Date set as rule change 'cuts EV costs every time'

Electric vehicle motorists throughout Britain will benefit from reduced home charging expenses following Ofgem's announcement this week that the energy price cap is being lowered. The decision appears to reinforce the financial benefits of electric vehicles compared to petrol and diesel alternatives.

Britain's uptake of EVs continues to gather pace, with more than 1.85 million EVs now on the nation's roads, representing 23.4% of all new car registrations last year - a 24% rise year-on-year. The pairing of reduced energy costs and increasing uptake could further bolster the argument for switching to electric.

Research by car finance provider Carmoola has discovered that home charging offers a "clear cost advantage" compared to petrol and diesel. Based on Britain's average monthly mileage of 592 miles, it stated the typical EV home charging expense was approximately £44, while petrol worked out at roughly £92 and diesel at £98.

Once the new energy cap takes effect on April 1, a complete 71.1kWh charge will cost about £17.54, maintaining running expenses for EVs at roughly half of what the typical UK petrol and diesel vehicle owner pays for fuel. The present cost stands at £19.69, meaning EV drivers are set for a saving of up to £2.15 per home charge.

Aidan Rushby, founder and CEO of Carmoola, said: "Ofgem's reduction of the energy price cap is encouraging news for the UK's growing EV community. Many drivers consider total monthly costs when deciding which vehicle to buy and electric remains the most cost-effective fuelling option.