EV home charging prices drop after Ofgem price cut – Carmoola

EV drivers across the UK will see lower home charging costs following Ofgem’s announcement that the energy price cap is being reduced, according to Carmoola.

The move aims to strengthen the cost advantage of EVs over petrol and diesel, to provide households with greater predictability and savings.

The UK’s adoption of EVs continues to accelerate, with more than 1.85 million EVs on Britain’s roads, accounting for 23.4% of all new car registrations last year – a 24% increase year-on-year.

Analysis by car finance lender Carmoola showed that home charging provides a cost advantage over petrol and diesel.

Using the UK’s average monthly mileage of 592 miles, the EV monthly home charging cost is £44, and the petrol and diesel equivalents are £91.64 and £97.96 respectively.

A full 71.1kWh charge now costs around £17.54, keeping running costs for EVs roughly half of what the average UK petrol and diesel vehicle owner spends on fuel.

While petrol and diesel prices remain exposed to global market fluctuations, Carmoola said that home charging offers households greater control and predictability over monthly energy costs.

Aidan Rushby, founder and CEO of Carmoola, said: “Ofgem’s reduction of the energy price cap is encouraging news for the UK’s growing EV community.