One in four consumers plan to buy an vehicle in next 5 years

Ahead of Ofgem’s launch of its COP26 ‘green, fair future’ campaign, new research has found that almost one in four (24%) consumers, or 6.5m UK households, plan to buy an electric vehicle or plug-in hybrid in the next five years.

The Climate Change Committee anticipates around 18m battery and plug-in hybrid electric vehicles will be on the road by that time, in part thanks to the ban on the sale of new internal combustion vehicles being introduced in 2030

The UK regulator's research also showed that those who own an EV are more likely to embrace changes in how they use their energy. It added that over half (60%) would consider smart charging for their vehicle in order to avoid times when electricity was most expensive.

Nevertheless, 38% of the survey respondents said they were unlikely to get an electric vehicle in the same time period due to high prices, short battery life and lack of charging points around the country.

Three in four (74%) consumers identified electricity generation and transport, such as fossil fuel power stations and exhaust emissions, as activities that play a big part in contributing to climate change.

Over half (60%) identified domestic heating as a big part in contributing to climate change with 14% saying that they would install low carbon heating systems in the near future.

Jonathan Brearley, 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.

“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."