Electric car owners continue to enjoy substantial savings over petrol and diesel drivers despite the recent energy price cap increase, according to new analysis from finance specialist Carmoola.
The Ofgem price cap adjustment that took effect this month increased electricity costs by just 0.2%. This pushes the average cost of fully charging a typical 71.1kWh EV from £18.73 to £19.69.
Monthly charging costs now total £49.37 for EV drivers covering the UK’s average 592 miles on the standard variable tariff of 27.69p/kWh.
Petrol drivers covering the same distance spend around £93 monthly. Diesel costs come in slightly lower at £89.48.
Annual Savings Remain Substantial
The numbers add up to significant yearly savings – £525.84 compared with petrol and £481.32 compared with diesel.
These calculations use standard domestic tariff rates. Drivers using smart or dynamic EV tariffs see even greater savings.
Home charging specialist Ohme estimates that drivers on dedicated EV tariffs pay just a quarter of standard variable tariff costs and a sixth of what petrol car owners spend.
Smart Tariffs Deliver Exceptional Value
The savings become dramatic when comparing distance coverage per pound spent.
Based on current petrol prices of £6.17 per gallon, a typical petrol car travels 40 miles for that amount. The same £6.17 gets an EV 88.8 miles on the standard tariff – or 352.4 miles on a smart energy tariff of 7p/kWh.
“The idea of a car doing 350mpg would obviously be fanciful, but that could be the reality when charging your EV on a smart energy tariff at home with Ohme,” said Ohme CEO David Watson.
Watson emphasized that home charging remains the most affordable option for EV drivers. Smart electricity tariffs allow drivers to maximize savings even further.
Real-World Examples
Ohme’s analysis using an Audi A6 Avant e-tron with a 75.8kWh battery shows the potential savings clearly. A full charge on a dynamic tariff like Intelligent Octopus Go costs just £5.31 for its 361-mile range.
The same charge costs £20.99 on the new standard variable tariff rate.
Aidan Rushby, CEO and founder of Carmoola, said the financial benefits of running an EV remain clear even on standard tariffs.
“Every time Ofgem updates the price cap, there’s a concern that rising electricity prices will make EV ownership more complicated – but this latest change doesn’t alter the picture for people who already drive electric, or those who have been seriously considering the switch.”
Rushby noted that monthly charging expenses remain dramatically cheaper than filling petrol or diesel cars.
The updated cap leaves EV fueling costs far below traditional vehicles. This provides reassurance for drivers considering long-term affordability and those weighing up the transition to electric.
