Cheaper running costs drive EV popularity… and charging network is just fine, say drivers

• Half of petrol and diesel drivers surveyed want to go electric as they feel the fuel cost squeeze
• EV drivers want to help planet, love tech and say they’re cheaper to run
• Charging infrastructure myth busted as 4 in 5 EV drivers say: “The network is good”
• Once they’ve got batt, they don’t go back: 96% of EV drivers say their next car will be another EV

London, 5th September 2024 - One in two (47%) drivers of petrol and diesel cars are tempted to switch to electric because of cheaper running costs, new research has found.

Drivers of fossil fuel cars have been hammered at filling stations with motoring groups saying they feel “ripped off" by the growing margins pocketed by fuel retailers.

A litre of petrol now costs on average more than £1.45 in the UK. In contrast, charging an EV can cost as little as 7p a kilowatt hour (kWh).

Drivers charging an EV on a clean energy tariff like Intelligent Octopus Go – EV Saver can save up to £1,000 a year compared to a fossil fuel car1.

Just over one in three (34%) petrol and diesel drivers reported lower running costs of electric cars as the main reason for wanting to make the switch.

Perhaps less surprisingly, almost all (96%1) EV drivers are happy with their vehicles and say it is likely their next car will also be electric, the research commissioned by the UK’s largest EV leasing company Octopus Electric Vehicles from Opinion Matters shows2.

The top reasons for EV drivers switching to electric were making a positive impact on the planet (55%), followed by wanting to have the latest technology (41%) and cheaper running costs (40%).

Four in five (79%) EV drivers say they’ve had a good overall experience with public charging in the UK, with a further 13% of respondents saying their experience was neither good or bad. This contradicts outdated claims that charging is still inconvenient3.

EV drivers with a home charger say that on average two-thirds of their charging is done at home. And almost all (88%) drivers with a home charger say they make use of a low-cost EV specialist tariff.

EV drivers use a public rapid charger on average just 10 times a month, the research found. With more than 14,000 rapid or ultra-rapid charging connectors in the UK4, there are plenty to service the cars on the road.

But misinformation about EVs has had a negative effect – one in ten people wrongly believe EVs are more expensive to run.

Fiona Howarth, CEO Octopus Electric Vehicles, said: “This research is clear - almost half of the UK’s drivers are ready to get an electric car today, and yet they make up less than a quarter of the cars being sold.

“Certain laggard car manufacturers may claim drivers aren't ready for EVs, but they underestimate UK drivers' appreciation for the value, fun, and peace of mind electric cars offer."

“Government policies like the ZEV Mandate are critical to keep driving the manufacturers to bring affordable electric cars to UK drivers. Those manufacturers are grabbing market share, and there’s a race on to be the brands of our future roads.”

-Ends-

Notes to editors:

1. Based on an average of 10,000 miles, charging at 7p per kWh - Octopus Electric Vehicles customers get exclusive discounted EV charging rate in time for holiday travel
2. Research conducted by Opinion Matters (16/7/24-23/7/24) of 1,000 17+ UK EV drivers (400 having used an EV for 3 years or longer) and 2,000 17+ ICE vehicle drivers. Opinion Matters abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Opinion Matters is also a member of the British Polling Council.
3. New ChargeUK analysis shows that there are over 930,000 public, home and work chargers supporting 1.1 million fully electric vehicles (EVs), meaning that there is almost one charger for every EV. [Whitepaper: Powering Ahead to 2030]
4. Octopus Electroverse rapid and ultra rapid charging figures (15/8/24)
5. Electric cars catch fire less often than fossil fuel cars [report] / The Guardian: EV mythbusters

Do electric cars pose a greater fire risk than petrol or diesel vehicles

Press Contact

Octopus Energy:

Sam Salehi

press@octoenergy.com

0204 5308 369

Octopus Electric Vehicles:

Octopus Electric Vehicles, part of the Octopus Energy Group, was launched in 2018 to make it easy for drivers to make that switch to clean, electric transport. With over 85 electric cars now available from 28 different brands, Octopus Electric Vehicles’ team provides everything drivers need to take the road in a new EV.

Offering an all-in-one service, Octopus lease the cars, install charge points, provide specialist EV energy tariffs, and offer access to over 800,000 public charge points across Europe via Octopus Electroverse - all with a 5* rating on Trustpilot.

Octopus Electric Vehicles also specialises in salary sacrifice schemes - an employee benefit that makes driving a brand new electric car cheaper than the petrol or diesel equivalent through tax savings. Placing customer experience first, Octopus Electric Vehicles has designed the scheme to be simple for an employer to set up and run, and support them at every step. Drivers typically save between 30-40% every month on the cost of their EV; and at zero-cost for an employer to set up, it’s great for their team, their hiring and retention, and for their sustainability goals.

More information can be found at www.octopusev.com