Ofgem: One in four consumers plan to buy an electric car in the next five years
New research conducted by Ofgem have found that 24% of consumers plan to buy an electric or plug-in hybrid vehicle in the next five years.
New research conducted by Ofgem have found that 24% of consumers plan to buy an electric or plug-in hybrid vehicle in the next five years.
The Climate Change Committee anticipates that approximately 18 million battery and plug-in hybrid electric vehicles will be on the road due to the ban on the sale of new internal combustion vehicles, which is being introduced in 2030.
Ofgem’s research, conducted ahead of the launch of its COP26 ‘green, fair future’ campaign, showed that:
- Those who own electric vehicles are more willing to embrace changes in how they use their energy
- Electric vehicle owners are three times more likely to say they are on a time of use tariff than non-owners
- 60% said they would consider smart charging of their vehicle to avoid times when electricity is more expensive
Jonathan Brearly, Ofgem’s chief executive, said “As more consumers make the switch to electric vehicles 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.”
The research also found that 74% of consumers identified electric generation and transport, such as fossil fuel power stations, as large contributors to climate change. However, fewer consumers (60%), identified domestic heating, such as gas boilers and being large contributors.
For those who said they are unlikely to buy an electric vehicle in the next five years (38%), the main perceived barriers were due to high prices, short battery life and concerns regarding having nowhere to charge the vehicle close to home.
Brearly, added “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.”
Jonathan Brearly will be speaking at the Energy Transition Summit on Tuesday 25 May. There is still time to join us to hear key market insights, trends and opportunities over the next decade as the energy sector prepares to support a global green economy. Register now!
