High petrol prices are fuelling interest in EVs. Here’s how this could bring down electricity bills

Vehicle-to-grid storage could unlock lower bills for UK consumers. Southworks/Shutterstock

With oil prices skyrocketing following the US and Israel’s bombing of Iran, and the subsequent closure of the Strait of Hormuz, motorists around the world have been looking for ways to save money.

Improvements in electric vehicle (EV) technology, combined with the high price of oil, mean that the tipping point at which most consumers start ditching their petrol cars for electric ones may well have been reached.