As the cost of living crisis spreads, electric vehicles are not immune.

Charging an electric vehicle (EV) at home, on a standard variable tariff, is set to almost double in October.

With Ofgem confirming the latest energy price cap rates, the standard charging rate will rise from 28p/kWh to 52p/kWh.

This means the cost of driving 100 miles in a typical EV (averaging 4.0mi/kWh) will increase from £7 to £13, if the vehicle is charged at home.

Ofgem Electricity price cap 2022

1st April-30th Sept = £0.28 per kWh + daily standing charge £0.45

1st Oct-31st Dec        = £0.52 per kWh + daily standing charge £0.46

    

Get smarter

Drivers can reduce the cost of home charging by switching to a smart energy tariff and using a smart charger, according to Ohme.

“EV drivers should switch to an off-peak tariff for their home charging to ensure that they’re reducing some of the impact of this latest rise in electricity prices,” explained Ohme CEO, David Watson.

He added: “Speak to your existing electricity supplier and find out if they offer an off-peak tariff, if they don’t then switch to a provider that does to get the full savings of running an electric vehicle.”

It’s got legs

The Octopus Intelligent tariff has an off-peak rate of 7.5p/kWh, meaning the same 100-mile charge would cost £1.80. This rate is only available for a few hours each day, however. Smart tariff users may also find the peak electricity rate is higher than the price cap.

The average UK driver covers 6,800 miles a year, according to Ohme, and charging on an off-peak tariff in a typical EV could cost them as little as £127.50 per year using a smart tariff (assuming 4.0 mi/kWh). At the forthcoming new price cap of 52p/kWh that will cost £884– more than six times more than with an off-peak tariff.