Octopus Energy cuts overnight EV tariff to 5.5p per kWh as petrol hits £1.50 per litre
By Eve
Octopus Energy will reduce its Intelligent Go overnight charging tariff from 7p per kWh to 5.5p per kWh from 1 April, enabling EV running costs below 1.5p per mile. Analysis by the Energy & Climate Intelligence Unit shows this cut, combined with petrol rising to £1.50 per litre due to Middle East conflict, could increase annual EV savings from £850 to £1,040 compared to petrol vehicles. Electricity price caps in place until June will protect EV drivers from energy market volatility affecting petrol costs.
Why it matters: Widening cost differentials strengthen the business case for fleet electrification and workplace charging infrastructure, while tariff competition among suppliers may drive demand for smart charging hardware that unlocks off peak rates. The analysis provides procurement teams with updated total cost of ownership figures to justify capital investment in charging networks.