Electric vehicle owners across the UK are set to collectively spend £32.2million per month on home charging from January 2025, following Ofgem’s latest price cap increase.
The 1.2 per cent rise in energy prices will result in an additional £466,560 in charging costs for British motorists compared to December 2024.
The new price cap, effective from 1 January until 31 March 2025, marks the latest adjustment in Ofgem’s quarterly review system.
This could have a huge impact during the winter months when energy consumption typically peaks as a result of the colder weather.
Do you have a story you’d like to share? Get in touch by emailing[email protected]
Electric vehicle owners could see their prices hiked in January following the introduction of the new energy price cap
PA/GETTY
Individual EV owners will see their home charging costs rise by 21 pence per full charge, increasing from £14.70 to £14.91.
With the average home car charger using 108kWh per month, the collective monthly charging costs will rise from £31.75million in December 2024 to £32.2million in January.
Plug-in hybrid vehicle owners will also face increased costs, with full charges rising from £3.43 to £3.48 per charge.
The latest price cap adjustment will see typical household energy costs rise to £1,738 per year, up from the previous cap of £1,717
Despite the price increase, home charging remains significantly more economical than public charging stations for Britain’s EV owners.
Public charging points cost approximately 56p/kWh as of December 2024, nearly double the cost of home charging.
Even after the January 2025 price cap rise, home charging rates of 24.86p/kWh continue to offer substantial savings for EV motorists.
Commenting on the price cap impact, Aidan Rushby, founder and CEO of Carmoola, said: “Ofgem’s price cap adjustments impact households across the UK, particularly as we get deeper into the winter months when energy consumption peaks.
“Although this latest rise is relatively minor, 21p here and there adds up. Over time, these costs could significantly impact household budgets, especially if the price cap continues to increase.”
Rushby advised EV owners to focus on home charging solutions, saying it would help them save whenever their car was dormant.
He also urged motorists to explore whether their energy providers could offer off-peak tariffs to reduce charging costs by topping up overnight.
Data from Zapmap suggests that there are more than 850,000 charging stations installed at homes or workplaces around the UK.
LATEST DEVELOPMENTS:
There are estimated to be around 850,000 chargers at homes and workplaces around the UK
CUPRA
This is in addition to almost 73,700 public charging devices, with 1,105 new chargers installed in December 2024.
Experts hope the UK will be able to achieve its target of installing 300,000 chargers by the end of the decade.