not commit to a switch this year, particularly as such vehicles are perceived to be more expensive in relative terms when compared to combustion engine alternatives,” says the report.

Home charging

Electric car owners who are charging their vehicle at home will usually find the most cost-efficient option is one of the specialist tariffs on offer. “Two-rate” tariffs offer one price for electricity used during the day and another for night-time use. When prices are much lower you can top up your battery cheaply.

For example, comparison site Love My EV lists the rates for EDF’s GoElectric 35 as 44.69p per kilowatt hour (p/kWh) during the day and 4.5p/kWh at night. The Octopus Go tariff costs 35.04p/kWh during the day and 7.5p/kWh at night. Both figures are based on supplying a home in south Wales.

Three electric cars charging at a roadside station with an attractive yellow zig-zag canopy sheltering the chargers
A public charging station in Sunderland: many electric vehicle owners cannot charge at home and must pay on-the-road rates. Photograph: Christopher Thomond/The Guardian

Since energy prices have increased, the number of specialist deals on the market has dropped, says Laura Thomson, co-founder of Love My EV. While they are usually the best deals for drivers who charge overnight, the day rate and standing charge can be expensive, which consumers need to take into account when working out what is best for their situation.

“For most people who have an EV to charge at home, it does make sense, but there is a high standing charge and a high day rate to factor in,” says Thomson. If you use a lot of electricity during the day, this may not be your best option.

The site has a comparison tool for tariffs. Beware of promises of “free miles” within tariffs as these savings may be outweighed by higher charges, it says.

The rising price of EV tariffs means drivers now face paying 43% more than a year ago. This amounts to a rise of about £75 a year for an average vehicle such as a Nissan Leaf or a Renault Zoe, says Ben Nelmes of transport research company New AutoMotive.

In 2021, the cost of recharging an EV that covered 7,400 miles a year – the average mileage – and was recharged mostly at night was £174. This was based on an overnight rate of 4p/kWh and a day rate of 18p/kWh. By last month, this same charging practice cost £249 a year, based on the best prices then available – 5p/kWh at night and 28p/kWh during the day.

“Someone driving a bigger EV, such as a Kia e-Niro or Tesla, will find that this underestimates what they’ll be paying. Similarly, someone in a Smart car will find they spend a bit less than this,” says Nelmes.

On the road

Rising costs have also become apparent at public chargers. Instavolt, which operates a charging network across Britain, has increased its prices twice so far this year, first from 45p/kWh to 50p/kWh and then to 57p/kWh. Ubitricity, one of London’s largest charging networks, increased prices from 24p/kWh to 32p/kWh last month.

Data company Zap Map, which maps public charge points, found that, on average, charging costs increased from 24p/kWh in December to 30p/kWh in February for slow and fast chargers, and from 35p/kWh to 44p/kWh for rapid and ultra-rapid chargers.

“The price of charging your EV on the public network, or at home, has risen substantially over the past few months with the general increase in electricity prices,” says Melanie Shufflebotham from Zap Map.

There are 460,000 EVs currently in the UK, according to the Volkswagen Financial Service report, and just 300,000 home charger points installed. Those who don’t have a home charger end up paying more, according to Keith Brown of Paythru, a payments technology company. “One of the big inequities of the emerging EV charging market is the price ‘premium’ electric vehicle drivers pay if they don’t or can’t have a home charge point,” he says. “Domestic supply is taxed at a VAT rate of 5% whereas public charge-point supply is taxed at a VAT rate of 20%.”

Shufflebotham has called for the rates to be made equal. “Equalising the VAT rate for both public and home charging would be a great example of levelling up, and encourage more people to make the transition to electric vehicles,” she says.

The advantages

Despite increasing prices, EV drivers still face much lower bills than those with petrol or diesel cars, using figures based on the same annual mileage for all types of vehicle.

Nelmes says that while the rises in the costs of EV charging at home are high, they are dwarfed by the costs of filling a car with fuel.

“We estimate the average UK motorist would spend £1,028 per year on petrol and £987 per year on diesel. That’s up from £796 a year on petrol and £747 a year on diesel a year ago,” he says. “That means that the fuel cost savings available to petrol and diesel drivers who switch to EVs this year are £779 for petrol drivers and £738 for diesel drivers.”

Case study: positives and negatives

Having bought a Nissan Leaf in the last few weeks, Philip Ingram looks back at the deals that were available last year with some annoyance.

He currently pays a flat rate throughout the day of 28.45p/kWh with British Gas, the best tariff available to him at home in Bordon, Hampshire. Last year, he could have taken advantage of deals of 5p/kWh overnight, he says. While there are deals with good night-time rates, now their high day rates mean they do not suit the family budget.

The annoyance is tempered by the savings from moving from a diesel VW Golf to an EV.

Ingram, who runs a cotton company called LittleLeaf Organic, used to pay nearly £90 to fill up with diesel but gets the same mileage for £20 of charging. This has to be balanced against the cost of the car: £24,000. “I wish we had done it a long time ago,” he says, “but the reason that we have been slower is … capital costs. Several times I have said to [my wife] Lisa the running costs are unbelievable, but then you look at the cost of buying this car, [which] is enormous.”

Source link

Culture

Top 10 Florida Cities Dominate The Business Startup Landscape In The U.S.

Top 10 Florida Cities And Business Startup Landscape In The U.S.

The Voice Of EU | Florida emerges as a hub for entrepreneurial endeavors, with its vibrant business landscape and conducive environment for startups. Renowned for its low corporate tax rates and a high concentration of investors, the Sunshine State beckons aspiring entrepreneurs seeking fertile grounds to launch and grow their businesses.

In a recent report by WalletHub, Florida cities dominate the list of the top 10 best destinations for business startups, showcasing their resilience and economic vitality amidst challenging times.

From Orlando’s thriving market to Miami’s dynamic ecosystem, each city offers unique advantages and opportunities for entrepreneurial success. Let’s delve into the chronologically listed cities that exemplify Florida’s prominence in the business startup arena.

1. Orlando Leads the Way: Orlando emerges as the most attractive market in the U.S. for business startups, with a remarkable surge in small business establishments. WalletHub’s latest report highlights Orlando’s robust ecosystem, fostering the survival and growth of startups, buoyed by a high concentration of investors per capita.

2. Tampa Takes Second Place: Securing the second spot among large cities for business startups, Tampa boasts a favorable business environment attributed to its low corporate tax rates. The city’s ample investor presence further fortifies startups, providing essential resources for navigating the initial years of business operations.

3. Charlotte’s Diverse Industries: Claiming the third position, Charlotte stands out for its diverse industrial landscape and exceptionally low corporate taxes, enticing companies to reinvest capital. This conducive environment propels entrepreneurial endeavors, contributing to sustained economic growth.

4. Jacksonville’s Rising Profile: Jacksonville emerges as a promising destination for startups, bolstered by its favorable business climate. The city’s strategic positioning fosters entrepreneurial ventures, attracting aspiring business owners seeking growth opportunities.

5. Miami’s Entrepreneurial Hub: Miami solidifies its position as a thriving entrepreneurial hub, attracting businesses with its dynamic ecosystem and strategic location. The city’s vibrant startup culture and supportive infrastructure make it an appealing destination for ventures of all sizes.

6. Atlanta’s Economic Momentum: Atlanta’s ascent in the business startup landscape underscores its economic momentum and favorable business conditions. The city’s strategic advantages and conducive policies provide a fertile ground for entrepreneurial ventures to flourish.

7. Fort Worth’s Business-Friendly Environment: Fort Worth emerges as a prime destination for startups, offering a business-friendly environment characterized by low corporate taxes. The city’s supportive ecosystem and strategic initiatives facilitate the growth and success of new ventures.

8. Austin’s Innovation Hub: Austin cements its status as an innovation hub, attracting startups with its vibrant entrepreneurial community and progressive policies. The city’s robust infrastructure and access to capital foster a conducive environment for business growth and innovation.

9. Durham’s Emerging Entrepreneurship Scene: Durham’s burgeoning entrepreneurship scene positions it as a promising destination for startups, fueled by its supportive ecosystem and strategic initiatives. The city’s collaborative culture and access to resources contribute to the success of new ventures.

10. St. Petersburg’s Thriving Business Community: St. Petersburg rounds off the top 10 with its thriving business community and supportive ecosystem for startups. The city’s strategic advantages and favorable business climate make it an attractive destination for entrepreneurial endeavors.

Despite unprecedented challenges posed by the COVID-19 pandemic, the Great Resignation, and high inflation, these top Florida cities remain resilient and well-equipped to overcome obstacles, offering promising opportunities for business owners and entrepreneurs alike.


Continue Reading

Culture

European Startup Ecosystems Awash With Gulf Investment – Here Are Some Of The Top Investors

European Startup Ecosystem Getting Flooded With Gulf Investments

The Voice Of EU | In recent years, European entrepreneurs seeking capital infusion have widened their horizons beyond the traditional American investors, increasingly turning their gaze towards the lucrative investment landscape of the Gulf region. With substantial capital reservoirs nestled within sovereign wealth funds and corporate venture capital entities, Gulf nations have emerged as compelling investors for European startups and scaleups.

According to comprehensive data from Dealroom, the influx of investment from Gulf countries into European startups soared to a staggering $3 billion in 2023, marking a remarkable 5x surge from the $627 million recorded in 2018.

This substantial injection of capital, accounting for approximately 5% of the total funding raised in the region, underscores the growing prominence of Gulf investors in European markets.

Particularly noteworthy is the significant support extended to growth-stage companies, with over two-thirds of Gulf investments in 2023 being directed towards funding rounds exceeding $100 million. This influx of capital provides a welcome boost to European companies grappling with the challenge of securing well-capitalized investors locally.

Delving deeper into the landscape, Sifted has identified the most active Gulf investors in European startups over the past two years.

Leading the pack is Aramco Ventures, headquartered in Dhahran, Saudi Arabia. Bolstered by a substantial commitment, Aramco Ventures boasts a $1.5 billion sustainability fund, alongside an additional $4 billion allocated to its venture capital arm, positioning it as a formidable player with a total investment capacity of $7 billion by 2027. With a notable presence in 17 funding rounds, Aramco Ventures has strategically invested in ventures such as Carbon Clean Solutions and ANYbotics, aligning with its focus on businesses that offer strategic value.

Following closely is Mubadala Capital, headquartered in Abu Dhabi, UAE, with an impressive tally of 13 investments in European startups over the past two years. Backed by the sovereign wealth fund Mubadala Investment Company, Mubadala Capital’s diverse investment portfolio spans private equity, venture capital, and alternative solutions. Notable investments include Klarna, TIER, and Juni, reflecting its global investment strategy across various sectors.

Ventura Capital, based in Dubai, UAE, secured its position as a key player with nine investments in European startups. With a presence in Dubai, London, and Tokyo, Ventura Capital boasts an international network of limited partners and a sector-agnostic investment approach, contributing to its noteworthy investments in companies such as Coursera and Spotify.

Qatar Investment Authority, headquartered in Doha, Qatar, has made significant inroads into the European startup ecosystem with six notable investments. As the sovereign wealth fund of Qatar, QIA’s diversified portfolio spans private and public equity, infrastructure, and real estate, with strategic investments in tech startups across healthcare, consumer, and industrial sectors.

MetaVision Dubai, a newcomer to the scene, has swiftly garnered attention with six investments in European startups. Focusing on seed to Series A startups in the metaverse and Web3 space, MetaVision raised an undisclosed fund in 2022, affirming its commitment to emerging technologies and innovative ventures.

Investcorp, headquartered in Manama, Bahrain, has solidified its presence with six investments in European startups. With a focus on mid-sized B2B businesses, Investcorp’s diverse investment strategies encompass private equity, real estate, infrastructure, and credit management, contributing to its notable investments in companies such as Terra Quantum and TruKKer.

Chimera Capital, based in Abu Dhabi, UAE, rounds off the list with four strategic investments in European startups. As part of a prominent business conglomerate, Chimera Capital leverages its global reach and sector-agnostic approach to drive investments in ventures such as CMR Surgical and Neat Burger.

In conclusion, the burgeoning influx of capital from Gulf investors into European startups underscores the region’s growing appeal as a vibrant hub for innovation and entrepreneurship. With key players such as Aramco Ventures, Mubadala Capital, and Ventura Capital leading the charge, European startups are poised to benefit from the strategic investments and partnerships forged with Gulf investors, propelling them towards sustained growth and success in the global market landscape.


We Can’t Thank You Enough For Your Support!

— By Darren Wilson, Team VoiceOfEU.com

— Contact us: info@VoiceOfEU.com

— Anonymous submissions: press@VoiceOfEU.com

Continue Reading

Current

China Reveals Lunar Mission: Sending ‘Taikonauts’ To The Moon From 2030 Onwards

China Reveals Lunar Mission

The Voice Of EU | In a bold stride towards lunar exploration, the Chinese Space Agency has unveiled its ambitious plans for a moon landing set to unfold in the 2030s. While exact timelines remain uncertain, this endeavor signals a potential resurgence of the historic space race reminiscent of the 1960s rivalry between the United States and the USSR.

China’s recent strides in lunar exploration include the deployment of three devices on the moon’s surface, coupled with the successful launch of the Queqiao-2 satellite. This satellite serves as a crucial communication link, bolstering connectivity between Earth and forthcoming missions to the moon’s far side and south pole.

Unlike the secretive approach of the Soviet Union in the past, China’s strategy leans towards transparency, albeit with a hint of mystery surrounding the finer details. Recent revelations showcase the naming and models of lunar spacecraft, steeped in cultural significance. The Mengzhou, translating to “dream ship,” will ferry three astronauts to and from the moon, while the Lanyue, meaning “embrace the moon,” will descend to the lunar surface.

Drawing inspiration from both Russian and American precedents, China’s lunar endeavor presents a novel approach. Unlike its predecessors, China will employ separate launches for the manned module and lunar lander due to the absence of colossal space shuttles. This modular approach bears semblance to SpaceX’s Falcon Heavy, reflecting a contemporary adaptation of past achievements.

Upon reaching lunar orbit, astronauts, known as “taikonauts” in Chinese, will rendezvous with the lunar lander, reminiscent of the Apollo program’s maneuvers. However, distinct engineering choices mark China’s departure from traditional lunar landing methods.

The Chinese lunar lander, while reminiscent of the Apollo Lunar Module, introduces novel features such as a single set of engines and potential reusability and advance technology. Unlike past missions where lunar modules were discarded, China’s design hints at the possibility of refueling and reuse, opening avenues for sustained lunar exploration.

China Reveals Lunar Mission: Sending 'Taikonauts' To The Moon From 2030 Onwards
A re-creation of the two Chinese spacecraft that will put ‘taikonauts’ on the moon.CSM

Despite these advancements, experts have flagged potential weaknesses, particularly regarding engine protection during landing. Nevertheless, China’s lunar aspirations remain steadfast, with plans for extensive testing and site selection underway.

Beyond planting flags and collecting rocks, China envisions establishing a permanent lunar base, the International Lunar Research Station (ILRS), ushering in a new era of international collaboration in space exploration.

While the Artemis agreements spearheaded by NASA have garnered global support, China’s lunar ambitions stand as a formidable contender in shaping the future of space exploration. In conclusion, China’s unveiling of its lunar ambitions not only marks a significant milestone in space exploration but also sets the stage for a new chapter in the ongoing saga of humanity’s quest for the cosmos. As nations vie for supremacy in space, collaboration and innovation emerge as the cornerstones of future lunar endeavors.


Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!