A new analysis from the Energy and Climate Intelligence Unit has found that many EV drivers might soon find themselves saving the equivalent of an extra £200 a year compared to petrol car drivers as oil prices reach new heights.

As petrol prices soars, Octopus Energy has recently announced it will cut its EV charging tariff, with an overnight cost of 7p per kWh before the war started, to 5.5p per kWh as of the 1 April.

Prior to the conflict, many EV drivers could save an average of £850 a year from charging an EV over fuelling a petrol car. However, an increase in the price of petrol to £1.50, and a cut in the cost of charging to 5.5p per kWh, could see savings for EV drivers using Octopus’ Intelligent Go tariff add an extra saving of £200 to £1040 a year.

Of course, none the capital cost of a vehicle would need to be considered in the ‘life cycle’ costs, but as more EVs are available on the second-hand market and oil continues to rise in cost, certainly for higher milage users the maths starts to make increasing sense.

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