Urgent Warning for EV Owners: Prepare for Ofgem Price Hikes Tomorrow
- The energy price cap in the UK will increase from £1,568 to £1,717 annually starting October 1, 2023.
- Experts advise electric vehicle owners to explore smart tariffs to reduce charging costs, with options like the Intelligent Octopus Go tariff offering lower rates.
- Staying informed about energy pricing and available tariffs is essential for EV owners to manage their charging expenses effectively.
In the UK, starting October 1, 2023, a new energy price cap will increase costs for households, including electric vehicle (EV) owners. The price cap will rise from £1,568 to £1,717 annually, marking a 10% increase. This change will affect the cost of charging EVs at home, prompting experts to advise owners to explore smart tariffs that could mitigate these rising expenses. The Intelligent Octopus Go tariff, for instance, offers a significantly lower rate of seven pence per kilowatt hour, allowing drivers to charge their vehicles during off-peak hours when prices are lowest. David Watson, CEO of Ohme, emphasized the importance of EV owners checking if their electricity suppliers provide smart tariffs. He noted that switching to a supplier that offers such tariffs could lead to substantial savings. Research indicates that long-distance travel in an EV can be remarkably economical, with journeys costing less than £2. The new energy price cap will also see standard variable tariff rates increase from 22.36p per kWh to 24.50p per kWh, alongside a rise in the daily standard charge. This adjustment is part of a broader trend in energy pricing, with the next review scheduled for November 25, 2023, which will set the cap for early 2025. As the energy landscape evolves, it is crucial for EV owners to stay informed about their charging options to manage costs effectively amidst these changes.