Octopus Energy has estimated that the new energy cap may result in an additional cost of £16 per month (£192 per year) for those on standard variable tariffs.
In May, The Guardian reported that the cost to charge an electric vehicle at home has increased by 43% for some, with on-the-road recharging rising by 25%. Whilst in 2021 an EV covering 7,400 miles per year that was recharged mainly overnight cost £174 to recharge, as of April 2022 the EV cost £249 in the same charging context.
So yes, EV charging costs will increase for many. But the cost of petrol and diesel are also at the highest they’ve been for eight years. A glance at the confirms the fuel price increase: unleaded petrol is now priced at 186.59 pence per litre, super unleaded at 196.33 per litre pence, and diesel at 192.48 pence per litre.
There are tariffs designed specifically for the purpose of electric charging – which enable drivers to take advantage of low cost overnight rates (with potential savings of £1000 per year versus fuelling up with petrol). Although it should be noted that many providers are offering them at present.
In light of these price increases, EVs still appear to be an attractive option. A survey of over 2,000 UK motorists by Motor Ombudsman revealed 25% of participants will be switching to EVs in the next three months.
Considering the total cost of EV ownership savings, and the environmental price, it is still very much a worthwhile decision.