Electric car owners could run their vehicles for less than £130 over the course of a year thanks to falling electricity prices.
The Standard Variable Tariff fell to 24.5p/kWh today, April 1, with Britons benefitting from the lowest price in two years.
Experts are now calling on motorists to make even larger savings if they have an electric car and can charge it at home.
Between April 1 and June 30, 2024, Ofgem, the UK’s energy regulator, announced that the energy price cap would fall 12 per cent from £1,928 down to £1,690.
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The electricity price drops were introduced today by Ofgem
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People who are on the default tariff and pay by Direct Debit will see average costs of 24.5p/kWh, in addition to the daily standing charge of 60.1p per day.
When driving the UK average of 6,800 miles across the year using a typical electric car, people would pay around £417 with the new Standard Variable Tariff.
When using a smart EV tariff, such as Intelligent Octopus Go, the same mileage would cost just £127.50 thanks to prices of just 7.5/kWh.
In comparison, based on current fuel prices, it would cost the average petrol car more than £1,110 to travel the same distance.
David Watson, CEO of Ohme, spoke of the new changes and highlighted the savings electric vehicle owners could make when charging at home.
He added: “As more people are trying to lower their household bills, this reduction in the price of electricity will be welcome news for drivers of EVs.
“However, they could easily lower those bills further by finding out if their electricity supplier offers a special tariff for EV drivers.
“If not, then they should consider switching to an energy provider that does to enjoy even bigger savings of running an EV.”
Ohme’s dynamic smart chargers are able to connect to the grid in real-time, allowing drivers to benefit from cheaper costs.
As it can automatically adjust to fluctuating costs and demand, drivers with Ohme chargers can ensure their vehicles are charged for the cheapest possible price.
According to the latest data from RAC Charge Watch, it costs around 77.38/kWh to charge at a rapid public charger and 78.64p/kWh when using an ultra-rapid charger.
When taking into account the cost per mile, it is 5p more expensive than diesel and 6p more than petrol. However, charging at home using a standard 7kW charger is 10p cheaper than diesel and 9p cheaper than petrol.
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The majority of charge point operators will also offer drivers membership or subscription schemes, allowing them to save when using branded chargers in public.