One-in-four to buy EV by 2026

Ofgem has today unveiled plans for multi-million investment to support EV uptake

Pathway to COP26 report

An electric vehicle (EV) revolution will soon hit Britain’s garages and streets.

According to a report, published today by Ofgem, more than 6.5 million households across the UK are planning to buy an EV in the next five years as the ban on the sale of new petrol and diesel cars fast approaches.

Findings from the research show nearly 60% would consider smart charging of their vehicle to avoid times when electricity is most expensive.

In addition, EV drivers are three times more likely to say they are on a time of use tariff than non-owners, the report suggests.

The survey also suggests EV prices and the limited availability of charging points are the main barriers for those who don’t want to purchase a low emission vehicle.

The Climate Change Committee anticipates that approximately 18 million battery and plug-in hybrid EVs will be on the road by 2030, a time when the ban on the sale of new internal combustion vehicles will come into effect.

Jonathan Brearley, Ofgem’s Chief Executive, said: “As more consumers make the switch to EVs in the next five years, Ofgem will be announcing millions of pounds of investment to create a more flexible energy system to support the electrification of vehicles, renewable generation and low carbon forms of heat.

“Securing the investment is only half of the answer. Climate change can only be tackled if consumers are engaged in the process. For this to happen the transition to a low carbon economy needs to be fair, inclusive and affordable.

“Energy regulators have a key role to play in delivering this transition and we will be seeking to work with regulators across the world in the run up to the COP26 climate change talks to develop proposals that benefit consumers and the planet.”

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