Electric vehicle drivers got good news this week
Electric vehicle owners throughout Britain are set to benefit after an announcement this week. Home charging will be cheaper following Ofgem’s announcement that the energy price cap will be cut.
The development appears to bolster the financial appeal of EVs compared to traditional petrol and diesel cars. Britain’s shift towards electric motoring shows no signs of slowing, with more than 1.85 million EVs now on the nation’s roads, representing 23.4% of all new vehicle registrations last year – marking a 24% rise year-on-year. The pairing of reduced energy costs with increasing uptake could further cement the argument for switching to electric.
Research conducted by car finance provider Carmoola has revealed that charging at home offers a “clear cost advantage” compared to conventional fuels. Based on the UK’s typical monthly driving distance of 592 miles, the study found average EV home charging expenses stood at approximately £44, while petrol drivers faced bills of around £92 and diesel motorists around £98.
From April 1, when the revised energy cap takes effect, a complete 71.1kWh charge will set drivers back roughly £17.54, maintaining EV running costs at about half what the typical British petrol and diesel motorist pays for fuel. The present cost stands at £19.69, meaning EV owners could save as much as £2.15 with each home charge.
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. Many drivers consider total monthly costs when deciding which vehicle to buy and electric remains the most cost-effective fuelling option.
“With EV adoption at record levels and home charging costs now lower, the economics of going electric are stronger than ever. Households can save even more by charging during off-peak periods, making electric vehicles both affordable and flexible for everyday use. For drivers thinking about their next car, this announcement highlights the financial benefits of considering a switch to electric.”
How the figures were worked out
Carmoola assessed the implications of the latest Ofgem price cap (covering April 1 to June 30, 2026) against the previous cap (January 1 to March 31, 2026), applying the standard charging calculations set out by Zapmap – an officially recognised EV charging information source. The cost of a full charge was determined using Zapmap’s formula: charge cost (£) = battery energy added (kWh) × electricity cost (p/kWh).
Zapmap figures were also referenced for the estimated 1.85 million electric vehicles currently registered across the UK. Battery capacity and driving range estimates were derived from new electric models featured on EV Database, showing an average battery size of 71.1 kWh and an average driving range of 236 miles.
Performance estimates came from The Electric Car Scheme, indicating that a typical EV achieves roughly three miles per kWh, whilst the most efficient variants can reach up to five miles per kWh.
Annual UK driving distances (2026) were sourced from research by NimbleFins. Monthly petrol expenditure for UK motorists was determined using FleetNews’s ‘Car fuel cost calculator’.
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