Homeowners equipped with driveways are being encouraged to save up to £1,100 annually, even as Ofgem’s energy price cap is set to rise by 13% starting Wednesday. This increase will affect households on standard variable tariffs, pushing average annual gas and electricity bills up by £221 to £1,862. The hike is largely driven by soaring global energy prices amid geopolitical tensions in the Middle East.
Electric vehicle (EV) owners stand to benefit most from proactive energy management. Data from EV charging firm Ohme reveals that an average driver covering 6,800 miles annually would spend approximately £1,219 fueling a petrol car at £1.58 per litre. In contrast, charging an EV on the standard tariff of 26.11p per kWh costs around £444 per year—a significant saving on its own.
Moreover, drivers who switch to smart tariffs and use home chargers like Ohme’s Intelligent Octopus Go can reduce charging costs further to just 8p per kWh. This translates to an annual expense of only £136 and total savings exceeding £1,080 compared to the standard tariff. David Watson, CEO of Ohme, highlights the benefits: “The recent rise in standard tariffs should motivate EV owners to explore smart tariffs that dramatically cut running costs. Charging at home remains the most affordable option, especially when paired with smart tariffs.”
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For households without smart meters, energy experts recommend submitting up-to-date meter readings before the new price cap takes effect to avoid being billed at higher rates for estimated consumption. Uswitch energy expert Ben Gallizzi advises, “Submitting your readings promptly ensures accurate billing. Additionally, customers on standard tariffs should explore cheaper fixed deals—there are currently 27 fixed-price tariffs below the new cap.”
At present, Outfox Energy offers the most competitive fixed deal at £1,577 annually, roughly 15% less than the upcoming price cap. With various options available to fix unit prices and leverage smarter tariffs, consumers can manage their bills effectively despite this price increase.