With the growth of electric vehicles (EVs) on the rise, new EV owners are considering how they can charge their new cars conveniently from home. Most energy suppliers currently offer bespoke EV tariffs. This not only benefits the motoring public by providing convenient access to power their vehicles, but allows drivers to better control their costs. These tariffs allow residents to power up their vehicles during select overnight off-peak times for a discounted price. This convenience is what makes home charging the most appealing option for EV owners.
Almost all big energy suppliers have introduced at least one EV tariff. This allows them to present their customers with multiple options personalized to their specific charging needs. To compensate, these tariffs provide reduced electricity costs overnight, when demand plummets. This saves drivers money while making sure their EVs are charged up for the day to come.
Overview of EV Tariffs
British Gas has the best midnight-to-5am, overnight tariff, at 9 p/kWh. This new rate offers an economical solution for drivers who are flexible and can charge their EVs overnight. Similarly, E.ON’s Next Drive allows users to charge their EVs at just 7.5p/kWh between midnight and 6 am, making it another cost-effective choice.
Scottish Power’s EV Saver goes even further, making it just 7.2p/kWh around the clock. If you are looking for a better deal, Intelligent Octopus Go has an excellent rate of only 7p/kWh. This ignores the fact that their daytime rate is roughly 29p/kWh, and their default tariff is just over 26p.
“The goal is to make sure you’re fully charging your vehicle every night so you’re good to go in the morning.” – Ben Gallizzi
These tariffs are indicative of a growing trend among energy suppliers. They have recently shifted their focus to electric vehicle (EV) owners, allowing them to save huge amounts when charging compared to regular tariffs.
Installation and Home Charging Solutions
Selecting the appropriate tariff can be tricky. Jointly as pressing is the need to install a home charger for the millions that will switch to EVs in the coming years. The average upfront cost of installing a home charger is around £800 to £1,200. However, this price can change significantly depending on the market, your geographic location, and how complicated your install is.
Nearly all home chargers are capable of charging a vehicle up to only 7.4kW (or 32 amp, single-phase). From that, you can expect about 25 to 30 miles of range per hour of charge. This efficiency allows home charging to be a convenient solution for both daily commutes and longer journeys.
Direct government grants can assist people who rent or own residences with off-street parking private. Especially for homeowners, they help manage the impacts of on-street parking. These grants can reduce the cost of installation by up to £350. It helps future EV owners easily install charging stations.
Smart Meters and Two-Tier Tariffs
In order to maximize these EV tariffs, homeowners are likely to need smart meters. Smart meters allow energy suppliers to monitor usage throughout the day, ensuring that customers receive the correct rates based on when they charge their vehicles.
Some energy providers have two-tier tariffs as well, which usually involve higher peak rates but excellent night-time rates. The cap also applies to default tariffs, which average 26p per kWh. By comparison, most specialist EV tariffs have off-peak rates of below 8p per kWh, meaning owners can save hundreds of pounds.