EV running costs in spotlight as energy prices drop to lowest level in two years

Energy price reductions from April 1 could help prompt further conversations with customers at the point of sale about switching to an electric vehicle (EV).

The Standard Variable Tariff dropped to 24.5p/kWh on April 1, which is the lowest price in two years.

While this will create further savings for EV drivers, they are able to reduce their running costs even more drastically by switching to a smart EV tariff, like Intelligent Octopus Go, which offers prices at 7.5p/kWh.

The tariff is programmed to charge an EV to the required level when energy costs are at their lowest.

Ohme, the home charger brand, which has partnerships in place with dealer groups, as well as Volkswagen Group, Mercedes-Benz, Hyundai and Polestar, has said EV running costs can go as low as £130, or £10.80 a month.

Charging on the new Standard Variable Tariff in a typical EV for 6,800 miles of driving (the UK annual average) would cost £417.

On a smart EV tariff such as Intelligent Octopus Go however, the same mileage would cost £127.50. The same distance in a petrol car would cost more than £1,100.

David Watson, Ohme chief executive, said: “As more people are trying to lower their household bills, this reduction in the price of electricity will be welcome news for drivers of EVs.

“However, they could easily lower those bills further by finding out if their electricity supplier offers a special tariff for EV drivers.

“If not, then they should consider switching to an energy provider that does so to enjoy even bigger savings of running an EV.”