Electric vehicles score big with enhanced savings over petrol

In yet another step forward for green mobility, EV owners using their EV charger at home are set to enjoy further savings thanks to the UK’s falling energy price cap. And it’s not just a minor saving we’re talking about – it’s a significant margin that puts traditional petrol vehicles in the rearview mirror once and for all!

Earlier today (25 August), Ofgem announced the new consumer cap for October 2023 (£1,923), with a drop in kWh price down to 27.4p. To put this into context, the typical EV now costs just £12 to charge up to 80%, or just 6.74p per mile. In direct comparison, filling up the tank of a petrol vehicle to the same level would set you back by an astonishing £46.40 – that’s 13.85p per mile!

“This impressive drop in charging costs reinforces the multitude of reasons to embrace electric over more traditional petrol and diesel vehicles. After all, it’s clear that EVs are not just the sustainable choice, but offer an unparalleled financial advantage when it comes to running costs too!” commented Jordan Brompton, co-founder and CMO of myenergi.

Jordan continued: “More than 80% of EV owners charge up at home, making the falling energy price cap so important. The savings are evident, and the appeal of electric vehicles has never been greater. This is a pivotal move towards getting more EVs on the road and accelerating towards a greener future.”

It’s worth noting that, while the energy price cap has dipped, some public charging networks have opted to increase their rates, leading to a call for regulatory scrutiny akin to the oversight petrol pump prices currently face. Even so, juicing up your EV using an ultra-rapid charger during off-peak hours is still cheaper than filling up your car at the pumps – and will continue to be unless petrol and diesel prices drop below £1 per litre.

So gear up, as we cruise into a brighter, greener, and more economical future where EVs lead the charge!