EV leasing orders surge 89% as drivers, says Octopus

Drivers are switching to electric vehicles at record levels, with Octopus Electric Vehicles reporting an 89% surge in leasing orders in March compared to February.

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.

Octopus says that, 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.

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.”

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 were.

1. Tesla Model Y
2. JAECOO 5 
3. OMODA E5
4. MG MG4
5. Skoda Elroq

Octopus says the shift to EVs appears to be part of a wider interest in 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.