How EV drivers could charge for just £130 a year as tariffs drop

Drivers are being urged to switch their energy tariffs to unlock even bigger savings as electricity costs fall.

From April 1, the standard variable rate for electricity drops from 29.6p/kWh to 24.5p/kWh, the lowest it has been in two years.

That means cheaper charging for any EV drivers still on their energy supplier’s standard rate. A motorist covering the UK average of 6,800 miles a year and charging exclusively at home will pay £416.50, according to estimates from home charging specialist Ohme. That’s down from £503.20 under the previous rate.

However, the wallbox firm has highlighted that the same driver could pay less than £130 for the same charging by switching to the best-value EV tariffs.

“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,” said David Watson, Ohme CEO.

“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 to enjoy even bigger savings of running an EV.”

Several electricity suppliers, including E.on, British Gas, and EDF offer time-of-day tariffs designed to let EV owners charge for less than 10p/kWh, meaning an annual bill of just £170. However, drivers on the Intelligent Octopus Go rate of 7.5p/kWh could pay just £127.50. Only a handful of home chargers currently work with the cheapest tariff, including models from Ohme, Myenergi and Wallbox.

For a petrol or diesel driver covering the same annual mileage the fuel costs would be more than £1,100.