Today, (September, 9) is World EV Day, and to celebrate, Ohme, the UK’s leading smart home EV charging company, is spotlighting how switching to an electric vehicle can lead to substantial savings. Here are five key money-saving tips to help you make the most of your EV:
1. Drive an EV
It’s no secret that electric vehicles are cheaper to run than petrol or diesel cars. While the average driver spends over £1,100 annually on fuel, an EV can cut those costs by more than half. It costs around 8-11p per mile to run an electric car, compared to around 15-20p for petrol. Even with the upcoming rise in electricity rates, the annual cost to charge an EV at home is just £416.50— a significant saving.
2. Opt for a Dynamic Home Electricity Tariff
Imagine running your EV for less than £10 a month. It’s possible with a dynamic home electricity tariff from providers like Octopus or OVO. Ohme’s EV chargers are designed to integrate with these tariffs, potentially reducing annual running costs to just £119 for the average driver.
3. Take Advantage of Cheaper Overnight Electricity
Dynamic tariffs often offer lower rates during off-peak hours, such as overnight. This means not only will your EV charging be cheaper, but you can also save on household energy costs by running appliances during these times.
4. Get an EV Company Car
If you’re eligible for a company car, consider an electric model. For the 2024/25 tax year, EVs benefit from a low 2% Benefit-in-Kind tax rate. Alternatively, explore salary sacrifice schemes through your employer, which can make leasing an EV even more affordable by reducing your taxable income.
5. Join a Grid Flexibility Trial
Participating in grid flexibility trials, like Ohme’s involvement in the CrowdFlex project, can earn you rewards simply for plugging in your car at home. These initiatives help balance the electricity grid and are expected to save consumers £10 billion annually by 2050.
Embracing these tips can help you maximise savings and make the most of your EV. Happy World EV Day!
