Drivers are switching to electric vehicles at record speed as Octopus Electric Vehicles (Octopus EV) report an 89% surge in leasing orders in March compared to February.
The news comes as rising petrol and diesel prices are pushing UK motorists to rethink the cost of driving. Prices have climbed to £1.58 per litre for petrol and £1.91 for diesel, with motorway prices even higher, adding to the pressure on household budgets
The sharp rise highlights growing momentum behind electric driving in the UK, as motorists seek affordability, stability, and greater control over their running costs.
Unlike petrol and diesel vehicles, EVs offer more consistent running costs, especially when paired with smart tariffs that enable cheaper charging during off-peak hours. This combination is proving increasingly attractive to households looking to manage their budgets more effectively, Octopus said.
The shift is part of a wider move towards electrification at home. In March, Octopus Energy saw heat pump orders rise by 103% and solar sales increase by 78% compared to February, as households look to cut costs and reduce reliance on gas while making the most of selling excess power back to the grid.
Demand for EVs is being driven by a mix of established favourites and newer challenger brands. Octopus EV’s most popular models in Q1 2026 reflect a rapidly evolving market.
Models like Tesla Model Y continue to lead in popularity, but newer entrants such as the JAECOO 5 and OMODA E5 highlight growing consumer confidence in high-specification, competitively-priced alternatives.
In addition, affordable options like the MG MG4 remain central to mass adoption, offering practical electric driving at a lower cost.
Gurjeet Grewal, CEO of Octopus Electric Vehicles, said:
“Drivers are making the switch to electric faster than ever. An 89% jump in orders in a single month shows this isn’t a gradual shift anymore – it’s a tipping point.
“People are looking for certainty and control over their costs. Electric vehicles offer both. With smart tariffs and simple leasing, drivers can take back control from unpredictable fuel prices and enjoy a cleaner, more affordable way to drive.”
Image courtesy of Octopus Electric Vehicles
