Electric vehicle (EV) owners can choose from a growing list of specialist energy deals offering cut-price tariffs for overnight charging – but with so much choice, picking the right one can be tricky.
For quite a while Octopus Energy had been the only one keeping their specialist electric vehicle tariff. But now there are seven to choose from, with a new one from EDF launching just this week.
The deals are all similar in that they offer very cheap rates for electricity used overnight to charge up an EV, with the added bonus that consumers can also save money running appliances such as washing machines and dishwashers overnight.
But that is where the similarity ends, as each deal varies, especially when it comes to daily standing charges and, crucially, what they charge for using electricity during the day.
Many specialist EV energy tariffs charge more than standard deals for daytime electricity use, likewise for standing charges.
Additionally, none of these tariffs include gas. So if you are among the 75 per cent of British homes with a gas supply you will also need to take out a second energy deal if you pick an EV electricity tariff.
This is how all the EV tariffs on the market compare.
Cheapest EV tariff for overnight charging
The overall cheapest EV tariff for overnight electricity is EDF’s Pod Point EV Exclusive, which charges 7.4p per kilowatt-hour (kWh), fixed for one year.
For reference, most UK homes pay around 27.35p per kWh as they are on variable-rate energy deals limited by the Ofgem price cap, so the EDF deal is 73 per cent cheaper for overnight use.
EDF claims the deal is the cheapest of all the EV electricity tariffs, costing a typical household £1,177.43 a year for typical electricity use and mileage – for all electricity, not just charging a car.
That works out just £1.04 a year less expensive than the next-cheapest tariff, from British Gas, but £157.37 cheaper than the priciest, from Scottish Power, according to Pod Point, the EV charger manufacturer.
While the 7.4p overnight rate is only available from midnight to 5am, the EDF deal is also very competitive on daytime electricity rates when compared to other EV tariffs.
EDF charges an average of 30.9p per kWh for daytime use, compared to a typical 27.35p for most homes on Ofgem price-capped deals.
However, the EDF EV tariff does have a relatively expensive standing charge, of 53.37p a day, and requires drivers to have or buy a special Pod Point charger costing from £999.
Cheapest EV tariff for daytime use
Of course, an electric car is just one device consumers need electricity for.
For most other electricity use, chances are the demand will come in the daytime.
The cheapest EV tariff for daytime use is from British Gas, which charges 30.73p per kWh with its Electric Driver Oct24 deal.
This deal is among the most expensive for overnight charging, costing 9.4p per kWh, with just the E.On Next Drive tariff working out more expensive at 9.5p per kWh.
Cheapest EV tariff standing charges
While not the most expensive part of an energy bill, standing charges are still worth paying attention to.
These fees are paid daily regardless of how much energy you use.
The cheapest EV tariff for standing charges is from Octopus Energy, which charges 30.4p for both its Octopus Go and Intelligent Octopus Go deals.
This is considerably lower than the typical 53p standing charge paid by most UK homes on Ofgem price-capped deals.
The most expensive EV tariff standing charge is from Scottish Power, which charges 53.36p for its EV Saver deal.
Other things to consider
A major caveat is that all of these prices – apart from the overnight charges – are not set in stone.
Both the standing charges and daytime unit rates of EV tariffs will vary depending on where in the country you live, and so many figures in this article are averages only.
Not all tariffs will be available in your area, either, and others may have strings attached. For example, Scottish Power’s EV tariff is for existing customers only.
Additionally, many EV tariffs come with an exit fee, which is paid if a consumer wants to leave a deal early.
For example, EDF charges a £75 exit fee, while Scottish Power charges £100. However, British Gas and Octopus have no exit fees.
All EV electricity tariffs also require consumers to have a smart meter, and of course the off-street parking required to have an EV charger fitted to the home at all.
Should I get an EV tariff or an Economy 7 one?
If the idea of an EV tariff offering cheaper overnight electricity sounds familiar, that’s because it is.
EV tariffs are just a variation on ‘Economy 7’ and ‘Economy 10’ energy deals, which were launched back in the 1970s to supply cheaper power overnight either seven or 10 hours of discounted power.
The difference between Economy and EV tariffs is that Economy deals offer more hours of cheap electricity, but less of a discount than EV deals.
You can still save charge an EV using an Economy tariff if you wish.
