Transport for London has revealed the charges for the forthcoming cycle hire scheme, arriving next summer.
The public will pay £1 daily or a £5 weekly access fee to use the scheme. A £45 annual membership option will also be available.
If the cycle is returned within 30 minutes there will be no additional charge for the user. However, beyond that first half hour the London Cycle Hire scheme will cost £1 for a journey lasting between 30 minutes and one hour, £4 for up to 90 minutes, £6 for up to two hours and then charges will increase incrementally to the maximum period of 24 hours.
The Scheme allows daily users to hire a bike for multiple trips of 30 minutes in one day for £1 and a weekly user will be able to use the scheme for the equivalent of 71p a day. Annual members will pay 12p a day to access a hire bicycle.
“Our cycle hire scheme is set to be one of the most exciting, affordable and energising ways to get around town,” said Mayor of London, Boris Johnson.
“It is amazing how far your bike can take you in 30 minutes if you put in a bit of pedal power; and to be able to do so free of charge on one of our fantastic new bikes is simply sensational value for money.”
David Brown, director of Surface Transport at TfL, said: “The Cycle Hire scheme is going to open up cycling to thousands of people who don't currently have the opportunity to cycle in London.
“This brand new public transport system for central London will be a low cost and affordable way to explore the Capital, whether for work or leisure, and we're confident that it will be hugely popular.
“The Mayor and TfL are working to make travelling by bike a safer, more attractive and more accessible option for anyone who works, lives or visits London.”