The cost of hiring one of TfL’s bicycles will rise next month as they scrap the daily charge and replace it with a per-use rate instead.

At the moment, there’s a £2 access charge, with as many 30-minute rides as you want for the day for free. From 12th September that is being replaced with a £1.65 flat rate for each 30-minute ride. For someone making just one trip, that’s a saving, but if you’re pottering around town grabbing a bike several times, the cost will be higher from next month.

However, to offset that, there’s a new £20 per month subscription, offering unlimited numbers of 60-minute rides through the month. So the pricing is better for regular users, especially with the 60-minute usage duration, but the costs for occasional users will be more expensive.

The annual membership will also increase to £120, its first rise since 2013.

At the same time, TfL is launching electric bikes on the network, with 500 new e-bikes being added to the service from 12th September. The new e-bikes will be distributed across key central London locations, but will be able to be docked at any of the scheme’s 800 docking stations. E-bikes will initially be available to registered users only, for a fare of £3.30 per 30-minute ride or an additional fare of £1 per hour for monthly and annual members.

To prepare for the changes, the scheme will be temporarily closed between 10pm on Friday 9th September and 6am on Monday 12th September. During this time bikes that are on hire may be returned, but no hires will be able to be made.

Last year it was announced that Santander will continue to sponsor the cycle hire scheme until May 2025.

A number of new docking stations are set to open in Southwark later this year, the scheme’s first expansion since it was introduced to Bermondsey and Rotherhithe in 2019. The new docking stations will be located at Burgess Park Albany Road, South Bermondsey station, Clements Road, Harris Academy, Brandon Street, Crimscott Street and The Blue. The new docking stations will be built with funding from Southwark Council.

David Eddington, TfL’s Head of Cycle Hire, said: “Santander Cycles is a vital part of London’s transport system and is more popular than ever, with the scheme seeing 11 record-breaking months in a row. We want to make sure that the scheme continues to be one of the easiest and most sustainable ways of travelling in the capital. The new bikes, alongside our simpler new tariff, will ensure that the scheme can build on this success and be financially sustainable, playing a full role in a green and healthy future for London.”