Octopus Energy has confirmed that electric car owners with their own driveway can benefit from an £850 annual boost. The company, one of the UK's largest energy suppliers serving Birmingham households, says drivers using its Octopus Go home EV charging tariff save more than £850 a year compared to petrol costs.
How the savings stack up
Based on a driver covering the average 7,600 miles annually, the Intelligent Octopus Go tariff charges just 8p per kilowatt hour. This translates to a running cost of approximately 2p per mile for electric vehicles, according to Octopus Energy's analysis.
The firm, which competes with EDF, EON, Ovo, and British Gas, highlighted that 500,000 drivers are currently avoiding petrol station costs by charging at home. This figure underscores the growing shift towards home charging as a cost-effective alternative.
Expert view on petrol price volatility
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: "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."
Additional incentives for Octopus staff and public
Octopus employees participating in the firm's EV salary sacrifice scheme receive £400 towards home charger installation. For those without off-street parking, the company offers £400 in Electroverse public charging credits as an alternative.
Meanwhile, the government's Workplace Charging Scheme provides up to 75% of purchase and installation costs, capped at £500 per socket from 1 April 2026. The scheme allows up to 40 sockets per organisation and has been extended until 31 March 2027.
Why home charging makes sense
Octopus Energy describes the transition to electric for petrol motorists as "a no-brainer" for most people. With home charging, drivers gain greater control over fuel costs, shielding themselves from volatile global oil prices.
For Birmingham households with driveways, this represents a significant financial opportunity. The £850 annual saving can offset the initial costs of installing a home charger, especially when combined with existing government incentives.
As energy tariffs evolve, Octopus continues to position itself as a leader in EV-friendly pricing, offering solutions that cater to both home and public charging needs.
