EV motorists will have an advantage over drivers with petrol or diesel cars following the energy price hike, say experts at Select Car Leasing.
With the energy price cap rising, Brits are expected to see their energy bills skyrocket by 54%. This, combined with rising fuel costs which have hit all-time records for petrol and diesel, means many motorists across the UK will be out of pocket come April.
By using average electricity kwH prices and the increasing cap rate in April 2022, Select Car Leasing revealed the price-per-charge cost of 10 popular EVs before and after the energy price rise. What’s more, is they’ve also estimated how much EV drivers can save by simply charging during off-peak hours on their electric charging tariff.
Off-Peak Charging Saves Over £1,000 On Energy Bills
It’s tempting for drivers to charge their cars as soon as they get home so as not to forget. Off-peak electricity times in the UK between the hours of 11pm and 8am – so putting your car on charge before you head to bed for the night is likely to save you more money than charging as soon as you’re home.
According to Select Car Leasing’s research, if EV drivers will charge their car at home during off-peak hours once a week, they could be saving as much as £1,037 on their annual EV charging bills.
Peak time: Estimated price per charge in April
Price per charge during off-peak times
Tesla Model 3
Hyundai Kona Electric
MG ZS EV
David Lewis, Electric Lead at Select Car Leasing said, “There’s very few ways to avoid rising energy prices come April. Drivers of ICE cars especially are at an extreme disadvantage due to paying increasing fuel prices and now rising energy prices.”
“EV motorists, despite using home energy to charge their vehicles, have a key advantage compared to other drivers. They’ll benefit from being able to lower their electricity bills by opting to charge during off-peak times. The upcoming rise in energy prices highlights the further benefits of switching to electric – even with energy prices increasing, you’re still fuelling a car for as little as £2.28.”