UK energy price cap cut delivers £25 annual home charging saving for 1.8 million EV drivers from April
By Eve
Chancellor Rachel Reeves has confirmed that around 1.8 million electric vehicle drivers in the UK will save approximately £25 per year on home charging costs from April, following a reduction in the Ofgem energy price cap. A full 71.1 kWh home charge will cost around £17.54, bringing monthly savings of up to £2.15, as part of wider household energy bill reductions totalling £117 annually. Industry figures say the move strengthens the economic case for EV adoption, with further savings available through off peak charging.
Why it matters: Lower running costs reinforce the total cost of ownership advantage for electric vehicles, potentially accelerating fleet electrification decisions and supporting the business case for workplace and depot charging infrastructure as EV uptake continues at record levels in the UK market.