I think I’d be very stressed about my electricity (and Gas – see below)bill if I changed to an EV tariff. I’m an Octopus customer (transferred over from AVRO going bust) and to move onto Octopus Go, my unit cost from 04:30 – 00:30 would increase 24% (27.35p to 33.96p). As I use 3,947kWh/yr, that’s an increase of £260.90 per year and that’s BEFORE I’ve charged an EV. Not only that, but Octopus Go is electricity only and I’d have to find a Gas only tariff. The cheapest gas only tariff I’ve found is 6.279p per kWh more expensive than my current one. I use 12,900kWh/yr, so a huge increase of £809.99. BUT the standing charge is 21p/day less, £76.65 in total.
So before I charge my EV, I’m already spending an extra £994.24 on household fuel. I spent £771.87 on petrol last year.
So this looks like I’m £222.37 worse off before any charge point installation costs and the cost of actually charging the EV.
The way petrol has shot up in price and the fact that I’m now likely to do a little more mileage than the previous year, would suggest an EV may not be as financially crippling as my figures show. But for me, I’m certain that an EV would still work out far more expensive to run than my ICE.