Electric car owners can save £600 a year despite rising bills

Yesterday, Ofgem confirmed that bills would rise again from April 1, as the confirmed price cap change didn’t fall below the Energy Price Guarantee. In addition to this, the Government’s winter utility rebate is set to come to an end in April. This allowed homeowners to receive a one-off payment of £400 or monthly payments of £66.

Despite the projected price hike increase on electric bills, the data shows that, for electric vehicle owners, savings can be made today. 

According to research by Smart Home Charge, those charging their electric vehicles at home could currently be saving nearly £600 a year just by switching to a more economical energy tariff.

Results found that charging during off-peak periods, such as at night, could save EV owners around £20 per charge and over £600 per year.

This totals around £50 per month for the average EV home charge user.

It also found that Octopus Energy’s Intelligent Octopus tariff is the current leader and most competitive.

When using the Intelligent Octopus tariff, drivers can recharge a Kia e-Niro for just £6.40 on a single charge.

In comparison, charging at the average UK electricity unit price – which is currently 34/kWh – would set drivers back £21.76 for a single charge.

If a motorist were to drive 200 miles a week, this would result in average savings of £47.04 per month, or £564.47 per year.

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Danny Morgan, Editor and Marketing Manager at Smart Home Charge, said: “The rising price of energy means the cost of running an EV is not as cheap as it was 18 months ago, however, electric car drivers can still make huge savings on home car charging by switching to an EV friendly electricity tariff.

“EV-friendly tariffs offer a much cheaper electricity price, typically overnight, helping reduce the cost of a single charge, but our previous research has found as many as 50 percent of EV owners were not taking advantage of these cheaper rates.

“Although we could see prices rise on all tariffs, including EV-friendly ones, the off-peak price is always likely to be much more favourable than a typical standard tariff, so it’s a simple way to immediately reduce the cost to charge an EV. 

“Plus, you can even reduce the cost of using your washing machine or dishwasher by setting a delay so they operate when the off-peak price kicks in.”

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Even larger savings can be made with other popular electric car models including the Tesla Model Y and Model 3.

When charging a Tesla Model Y Long Range Dual Motor on an EV tariff compared to the standard price of electricity, homeowners can save almost £20 on a single charge.

Extrapolated across a month, this can represent savings of more than £50 a month and totals £607.34 across a year.

Danny Morgan continued saying the best advice for drivers would be to switch to an EV-friendly tariff and save for the whole household.

He added: “From an EV charger to a washing machine, the savings can be realised right now, across an entire electricity bill as an EV-only tariff is applicable across the entire household’s electricity usage. 

“With research showing that public charging costs rise in line with energy price increases, it does make sense for those who can charge at home to do so, as highlighted by our findings. 

“As a business, we’re seeing an increase in enquiries to install a smart EV charger at home due to the savings that can be realised at home vs the public infrastructure, too. 

“I think that it’s partially due to home energy tariff savings and the increase in price to charge on the public network.”

Smart Home Charge’s EV Energy Tariff comparison tool is designed to help drivers compare home charging costs and find the best electricity tariff for them and their EVs.

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