Octopus Energy has launched a new “time of use” energy tariff especially designed for bringing down the charging cost for electric vehicle (EV) owners.

The new tariff, called Octopus Energy Go, lets EV owners charge their cars for only 5p per kilowatt hour for four hours each night, which could make owning an EV 10 times cheaper than having a car running on fossil fuels.

Other existing initiatives to bring down the power cost for EV owners include the Economy 7 tariff, also known as the differential tariff, which has reduced rates for seven hours per night. However, the Go tariff could be up to 25 per cent cheaper.

Rebecca Dibb-Simkin, director of product for Octopus Energy, said:

“Octopus is passionate about driving the UK’s switch to electric vehicles.”

“We’re delighted to use our innovative tech both to offer the cheapest kWh charge in the market and enable your car to automatically charge itself, a brilliant way to unlock those electric car savings.”

Read more: City AM