Drivers could save more than £300 this Autumn as a new cost-incentive scheme rolls out across the UK.
British Gas has introduced a new tool that could help electric vehicle owners reduce their expenses.
The company’s EV tariff calculator offers personalised estimates of potential savings for drivers who switch to their specialised EV tariff.
This innovative calculator compares charging costs against public chargers and standard variable tariffs, providing insights into both financial and environmental benefits.
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Public chargers come with 20 per cent VAT costsREUTERSWith potential annual savings of up to £332 and £7.08 per charge, the calculator aims to make EV ownership more affordable for British motorists.
The savings come as electric vehicle owners are set to face a significant increase in charging costs due to Ofgem’s latest price cap adjustment.
Motorists could collectively spend an additional £2.78million in October alone to charge their vehicles at home.
The British Gas EV tariff calculator allows drivers to input their vehicle model and annual mileage. The tool then calculates potential savings compared to standard tariffs and public charging options and provides estimates for savings per charge and annually.
This surge in costs comes as the energy regulator’s updated price cap takes effect from October 1 until December 31, resulting in a 10 per cent increase in energy prices across the country.
The impact on EV drivers is substantial, with the average cost to fully charge an electric vehicle at home rising from £13.41 to £14.70. But the calculator shows the reduction in annual direct driving emissions versus a petrol vehicle.
The approach allows EV owners to make informed decisions about their charging habits. By offering a clear comparison between home charging on the EV tariff and public charging options, the tool highlights potential cost benefits.
The savings increase dramatically when compared to public charging options. EV owners could save up to £20.52 per charge and £961 annually versus slow/fast public chargers.
For rapid/ultra-fast public chargers, the savings could reach £30.76 per charge and £1,441 annually. These figures demonstrate the substantial financial benefits of home charging with an EV-specific tariff.
The calculator allows drivers to see personalised estimates based on their specific vehicle and usage patterns and also helps drivers visualise their potential environmental impact alongside financial savings.
British Gas’ research also highlights the environmental benefits of switching to an EV. By making the change, drivers could reduce their annual CO2 emissions by an average of 2,287kg. This reduction is equivalent to burning 1,143kg of coal or about 972 litres of petrol.
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There are almost 70,000 public chargers around the UK PAPaul Lodwidge, Head of Energy Product & Propositions at British Gas said: “Switching to an EV tariff is one of the most efficient things you can do to lower running costs as an EV owner.”
The increase by Ofgem affects roughly 1.2 million EV owners across the UK, potentially pushing the total monthly spend on at-home charging from £28.96million to £31.75million.