EV leasing orders surge 89% as drivers accelerate switch to electric

• EV leasing demand surges, with Octopus EV orders up 89% in March 
• Rising petrol and diesel prices push UK motorists to rethink costly, unpredictable fuel bills
• Octopus releases top performing models for Q1, with the Tesla Model Y leading the charge

London, 13th April 2026 – Drivers are switching to electric vehicles at record speed, with Octopus Electric Vehicles (Octopus EV) reporting an 89% surge in leasing orders in March compared to February.*

Rising petrol and diesel prices are pushing UK motorists to rethink the cost of driving. Prices have climbed to £1.58 per litre for petrol and £1.91 for diesel, with motorway prices even higher, adding to the pressure on household budgets.**

The sharp rise highlights growing momentum behind electric driving in the UK, as motorists seek affordability, stability, and greater control over their running costs.

Unlike petrol and diesel vehicles, EVs offer more consistent running costs - especially when paired with smart tariffs that enable cheaper charging during off-peak hours. This combination is proving increasingly attractive to households looking to manage their budgets more effectively.

Gurjeet Grewal, CEO of Octopus Electric Vehicles, said: “Drivers are making the switch to electric faster than ever. An 89% jump in orders in a single month shows this isn’t a gradual shift anymore - it’s a tipping point.

“People are looking for certainty and control over their costs. Electric vehicles offer both. With smart tariffs and simple leasing, drivers can take back control from unpredictable fuel prices and enjoy a cleaner, more affordable way to drive.”

The shift is part of a wider move towards electrification at home. In March, Octopus Energy saw heat pump orders rise by 103% and solar sales increase by 78% compared to February, as households look to cut costs and reduce reliance on gas while making the most of selling excess power back to the grid.

Demand for EVs is being driven by a mix of established favourites and newer challenger brands. Octopus EV’s most popular models in Q1 2026 reflect a rapidly evolving market:

Octopus Electric Vehicles: Top Five Most Popular EVs Q1 2026

1. Tesla Model Y
2. JAECOO 5 
3. OMODA E5
4. MG MG4
5. Skoda Elroq

While models like the Tesla Model Y continue to lead the way, newer entrants such as the JAECOO 5 and OMODA E5 highlight growing consumer confidence in high-spec, competitively priced alternatives. Meanwhile, affordable options like the MG MG4 remain central to mass adoption, offering practical electric driving at a lower cost.

-ENDS-

Notes to Editors:

* Orders on Octopus Electric Vehicles’ consumer leasing offers (not including salary sacrifice orders) - both new and used EVs - in March 2026 vs February 2026. 

** RAC Fuel Watch (8.4.26)

Press Contact:

Sam Salehi

sam.salehi@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 the switch to clean, electric transport. With over 133 electric cars now available from 30 different brands, Octopus Electric Vehicles’ team provides everything drivers need to take to 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 1.2 million public charge points globally via Octopus Electroverse - all with a 4.8* rating on Trustpilot.

Octopus Electric Vehicles also specialises in salary sacrifice schemes: an employee benefit that makes driving a brand-new electric car even 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 to support them at every step. Drivers can 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