Drivers with their own driveway will be handed extra £1,800 a year in bank account

James Rodger
·2-min read

Drivers could save as much as £1,800 a year by switching to an EV in light of the new July energy price cap - enough to cover over two month’s worth of food shopping for a family of four, or nearly EIGHT months for a single person.

SUV drivers could save the most by switching to an EV and charging it at home, with up to £151 monthly savings. Ofgem's July Energy Price Cap rates kicked in this morning, with a fall seven per cent to £1,568 - a drop of £122 over the year.

In light of the savings, Dick Lovett reveals that drivers switching to EVs and choosing to charge at home could save as much as £1,800 a year on fuel costs - that’s enough to feed a family of four for two and a half months (£725 per month), or a single person for more than NINE (£194 monthly average).

READ MORE Horrified Brits in Spain and Greece warned to stay indoors 'in middle of day'

Due to the Energy Price Cap falling by seven per cent from 1 July, drivers will pay less to charge their cars at home. These costs can become even cheaper if drivers choose an EV-specific energy tariff, which some providers including British Gas and Octopus Energy offer.

When electric car drivers have EV energy home tariffs, they have access to exclusive cheaper rates for charging their cars at off-peak times and other benefits, such as discounted installation of home chargers. Scott Martin, Group Electric Vehicle Specialist at Dick Lovett commented: “With the lowering of the Energy Price Cap from July, it’s becoming increasingly clear that going electric is the only way to escape the spiral of rising fuel prices and control car costs.

“Our research found drivers can save significant money each month by switching to an EV and charging at home. Making EVs more affordable and in reach for our customers gives them another reason to consider switching to electric, on top of the important environmental benefits they provide.

“At Dick Lovett, our team is dedicated to delivering the best personal service by communicating and researching vital information about automotives that builds lifelong relationships, resulting in many of our customers coming back to us year after year.”

  • Up next
  • Up next
  • Up next
  • Up next

Latest stories

  • Chinese firms eye Morocco as way to cash in on US electric vehicle subsidies

    After the United States passed new subsidies designed to boost domestic electric vehicle production and cut into Beijing’s supply chain dominance, Chinese manufacturers began investing in an unlikely place: Morocco. In the rolling hills near Tangiers and in industrial parks near the Atlantic Ocean, they have announced plans for new factories to make parts for EVs that may qualify for $7,500 credits to car buyers in the United States. Similar investments have been announced in other countries that share free trade agreements with the United States, including South Korea and Mexico.

  • BMW attacks EU tariffs on Chinese electric car imports

    BMW has accused the European Union of protectionism as Brussels prepares to hit imported Chinese electric cars with a wave of tariffs.

  • Demand for new cars from private buyers falls for ninth month in a row

    The Society of Motor Manufacturers and Traders said 67,625 new cars were registered by private consumers in June.

  • New lithium plant inaugurated in Argentina

    French mining group Eramet and China's Tsingshan on Wednesday inaugurated a lithium production plant in Argentina to supply the booming electric car industry. The plant is not a traditional mine nor one of the environmentally damaging salt flats from which the metal used in electric batteries is normally extracted in South America's so-called lithium triangle of Argentina, Bolivia and Chile.

  • Analysis-EU's airline deal demands fuel doubts over further attempts

    It took a year of wrangling with the European Commission for Germany's Lufthansa to gain approval to buy 41% of Italy's ITA Airways, and only after it accepted big concessions. While the deal expands Lufthansa's footprint in the lucrative southern European market, the combined group will have to cede some routes and slots to rivals for it to proceed. Industry executives, investors and experts say greater scrutiny of such tie-ups by European regulators and demands for remedies could deter major airlines from further deals.

  • Reaction to EU duties on China-built EVs

    The European Union will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, EU officials said on Thursday, ratcheting up tensions with Beijing in Brussels' largest trade case yet. Therefore, once again, we do not see any basis for retaliation.

  • US new-vehicle sales barely rose in the second quarter as buyers balked at still-high prices

    U.S. new-vehicle sales rose only slightly in the second quarter, despite larger discounts and slightly lower prices. CDK said most dealers were back up by Tuesday afternoon, but companies such as General Motors said the problem pushed some deliveries into the third quarter. Discounts vary by demand for vehicles, with smaller, less-expensive models and gas-electric hybrids generally being in shorter supply.

  • Drivers told 'fill up sooner rather than later' amid petrol and diesel warning

    The average price of a litre of petrol at UK forecourts fell from 150.1p on April 24 to 144.5p at the end of last week, but has stabilised since then

  • Turkmenistan and Iran sign deal to supply gas to Iraq. Iran will build pipeline to aid delivery

    Turkmenistan and Iran on Wednesday signed a contract for the delivery of 10 billion cubic meters a year of Turkmen gas that Iran will then ship on to Iraq. The deal was announced by Turkmenistan's foreign ministry, which did not state the monetary worth of the contract. The ministry's statement said Iranian companies will construct a new 125-kilometer (77-mile) pipeline to Iran to expand Turkmenistan's delivery capacity.

  • Oil Gains on Reports of Substantial Fall in U.S. Inventory

    Oil prices were edging higher as reports of a larger-than-expected draw in U.S. crude stockpiles signals solid demand during the summer driving season in the world's top consumer. Brent crude and WTI were both up 0.3% to $86.55 and $83.11 a barrel, respectively, after reaching their highest level in more than two months in the previous trading session. Crude inventories fell by 9.16 million barrels last week, according to reports citing figures from the American Petroleum Institute ahead of official data later on Wednesday.

  • D B And Two More Leading Dividend Stocks In India

    The Indian market has shown robust growth, rising 1.7% in the last week and achieving a remarkable 45% increase over the past year, with earnings projected to grow by 16% annually. In such a thriving environment, dividend stocks that offer consistent payouts can be particularly appealing to investors looking for both stability and growth potential.

  • EU slaps Chinese electric cars with tariffs of up to 38%

    The European Union on Thursday slapped extra provisional duties of up to 38 percent on Chinese electric car imports because of "unfair" state subsidies, despite Beijing's warnings the move would unleash a trade war.The United States has already hiked customs duties on Chinese electric cars to 100 percent, while Canada is considering similar action.

  • China-built EVs hit with duties in biggest EU trade case yet

    BRUSSELS (Reuters) -The European Union will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, EU officials said, ratcheting up tensions with Beijing in Brussels' largest trade case yet. There is however a four-month window during which the tariffs are provisional and intensive talks are expected to continue between the two sides as Beijing threatens wide-ranging retaliation. The European Commission's provisional duties of between 17.4% and 37.6% without backdating are designed to prevent what its president Ursula von der Leyen has said is a threatened flood of cheap EVs built state subsidies.

  • Lindsay Australia And 2 Other ASX Dividend Stocks To Watch

    Over the past year, the Australian market has shown a steady increase of 7.5%, maintaining a flat trajectory in just the last week, with expectations for earnings to grow by 13% annually. In this environment, dividend stocks like Lindsay Australia can be particularly appealing for their potential to offer both stability and income growth.

  • Saks Owner Nears $2.65 Billion Neiman Deal With Amazon Help

    (Bloomberg) -- The owner of Saks Fifth Avenue is close to acquiring Neiman Marcus Group for $2.65 billion, according to a person familiar with the matter — a deal that would unite America’s two largest high-end department-store chains in a bid to grab a bigger share of a slowing industry.Most Read from BloombergBiden Struggles to Contain Mounting Pressure to Drop Out of RaceHouse Democrats Consider Demanding Biden Withdraw From RaceKamala Harris Is Having a Surprise Resurgence as Biden’s Campaig

  • Three High-Yield Dividend Stocks From Euronext Amsterdam Offering Up To 9.6%

    Amid a backdrop of fluctuating European markets and rising bond yields, investors are increasingly seeking stable returns, making high-yield dividend stocks from Euronext Amsterdam particularly attractive. These stocks offer a compelling combination of yield and potential resilience against the broader market's volatility.

  • Fuel pump prices 'rising again' as oil hits two-month high

    Drivers are being warned fuel prices are on the rise again amid rising oil costs and suggestions motorists are still getting a raw deal. The AA declared on Tuesday that a 10-week run of falling pump prices had come to an end. The motoring group said while average costs were still locked at levels seen last week, a growing number of forecourts were imposing hikes to pump costs due to higher oil and wholesale charges.

  • Football fan, 23, dies after making the worst decision of his life

    "We are all left utterly bereft and heartbroken. We are grateful for the outpouring of grief, love and support we have received from his innumerable friends"

  • Jay Slater ‘took person's £12K Rolex’ watch and left rental property ‘feeling scared’

    Mark Williams-Thomas, a former police officer, has provided an update after speaking with family, friends, and witnesses.

  • This Morning fans all say the same thing over Britain's most-tattooed woman as she joins show in bikini

    Britain's 'most tattoed mum' made an appearance on This Morning in nothing but a white bikini to show off all of her tattoos, but fans all say 'it's her choice'