Octopus Energy has confirmed that 500,000 drivers have switched to its Intelligent Octopus Go tariff, enabling them to charge their electric vehicles (EVs) for just 2p per mile. This milestone comes as petrol prices hover at £1.60 a litre, prompting more motorists to abandon combustion engines in favour of cheaper overnight home charging.
Half a million drivers ditch petrol
The energy supplier announced that half a million customers have now ditched petrol and combustible engines for electric vehicles. These drivers are avoiding soaring fuel costs by using Intelligent Octopus Go, which automatically charges compatible cars when electricity is cheapest. According to Octopus Energy, the average EV driver saves more than £850 a year compared with running a similar petrol car.
With petrol back at £1.60 a litre and forecourt fuel theft on the rise, the shift to electric is accelerating. Rather than being badly hit in the wake of the US and Iran conflict, drivers can opt to charge at home when electricity is most affordable, making driving cost just 2p per mile, as confirmed by Octopus Energy to Birmingham Live.
Octopus dominates the EV tariff market
New independent research from Cornwall Insight shows Octopus now powers 59 per cent of all EV tariff customers in Britain – more than half a million drivers – making it by far the UK's most popular EV energy tariff. This dominance reflects growing consumer confidence in smart tariffs that simplify EV ownership.
Alex Schoch, Director of Electrification at Octopus Energy, commented: "Every time petrol prices shoot up, drivers are left paying the price. It’s a reminder of how little control motorists have over what it costs to fill up a petrol car."
Electric cars offer a way out
Schoch added: "Electric cars offer a way out. Instead of being at the mercy of global oil markets, drivers can tap into cheaper, homegrown electricity and fill up for around 2p per mile, saving the average driver around £850 a year." He highlighted that EV drivers have been largely insulated from the latest fuel price rises, which is a big reason why more people are making the switch.
Intelligent Octopus Go simplifies the charging process: drivers simply plug in, choose when they need the car to be ready, and the tariff does the rest, helping them save money without having to lift a finger. This hands-off approach is attracting thousands of new customers each month.
Impact on household budgets
The 2p per mile rate represents a significant saving for the 500,000 households with driveways who can take advantage of home charging. For a typical driver covering 10,000 miles a year, annual charging costs could be as low as £200, compared to over £1,000 for petrol at current prices.
Industry analysts suggest that as more drivers adopt EVs, pressure on public charging infrastructure may ease, but home charging remains the most cost-effective option. Octopus Energy's growth signals a broader trend towards smart energy tariffs that align with renewable generation and grid demand.
