EV tariffs assume you are going to charge the car at home overnight so have ‘multiple rates’ with electricity being cheaper at night when your vehicle is charging^.
2. The number of 'cheap' hours can vary
The number of cheaper rate hours varies from 28-98/wk and while ‘off peak’ rates are cheap, the standard rates are often higher than you would normally pay.
3. You don't have to switch to your EV makers tariff
You may be offered an Electric vehicle tariff when you buy your EV. These manufacturer-supplier deals can seem like an easy option but may not be the best value.
4. A great value non-EV tariff may cost the same
EV tariffs are £250/yr cheaper that a Standard Variable tariff for expected usage but may save less than £2/month compared to the best value non-EV tariffs*
^To be charged different rates at different times you’ll need to have a smart meter fitted along with your charging point if you don’t already have one.
*A typical household uses 3,100 kWH of electricity per year. This is likely to rise to 4,900 kWh per year if you charge an EV at home, of which 2,000 kWh will be used off peak. The annual cost of this higher usage is around £900 for a Standard Variable Tariff, £650 for an EV Tariff and £670 for the Best non-EV Tariffs. And if you end up using more electricity during peak hours and charging your EV less, then you could very well be better off not being on an EV tariff.
It’s great to see more EV’s being launched and more energy suppliers offering EV tariffs that reflect the increase in energy usage due to home charging, but our advice is to wait until you’ve had your EV for a few months and you have some actual usage figures for yourself before deciding if a multi-rate tariff is the best option. Just make sure you are on a good value ‘normal’ tariff and not on a standard variable in the meantime.
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