5 EV Energy Tariffs That You Need to Know About
Electric vehicles (EVs) are becoming increasingly popular, and the UK is seeing a rapid expansion in EV infrastructure in recent years. As technology continues to improve and the government commits to reducing carbon emissions, more people are investing in EVs and the charging points necessary to power their vehicles—a trend which is evident in the rapid increase of EV charging point installation in the UK.
This trend benefits all EV owners, even those with just one or two vehicles. As the UK continues to expand its EV charging network, individual drivers will also see the advantages. Moreover, the steady growth of the domestic EV market has prompted UK energy suppliers to introduce specialised tariffs designed specifically for EV owners.
These EV-focussed tariffs offer discounted rates for charging your vehicle at specific times, with a ‘standing charge’ that serves as a flat daily rate for using the service. Picking the right energy tariffs can be a game-changer for savings, even if you only have just a single EV. It’s important to note that if you don’t have a home chargepoint yet, you will need to pick an appropriate setup and find a local EV charger installer near you to qualify for the tariffs. Many companies that offer EV charging point maintenance services will be more than happy to help you switch to an energy tariff that best suits your needs.
Below are some of the more popular EV energy tariffs available on the market.
1. OVO Charge Anytime
Off-Peak Price: 7p/kWh
Off-Peak Time Hours: N/A
Standing Charge: 47.95p a day
The first EV tariff on this list may be the most flexible in the UK market. OVO’s Charge Anytime tariff has a 47.95p a day standing charge, which is on par for most of the offers on this list. However, it has a flat rate of 7p/kWh for charging, regardless of the time of day, making it perfect for anyone who cannot charge their vehicle in the early morning windows typical of most other tariffs.
2. Intelligent Octopus Go
Off-Peak Price: 7.5p/kWh
Off-Peak Time Hours: 23:30 - 05:30 (6 hours)
Standing Charge: 47.95p a day
With 6 hours of reduced-cost charging during the times that you’re least likely to be driving, Intelligent Octopus offers a smart proposition. Octopus Energy, Intelligent Octopus’s operator, claims savings of up to £800 a year compared to other similar tariffs, which is impressive since it would effectively pay for a bulk of most EV chargepoint installation costs. The fact that Octopus Energy is a long-time player in the smart EV charging sector can also help reassure more sceptical EV owners.
3. Octopus Go
Off-Peak Price: 9p/kWh
Off-Peak Time Hours: 00:30 - 04:30 (4 hours)
Standing Charge: 47.85p a day
Another offering from Octopus Energy, Octopus Go offers similar rates as its other counterpart but with a shorter window for its off-peak hours. The installation process for a smart metre connection requires around 2 weeks, but once it’s completed, you can receive accurate readings from your energy consumption and see just how much you’re saving through this tariff.
3. EDF GoElectric Overnight
Off-Peak Price: 8p/kWh
Off-Peak Time Hours: 00:00 - 05:00 (5 hours)
Standing Charge: 47.95p a day
EDF GoElectric Overnight is a popular alternative to Intelligent Octopus with a very similar offer, albeit with one less hour of reduced-cost charging and a slightly higher standing charge. However, it does promise zero-carbon energy, which can be a draw for some EV owners. EDF itself recommends that customers use at least 25% of their energy within the off-peak hours to benefit from the service.
4. Ecotricity
Off-Peak Price: 8p/kWh (new EV tariff)
Off-Peak Time Hours: 00:00 - 05:00 (5 Hours)
Standing Charge: 47.95p a day
Most EV owners today put lower running costs ahead of environmental impact as their main reason for buying an EV. However, there remain many EV drivers who prioritise sustainability when choosing charging options. Ecotricity is unabashedly aimed at these drivers, investing more in clean energy initiatives than most of its competition. With off-peak rates of 8p/kWh, Ecotricity isn’t the lowest-cost tariff on the market. Regardless, their rates still offer substantial savings on each kilometre you drive.
5. British Gas Electric Driver
Off-Peak Price: 8.95p/kWh
Off-Peak Time Hours: 00:00 - 05:00 (5 Hours)
Standing Charge: 47.95p a day
Though British Gas’s Electric Driver tariff doesn’t necessarily offer the biggest savings, it is one of the more flexible options in the market. Unlike most other EV energy tariff operators, British Gas has no rules on how customers use their discounted electricity. Once you’re subscribed to Electric Driver, you can run anything off your chargepoint with no fear of being penalised. Despite the higher nominal off-peak prices, it may be the more economical choice if you intend to run power-hungry appliances like dryers and washing machines at night.
Expand Your Savings with Home Chargepoints and EV Tariffs
If you still don’t have a chargepoint at home, you’ll be missing out on two of the most compelling reasons for owning an EV—the convenience of fast charging at home and the massive savings offered by EV tariffs. With the right tariffs, you’ll maximise the cost savings offered by EVs and, if you choose, reduce your contribution to global carbon emissions.
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