EV Tariffs 2023 - lower your home charging costs
Best EV Tariffs - Compare Energy Tariffs for Electric Car Owners
Comparing the best EV tariff (or electric tariff) can save you hundreds each year. By taking advantage of off peak charging times which suit your lifestyle the savings can be significant. Find out which of the EV tariffs below is best for you and how to switch easily.
Best EV Tariffs 2023
Best Off Peak EV Tariffs 2023
If you can charge at off peak times there are significant savings to be had on your EV charging. We consider a ‘cheap’ off peak rate in the current market to be below 10p/kWh. Below are the current deals which meet this criteria. If you are able to be flexible with your charging times then these are great EV tariff options.
Longest Off Peak Hours EV Tariffs 2023
If you can’t always charge at the standard off peak times its worth considering a slightly higher off peak rate but with longer off peak hours. Below are some of our favourites with longer off peak hours.
Octopus ENergy EV Tariffs 2023
Octopus are one of the most popular energy brands in the EV space in the UK. With everchanging deals here are their latest EV tariff offerings.
*As we are living in such uncertain times with energy a large amount of providers have removed specific electric car owner tariffs from the market. It also may not be the best time to switch. We try to keep the deals up to date in a rapidly changing market. But before switching, speak to the new provider for the very latest information on switching
EV TARIFFS - HOW TO FIND THE BEST DEALS IN 2022-23
In 2023, electric vehicle (EV) owners in the UK are presented with a variety of energy tariffs specifically tailored to meet their needs. These tariffs aim to provide affordable and efficient home charging solutions for the growing EV market.
Amid frequent changes in tariff offers and the ongoing energy crisis, some suppliers stand out with attractive plans suitable for EV users. Among these are two-rate tariffs, offering discounted rates during off-peak hours for easier and more cost-effective home charging.
As the popularity of electric vehicles surges, it’s crucial for EV owners to stay informed on the latest tariffs, ultimately helping them save on energy costs while benefiting the environment. Keeping up-to-date with the best EV tariffs of 2023 empowers electric vehicle owners to make informed decisions on the most suitable plans for their needs and lifestyle.
WHAT IS AN EV TARIFF?
An EV tariff is an electricity subsidy given by electricity providers to their customers. At the moment, tariffs are being given to customers who own electric vehicles that require charging on a regular basis.
The thought of the power bill after a month of charging an electric vehicle everyday may be enough to put potential EV buyers off the idea.
Having a tariff in place would mean that power used in off-peak times (overnight) costs less than power used during the day.
Essentially, what this means for EV owners using the tariff is that their power bill is going to be a lot cheaper if they charge their vehicles overnight than if they charge them during the day in “peak” power-usage periods!
TYPES OF EV TARIFF
Customers always pay a single rate for their power whether it is day or night, but at a discounted price.
This tariff would only apply if you owned an electric vehicle, but you could use the savings earned through this discounted power for anything else in your household.
Otherwise known as static time-of-use tariffs, this is the most common form of EV tariff you’ll come across.
The two rates apply to daytime hours and overnight hours, with overnight or ‘off-peak’ rates being cheaper than daytime hours.
The main benefit of this tariff is that while the cheaper off-peak price is a two rate tariff designed for EV charging, you don’t have to use it just for that.
For instance, if you stayed up later at night you could use this cheaper rate for the dishwasher, washing machine or other household power expenses, and utilise the tariff so that you save money on all appliance usage- not just your electric vehicle charging.
Flexible Time-Of-Use Tariffs
When using a tariff like this, electricity bills and rates will differ in different times of the day, as well as from day to day.
A flexible tariff works by charging based on the energy demand for that particular time, which will lead to irregular (or flexible) rates for you.
Instances in which energy may be extremely cheap (or even free) for you on this tariff could be when there is a plethora of wind energy generated by a local storm, or through other sources of renewable energy such as solar.
When you use this sort of tariff, your house will get a smart meter installed and wall box attached to it.
These pieces of technology will separate your regular household energy outgoings from your electric vehicle energy usage.
Each month, the price of energy used to charge your car or EV will be discounted and then paid back to you in account credit. Whether making use of off-peak charging or not, this tariff saves its users dollars.
These tariffs are being trialled by various power companies, allowing your electric vehicles to store energy that can be sold back to the grid when required.
With this tariff, you can potentially make money off your EV just by charging it up!
HOW MUCH CAN YOU SAVE WITH AN EV TARIFF?
The savings offered by EV tariffs can vary immensely.
Energy companies may offer a full flat rate, savings rate, a percentage, or time-specific deals. In some cases, such as when a negative tariff is in place, owners might actually get paid to charge their vehicles!
Therefore, there is no one answer. Everyone who utilises an EV tariff will save money; however, depending on the tariff, the amount saved will vary. With the costs of energy spiralling, we would estimate the average user can save between £500-1000 per year simply by being on the best tariff to meet their needs and lifestyle.
HOW MUCH DOES IT COST TO CHARGE YOUR ELECTRIC VEHICLE?
Though the price per kilowatt may vary between one charging station and another, all EV owners can perform a basic calculation which will give them their energy needs.
Once you know the energy price cap, per kilowatt, make the following calculation:
Car Battery Size x Electricity cost kWH
While prices will change depending on where you live, your energy provider and other factors, you can figure out just how much electricity you and get the values needed for this calculation by following these steps:
First, you need to figure out what size your car battery is. Your car’s manual, handbook, or service history should have this information or you can find your car from our electric cars list here.
Next, find out how much your electricity costs per kWh (kilowatt per hour) at your chosen charging station, whether public or at home.
HOW TO PICK THE RIGHT EV TARIFF
The following factors are all crucial when it comes to picking the right EV tariff.
Consider the properties of each tariff carefully. Do your needs or situation enable you to fully take advantage of a tariff’s available benefits? Read carefully before you decide on which EV tariff is right for you.
Peak Prices Vs Off-Peak Hour Prices
When comparing electric car tariffs to vehicle tariffs, it is important to compare the prices your provider will charge you for peak usage vs off-peak usage.
Looking at the off-peak charging discount percentage of each provider will help you choose the cheapest one for you. This, however, can be about more than just the cheapest off-peak rate, your lifestyle and changing habits can make a big difference in utilising off-peak rates.
If you are almost always at home during off-peak hours (usually during the night) then it can be fairly easy to take advantage of the cheaper off-peak rates.
However, if you work unusual hours or are likely to need to charge your electric vehicle during peak hours then considering a tariff with a lower peak rate and more restrictive off-peak hours/pricing may be the way to go.
Another factor to look at is the length of off-peak hours on your tariff. Some energy providers provide a lower off-peak rate but for fewer hours of the day. Making sure you can charge, and charge enough, during these hours can save significant amounts of money.
Bi-directional chargers are starting to come onto the market. These chargers are able to give energy back to the grid, and accrue benefits or rewards such as credit or free power!
This will be something to consider if you are looking at getting an electric vehicle and using an electric tariff.
Compare the rates of buy-back schemes from energy companies, and see what works for you and what doesn’t to help choose the right one for your household.
It’s worth noting that not all cars or chargers are capable of this feature at the moment.
If you choose to install and use solar power in your home, some companies are able to buy back your renewable energy for the grid. If you generate excess solar energy, this can literally be converted into free money!
Out of all the EV tariffs on the market, be sure to pick one that will give you a good rate on your solar power or other forms of renewable energy if you currently have it (or are thinking of installing it in the future).
Top EV Tariffs in 2023
In order to help electric car owners choose the best energy plans for their EV charging needs, we’ve listed below some of the top EV tariffs in 2023.
Some of the very best EV tariffs available in 2023 come from Octopus Energy. Their tariffs offer a competitive unit rate and works with a smart meter, allowing customers to take advantage of off-peak charging times and maximise their savings on EV charging.
EDF Energy – GoElectric
EDF’s GoElectric tariffs are another great option for electric vehicle owners. This tariff offers a two-rate structure with a lower off-peak unit rate, perfect for those seeking to charge their EVs overnight. In addition best ev energy tariffs, GoElectric customers benefit from 100% renewable electricity sourced from wind, solar, biomass, tidal, and hydroelectric power. *Currently, this tariff isn’t available for new sign-ups but EDF is worth keeping an eye on for tariffs.
OVO Charge Anytime
OVO Charge Anytime tariff for EV owners offers the convenience of charging an electric car at home at any time while still benefiting from a lower unit rate. This tariff also comes with a home battery storage solution, which can help save even more on energy costs by storing excess energy generated during off-peak hours.
Good Energy SmartPower
Good Energy’s SmartPower tariff focuses on providing electric car owners with environmentally friendly energy solutions. This tariff utilises 100% renewable electricity and offers a competitive dual fuel option for customers looking to combine their gas and electricity supply under one provider.
Lastly, British Gas offers an electric vehicle tariff that aligns with the Economy 7 pricing structure, providing lower rates during off-peak hours. This tariff is suitable for EV owners who primarily charge their cars overnight and are looking to make the most of the lower unit rates available during these hours. This is recently back on the market and is worth taking a look when switching.
By comparing the various electric vehicle tariffs available in 2023, electric car owners can find the best energy plan that suits their charging requirements and lifestyle, maximising their overall savings on their EV charging costs.
Maximising Savings with Off-Peak Charging
To maximise savings on electricity costs when charging electric vehicles (EVs), it is crucial to take advantage of off-peak charging. In this section, we will discuss off-peak hours, Economy 7 tariffs, and how adjusting driving patterns can contribute to increased savings for EV owners.
Off-peak hours refer to periods when the demand for electricity is lower, usually at night. During these hours, EV owners can access much cheaper electricity rates. Tariffs such as Good Energy’s Green Driver offer either five or seven-hour periods during off-peak times with rates as low as 5-7p/kWh. By charging your EV during off-peak hours, you can significantly reduce your energy bill.
Another option for off-peak charging is the Economy 7 tariff. This tariff offers cheaper electricity rates during a seven-hour period overnight. According to the Energy Saving Trust, switching to an Economy 7 tariff could potentially cut the cost of your electricity bill. This tariff is designed to encourage EV owners to charge their vehicles during times of lower demand and can result in substantial savings.
Adjusting Driving Patterns
To make the most of off-peak charging, it is essential to adjust your driving patterns accordingly. This can include:
Charging your EV during off-peak hours to take advantage of lower electricity rates
Planning long journeys ahead to ensure adequate charging time during off-peak periods
Optimising your EV’s charging settings to automatically charge during off-peak times
By adapting your driving patterns to align with off-peak hours and tariffs, you can significantly increase your savings on electricity costs and make your EV ownership even more cost-effective.
Customer Service and Support
When selecting an EV tariff, it’s worth considering the customer service and support provided by the energy supplier. With a lot of energy providers having traditionally poor customer support more and more people are checking reviews before switching.
Assessing a provider’s reputation is a crucial step in identifying the best EV tariffs to choose from in 2023. Industry recognition, such as awards or certifications, can be an indicator of top-performing companies. Additionally, reliable suppliers usually have a solid network of partner companies and affiliations with existing customers.
Octopus Energy tend to score best in reviews followed closely by Good Energy.
*accurate at time of publishing
Customer reviews can provide a wealth of information on various aspects of an EV tariff, such as pricing, ease of use, and communication from the provider. Platforms like Trustpilot, Google Reviews, and dedicated green energy forums can be useful sources for gathering real customer experiences.
When evaluating customer reviews, consider the following key aspects:
Billing accuracy and ease of understanding
Quality and accessibility of customer support
Overall satisfaction with the tariff and provider
Remember that no provider will have perfect reviews, but pay attention to trends and recurring complaints to identify potential issues or areas to investigate further when considering an EV energy tariff.