More than 500,000 drivers are making significant savings by charging their electric cars, rather than paying extortionate rates for petrol and diesel.
New data shows that over half a million drivers have transitioned to using the Intelligent Octopus Go home EV charging tariff from Octopus Energy.
Estimates show that drivers are saving more than £850 a year by charging their electric vehicles compared to an equivalent petrol car.
This is based on a driver travelling the average 7,600 miles every year with an Intelligent Octopus Go tariff, with drivers spending just 8p per kilowatt hour.
At this rate, drivers could travel around the UK in an electric car for just 2p per mile, which is a much cheaper rate than prices paid by petrol and diesel drivers.
This is especially relevant given the soaring cost of petrol and diesel as the Iran war impacts the global price of oil dramatically.
Since the start of the conflict in the Middle East in late February, drivers have seen the price of fuel rise by at least 20 per cent per litre.
At present, drivers are forking out 161.3p per litre for petrol, which is the highest level in three years, while diesel car owners are paying 181.1p.
More than 500,000 drivers are travelling for just 2p per mile using an Octopus Energy EV tariff
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GETTY
The RAC forecasts that unleaded is expected to remain relatively stable, while diesel is likely to rise, much to the dismay of millions of drivers.
Alex Schoch, director of electrification at Octopus Energy, comments: “Every time petrol prices shoot up, drivers are left paying the price.
“It’s a reminder of how little control motorists have over what it costs to fill up a petrol car. Electric cars offer a way out.
“Instead of being at the mercy of global oil markets, drivers can tap into cheaper, homegrown electricity and fill up for around 2p per mile, saving the average driver around £850 a year.”
The Intelligent Octopus Go tariff has been ranked as the most popular tariff in the UK
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OCTOPUS ENERGY
Independent research from Cornwall Insight shows that 59 per cent of EV tariff customers in Britain are using an Octopus Energy tariff, making it the nation’s most popular option.
The number of households on EV tariffs has also jumped by almost 60 per cent in the past year, with almost one million homes nationwide benefitting from cheaper charging costs.
Zapmap estimates that there are around 1.4 million EV chargers installed at homes with driveways across the UK.
This is in addition to 122,724 public EV chargers, with the nation just months away from reaching a milestone of 100,000 charging devices.
Petrol and diesel prices around the UK continue to rise
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PAMr Schoch noted that electric vehicle owners have largely been protected from the latest fuel price hikes.
He suggested that this was a “big reason” why more people were transitioning away from combustion engine cars and towards zero emission vehicles.
Fresh data from the Society of Motor Manufacturers and Traders (SMMT) shows that more than 43,000 new electric vehicles were registered in July.
This is a huge 44.5 per cent year-on-year increase in new registrations, while EVs captured 27.5 per cent of the total market share.