Once you’ve found the right electric vehicle, you’ll need to ensure you have the best electricity tariffs. It is essential to understand how different electricity tariffs can affect the cost of owning and running an electric vehicle.
In this guide, we will cover everything you need to know about the importance and different types of electric vehicle (EV) tariffs to get the perfect fit for you. We will offer advice on how to compare tariffs and get the ideal fit. Using our simple and easy comparison tool, we will show you how you can save money on your tariff.
Firstly, we will take a look at what an EV tariff is. Ready? Let’s go.
What is an electricity tariff?
Your home electricity tariff is the rate you pay your energy provider for the electricity used in your home. The type of electricity tariff and energy supplier you use can significantly affect the cost of charging your electric vehicle.
Standard household electricity consumption for a 2-3 bedroom household is around 2900 kWh daily. Depending on the type of electric vehicle you buy, one overnight electric car charging will add, on average, an extra 300 kWh monthly.
If you’re worried about an increase in your electricity bills, don’t worry! The good news is that the reduction in fuel costs will help balance things out. However, your monthly electricity bill will depend on your current electricity tariff rate. So, if you are looking to save money, it is worth shopping around and switching to a tariff with a better electricity rate.
You might be wondering what is meant by ‘electricity rate’. Essentially, it is the price you pay for each kilowatt-hour (kWh) of electricity.
What is an EV electricity tariff?
Thanks to the introduction of EV tariffs, you can now take advantage of the more affordable electricity rates on the market for charging your EV. These tariffs mean that you can charge your electric car at home for less!
How can an EV tariff save me money?
Did you know combining the right charger with an EV-friendly tariff can save you up to £400 per year on your home electric charging?
Some EV energy tariffs can even give you access to lower electricity rates for the rest of your household’s other electricity needs, reducing your monthly electricity bill even further.
What does off-peak energy mean?
Peak and off-peak rates are based on the time of the day and the level of electricity demand on the national electricity grid.
The idea behind off-peak rates is straightforward. When consumer demand for electricity is lower, the national electricity grid is not being used to its total capacity. Therefore, electricity providers offer reduced rates to encourage consumers to use electricity during these off-peak hours. This helps the electricity grid operate more efficiently and prevents overloading during peak times.
Put simply, off-peak rates occur when the electricity demand is lower, meaning the electricity is often cheaper and greener.
Factors to consider when choosing an EV energy tariff
When evaluating and selecting your tariff, there are several factors to consider, including:
- Electricity tariff pricing: The amount you pay per kWh and standing charges.
- Bundled options: Some tariffs include perks, including free EV miles and public charging discounts.
- Contract length: This means how long your contract is. Usually, the contracts are between 12 and 18 months.
- The cooling-off period and exit fees: If you decide to leave your tariff before the end of the contract length, there is sometimes an exit fee.
- Hardware installation: Some EV tariffs require a smart meter to be installed.
In addition, you should also consider the following questions about your driving, energy usage, and consumption habits.
- How many miles do you drive per year?
- How often will you charge your car at home or away from home?
- How much gas and electricity do you use in a typical year? Top tip: You should be able to view your usage within a recent energy bill or on your energy provider’s website.
- Are you considering, or have you already installed solar panels?
Although it might seem overwhelming to gather information, it’s worth researching and comparing different tariffs to find the one that works best for you. Whether you are looking to save money on your energy bills or reduce your carbon footprint, there is an EV tariff out there that will meet your needs.
If you are looking to compare EV tariffs and save money, we recommend you use the comparison tool on Rightcharge. It is as simple as that. Without using a comparison tool, you’ll have a load of providers throwing information at you, saying that theirs is the best.
Every month, we see new EV tariffs on the market. Our EV experts plug away in the background, learning everything there is to know about these finding the best energy deals. Then, they break down what they offer, so you know you are getting the best EV energy tariff in the UK today.
Which EV-friendly tariff is best for me?
To understand the best Electric Vehicle (EV) friendly electricity tariff for your charging habits, you must first understand the different types of energy tariffs. Let’s look at the different types and examples of energy tariffs.
Non-EV energy tariffs
There are two types of non-EV tariffs. It is important to remember that non-EV tariffs are not designed for electric vehicle drivers. Therefore, they can cost you more on your electricity bill than EV-friendly tariffs. This is because non-EV tariffs provide the same electricity rate for your car and home.
Fixed tariffs:
A fixed tariff provides you with a fixed electricity rate for a specific length of time. This is usually around 1 to 2 years.
Variable tariffs:
The electricity rate you pay for electricity fluctuates depending on the current energy prices.
EV-friendly energy tariffs
At Rightcharge, we are huge fans of EV tariffs. That’s because they give EV owners access to often greener and cheaper electricity.
There are two types of EV tariffs: Type-of-charge and Time-of-charge.
1. Time-of-charge tariffs
If you are an EV owner, you may want to consider time-of-charge tariffs, which offer different rates for electricity usage throughout the day. This can lead to significant savings compared to non-EV tariffs.
The idea behind time-of-charge tariffs is to encourage electricity usage during low-demand periods. Not only does this save you money when you schedule your car charging, but off-peak energy is usually from renewable sources, meaning you will support cleaner energy and reduce your carbon footprint.
The best time-of-charge tariff we recommend is the Octopus Go tariff. This tariff allows you to access cheaper electricity rates when you schedule your car charging during a four-hour off-peak window between 12:30 am and 4:30 am.
2. Type-of-charge tariffs
Type-of-charge tariffs require you to have a specific vehicle or charge point. There are two types of type-of-charge tariffs.
Intelligent Octopus:
This dual-rate tariff is similar to the time-of-charge tariff. There are two electricity rates: one price for off-peak hours and one price for peak hours.
One of the best type-of-charge tariffs we recommend is the Intelligent Octopus tariff. This tariff guarantees cheaper electricity rates between 11:30 p.m. and 5:30 a.m. This tariff also has a slightly longer off-peak window than the Octopus Go tariff. The Intelligent Octopus tariff even charges you less for household electricity during off-peak hours. This means it will be cheaper when charging your car overnight and using your household appliances.
OVO Charge Anytime:
This single-rate tariff offers you access to cheaper car charging all day long.
If you want to avoid charging your car overnight, the best tariff we recommend is OVO Charge Anytime. This add-on tariff gives you access to cheaper car charging electricity rates at any time of the day when you schedule your vehicle charging.
How to use the Rightcharge EV comparison tool
At Rightcharge, we have a team of EV experts who plug behind the scenes to find the best deals. To use the Rightcharge EV tariff comparison tool, simply put your details into our comparison engine.
Rightcharge will show you the best options that suit your needs. We will ask for information about your home, how you charge, plus your car make and model. To make the most of the tool, make sure you can answer questions about the following:
- Your home: What kind of energy do you use at home? Just electric or electric and gas, plus the number of bedrooms you have.
- How you charge your car: When will you predominantly be charging your car – overnight or during the day – at home or away from home?
- Car make and model: The type of electric car you have
Once you have filled in these simple questions, you will see your results page. We will show you personalised options and break this down so you can see:
- Your average energy cost per year – broken down into your home and car charging
- Price of off-peak electricity rates
- Energy supplier-customer satisfaction rating from Trustpilot
- Details of any green credentials
- What kind of contract and how long do you need to sign up for – exit fee information
- Any requirements (smart meters)
Head to Rightcharge’s tariff comparison engine to find the best EV tariff for you.
Frequently asked questions about EV tariffs
- Where can I charge my electric car when I’m not at home?
You can use the public charger network when you are not at home. You can find out more about public charging networks on our dedicated webpage.
2. How can I charge my electric car at home?
You’ll need to have a home charge point installed. With Rightcharge, it takes an average of three weeks to have a government-approved engineer install one for you. By far, the most cost-effective way to charge your car is to have a home charger installed and pair this with a tariff that lets you take advantage of cheaper electricity rates. It’ll cost you and the planet less.
3. Who are the best energy providers for electric vehicle owners?
Which energy provider is best depends on your personal preference. Luckily for you, we’ve built an energy tariff comparison tool to help you find the best fit that factors in everything, from your electricity needs to bonuses like free EV miles for electric car owners.
4. How do I get the greenest charge?
Smart charging is better for the planet and your bank balance. When we say ‘smart’, we mean it takes advantage of off-peak times. Usually, this is between midnight and 8.30 a.m. You can significantly reduce carbon emissions by charging electric cars overnight. You can also go extra green by installing solar panels and charging from the sun’s power.
5. What are the requirements for an EV tariff?
Often, a smart meter is required. However, do not worry. Many of the energy suppliers will fit this for free. You will also need an electric vehicle, a home charge point and a mobile device.
Summary
With more EVs on UK roads than ever, energy providers have updated their offering to include EV charging tariffs. And the great news is that many energy providers can provide you with often cheaper and cleaner energy.
How to choose your own tariff out of the hundreds of EV tariffs out there can feel overwhelming. Lifestyle differences will play into which tariff will be the best fit if you’re likely to plug in during the day, overnight, at home, or away, for example.
Our advice on how to find the right one is to go through Rightcharge. First, know when and where you’ll be charging your EV. If you’ll be plugging in at home and overnight, find an off-peak tariff that gives you the best rate overnight. If you’re likely to charge away from home, then adjust your tariff to one suited to this.
At Rightcharge, you can choose from a wide selection of specialist energy tariffs and discover the benefits of smart charging. Schedule your charge on off-peak hours, get the best energy rate at the best time, and save more money.
Have you got questions about the best EV tariff for you?
Our helpful team of experts are only a click away. Email us at customercare@rightcharge.co.uk.