On July 1, the Standard Variable Tariff will be lowered to 30p/kWh, with electric vehicle drivers able to make further savings.
By switching to one of the many off-peak EV tariffs, like Octopus or Ovo, motorists can save even more money than previously thought.
On average, a UK driver covers around 6,800 miles every year, as EV owners are able to charge at home seeing the most benefits.
Smart charging on an off-peak tariff in a typical EV would cost just £127.50 for a year’s worth of driving with Octopus Intelligent at 7.5p/kWh.
At the new Standard Variable Tariff of 30p/kWh, that same annual mileage would cost £510.
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By comparison, the same mileage in an equivalent petrol car would cost a driver more than £1,100, according to Ohme.
The current rate of 34p/kWh has been in place since October 1, 2022.
David Watson, CEO of Ohme, commented on the price drop and what it would mean for electric car drivers able to charge at home.
He said: “It’s great that the Standard Variable Tariff is dropping which will help EV drivers reduce their charging bills during this cost of living crisis.
“But EV drivers can lower their bills more by changing to an off-peak tariff.
“If their existing energy provider doesn’t offer an off-peak tariff, then they should consider switching to one that does, to maximise the savings of running an EV.”
With an Ohme home EV charger, motorists can connect directly from the National Grid in real-time and allow them to take advantage of even cheaper rates.
When there is little demand, electricity can be cheaper, with many drivers choosing to charge their vehicles overnight when prices will be lowest.
The EV chargers also offer drivers the chance to charge their cars when renewable energy generation on the National Grid is at its highest, helping to lower their individual CO2 impact.