The Best Energy Tariff For Electric Car Drivers
We explain the best energy tariff for drivers of electric cars
If you are looking to buy an electric car, you might be concerned about the cost of your electricity bills, especially during the current cost of living crisis. Some companies offer specific tariffs aimed toward EV drivers to help cater better to their needs.
What is an Electric Vehicle Energy Tariff?
Electric vehicle energy tariffs are designed for drivers of EVs who use their electricity at home to charge their cars. There are two kinds; a two-rate tariff which offers cheaper electricity overnight, and a single-rate tariff, where you pay the same amount no matter the time. This electricity does often come at a discount if you own an EV.
Usually, the two-rate tariff is the cheaper option. You’ll have to prove that you own an EV, and normally you’ll have to be an existing customer to upgrade to the EV tariff.
Best Energy Tariffs for Electric Car Drivers In The UK
During the energy crisis, many energy companies stopped or postponed EV-specific energy tariffs. This means that many EV tariffs were – and still are - available to existing customers only.
There are fewer tariffs available now than there were before the energy crisis, however according to MoneySavingExpert, these are the cheapest EV electric tariffs. Please note that these tariffs are currently capped under Ofgem's Energy Price Cap, which controls the rates you pay. To find out more about the Price Cap, visit MoneySavingExpert's Price Cap FAQ guide.
The ‘average cost per year’ has been worked out by MoneySavingExpert, based on the assumption that EV charging happens during off-peak hours. All information correct as of June 2024.
Ovo Charge Any Time
£1829 avg cost per year
According to MSE, Ovo Charge Any Time is the cheapest EV two-rate tariff available. It is an add onto an existing tariff and gives you a rate of 7p/kWh for electricity used to charge an EV. However, this means that this tariff is only available to existing Ovo customers. You'll be charged for the normal rate under your existing tariff, but will be refunded the difference for anything used to charge your EV every month.
It is also only available for certain EVs and chargers, so its worth doing a fair amount of research to ensure you are eligible for this EV electric tariff.
Octopus Energy - Intelligent Go
£1891 avg cost per two years; with estimated gas tariff included
Intelligent Octopus is a two-rate tariff, with the cheap hours between 11.30pm and 5.30am. Again, it is only compatible with certain EVs and chargers, and only available to existing Octopus customers.
It is electricity only, which means you will need a separate gas tariff. The price above is an estimation with the average cost of a gas tariff with Octopus.
Octopus - Octopus Go
£1921 avg cost per two years; with estimated gas tariff included
Similar to the Intelligent Octopus tariff, the Octopus Go tariff is only available to existing customers with particular EVs and chargers. The off-peak hours are between 12.30am and 4.30am.
It is also electricity only, which means you will need a separate gas tariff. The price above is an estimation with the average cost of a gas tariff with Octopus.
British Gas - Electric Driver v3
£1888 avg cost per year
This two-rate tariff from British Gas gives you five off peak hours, between 12am and 5am. It is dual fuel and is available to new customers – making it the cheapest EV tariff for brand new customers.
You can also use the cheap electric for other things too – so feel free to plug in all your electronics, not just your car.
E.on Next - Next Drive
£1913 avg cost per year
This is a two-rate tariff from E.on which offers off-peak hours between 12am and 7am - the longest off-peak range in this selection.
There are no exit fees for this tariff, and is fixed, dual fuel, and available to electricty only, new, and existing customers.
EDF - GoElectric Overnight
£1978 avg cost per year
A two-rate tariff from EDF, the GoElectric offers five off-peak hours, between 12am and 5am. It is variable tariff, and holds no exit fees.
It is available as dual fuel, and electricty only, as well as open for new and existing customers.
Good Energy - Standard (Smart EV)
£2117 avg cost per year
Very similar to the GoElectric tariff, Good Energy are offering five off-peak hours between 12am and 5am, at a variable rate.
It is available as dual fuel, and electricty only, but is only available for existing customers.
Scottish Power - EV Saver October 2024
£1967 avg cost per year
Scottish Power's EV Saver also offers five off-peak hours between 12am and 5am.
It is variable tariff, so it holds no exit fees. It is available as dual fuel, and electricty only, as well as open for new and existing customers.
Questions To Ask Yourself Before Choosing an EV Charging Tariff
How Much Electricity Does My Car Need?
Look at your mileage and work out how much you’ll need to charge the car to the amount you need.
How Much Will That Cost Me on An EV Tariff?
Use the overnight rates of the EV tariff and multiply it by the amount of energy needed to charge your car – assuming you’ll use the off-peak rate. Do the same with the peak rate and add the normal electricity costs on top.
How Much Will That Cost Me on A Regular Tariff?
It is also worth working out how much it would cost you on a regular tariff – it is usually cheaper on an EV tariff, but it never hurts to check as the rates are constantly changing.
Am I Going to Be Solely Charging My Car at Home?
There are free charging points out and about, so it is worth considering these. For example, if your workplace provides free EV charging, you should consider how much electricity you’d be using at home.
Do I Need a Smart Meter Installed?
Many EV tariffs require that you have a smart meter installed in your home.
Do I Need a Specific EV Charger?
Some tariffs require you to have a specific charger installed at your home. You may be entitled to a grant under certain conditions.
Read More
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If you want to drive an electric car but you’re regularly away from home, you need to know where you can charge it. Read this article to find out where you can charge an electric car in the UK, as well as how to find public charging points.
Should I Charge My Electric Car Every Night?
Whilst it may be convenient to charge your electric vehicle every night at home, this may not always be the best thing to do for the battery. This article can tell you how best to charge your electric car, and what happens when you charge your EV every night.
How Much Does it Cost to Charge an Electric Car? (UK)
Taking out specific EV charging tariffs, how much will it cost you to charge your EV? Read this article to find out exactly how much it costs and why it is always cheaper than refuelling an ICE.
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