A new study has found that electric vehicle owners across the UK are set to spend a combined total of £32.2 million each month as the regulator Ofgem increases the energy price cap.
Whilst electric cars are often significantly cheaper to run than petrol and diesel counterparts, the Government’s latest energy price cap, which came into effect on January 1 2025, has caused charging costs to rise.
Aidan Rushby, Founder and CEO of the digital car finance lender Carmoola, stated that the rise will particularly impact drivers over the colder winter months.
He said: “Ofgem’s price cap adjustments impact households across the UK, particularly as we get deeper into the winter months when energy consumption peaks.
“Although this latest rise is relatively minor, 21p here and there adds up. Over time, these costs could significantly impact household budgets, especially if the price cap continues to increase.”
Effective from New Year’s Day until the end of March 2025, the Government’s current energy price cap saw the cost of power rise by 1.2 percent.
As a result, a study by Carmoola found that the average price required to charge an electric vehicle with a 60kWh battery pack rose by 21p to £14.91.
Whilst the figure is unlikely to significantly impact low-mileage drivers, the company warned that the UK’s EV owners are set to fork out an additional £466,560 this month.
To help electric car owners cut their running costs, Aidan recommended that motorists make sure to take advantage of cheaper off-peak rates they may have.
He added: “As the 2030 ban on the sale of new petrol and diesel cars approaches, and more EVs hit UK roads, Brits will see their energy bills further influenced by their vehicles’ charging needs.
“To save money, we’d suggest that EV drivers aim to charge their cars at home whenever possible, and explore whether their energy providers offer off-peak tariffs to help reduce charging costs by topping up at these cheaper times.”
