Price drop for home electric vehicle charging

Electric vehicle (EV) drivers home charging costs are set to fall after Ofgem announced a new energy price cap.

The standard variable tariff for domestic electricity rates will be lowered to 30p/kWh from July 1.

The reduction is down from the current 34p/kWh which has been in place since October 1, 2022.

While the news will be welcomed by EV drivers keen to reduce their charging costs, Ohme is encouraging those same drivers to make even greater savings by switching to an off-peak EV tariff such as those from Octopus or Ovo.

“It’s great that the standard variable tariff is being lowered which will help EV drivers to reduce their charging costs,” said Ohme CEO, David Watson. “However, drivers can lower their bills further still by speaking to their existing electricity supplier and finding out if they offer an off-peak tariff.

“If their energy provider doesn’t offer an off-peak tariff, then they should consider switching to one that does, to get the full savings of running an EV.”

With the average UK driver covering 6,800 miles a year, charging on an off-peak tariff in a typical EV would cost just £127.50 for a year’s worth of driving with Octopus Intelligent at 7.5p/kWh.

At the new standard variable tariff of 30p/kWh, that same annual mileage would cost £510, says Ohme.

By comparison, the same mileage in an equivalent petrol car would cost a driver more than £1,100.

Ohme is the official charger provider for the Volkswagen Group in the UK and Ireland as well as customers on the Motability scheme.