Although the Rishi Sunak’s announcement of a 5p per litre cut in fuel duty for the next 12 months is welcome news for I.C.E (Internal Combustion Engine) Drivers, it hardly dents the rapid inflation of prices at the Fuel pumps with prices heading rapidly towards £2.00 per litre.
Steve Endacott Chairman of the Electric Car Organisation (eco) commented “Electricity inflation is forecasted to be half that of petrol prices. The rapid rise in gas prices will cause a 54% jump in domestic heating costs in April and this also has a knock-on impact on electricity prices as 42% of electricity is generated by Gas. However, this is dampened by no increases in the cost of renewable energy sources (24.5%) and nuclear (21%), which effectively halves the inflationary price pressure on electricity compared to petrol costs.
Eco: Electric Car organisation via Salary Sacrifice Tax schemes can cut the purchase price of an EV by between 32-42% making it cheaper to buy than I.C.E equivalents and on average EV’s are currently 66% cheaper to operate, but this gap is set to become even larger after April 22.
Endacott commented “When you buy a new EV and start charging from home its vital that you switch to a dual tariff offering low night-time rates. Most customers are currently on a flat rate of 20p per KWH tariffs but could move to split tariffs with night-time rates as low as 5p once the current Government price cap is removed in April and switching suppliers opens up again. This simple switch could reduce the cost of running their EV by 75% at the same time as their next-door neighbour’s petrol cost have risen by 50%. Start planning to switch now as the relative savings are only going to get bigger”
eco: Electric Car Organisation claims offer an “end to end” service aimed at making the switch to EV. As well as finding customers a cheap EV lease by aggregating 10 EV leasing companies’ prices, it also sells and installs chargers, whilst recommending the best dual electricity tariffs. Eco also provides insurance quotes and values your old I.C.E car via connections with reseller network Motorway.
Endacott commented “Many people are now seriously considering the move to EV but are ignoring the long wait times to get an EV delivered caused by a shortage of new EV car supply compared to demand. It’s essential to start planning an EV switch now even if you’re not looking to change your car for 12 months as you need to book your place in the delivery queue now before escalating fuel costs make it even longer”.