UPDATE 30th September: Octopus Energy says no change to EV tariffs in light of the price freeze.
Octopus have been contacting customers on their Go and Intelligent EV tariffs confirming that prices will stay the same despite the Energy Price Guarantee cap. Some UK households who fixed on much higher tariffs will see a reduction on the price of electricity, Octopus say that their EV tariff customers actually pay much less overall than the price cap of 34p/kWh.
You may be wondering if there is any benefit in either moving to an EV tariff or renewing your current EV tariff. The answer is you will typically pay less overall for your energy with an EV tariff than if you stayed under the price cap. If you are still unsure, British Gas, Ovo (SSE), Octopus, EDF, E.on, Scottish Power and Shell have committed to let fixed-tariff (including EV tariff) customers switch back with no early exit penalties until 15th November.
What is an EV tariff?
EV tariffs basically offer cheap rates for overnight charging. In the last few months, the energy crisis has reduced the number of EV tariffs on offer. Octopus Energy has continued to offer its two main EV tariffs, ‘Go’ (with ‘Go Faster’ variants) and ‘Intelligent’, as well as a dynamically priced tariff called Agile. EDF has halted its four ‘GoElectric’ tariffs, and Ovo has stopped updating its EV tariff prices online. British Gas, E.On Next and Scottish Power have also pulled out of the EV tariff market.
Is an EV tariff right for me?
This depends on the balance between your energy use during the day and how much charging and general energy use you could shift into the overnight window. EV tariffs might not offer the best value if you have high use in your home that you can’t realistically shift off-peak or if you’re doing only low mileage in your electric car. That’s because the cheap overnight price has to be looked at against the higher day-time rates and higher daily standing charge of a fixed EV tariff.
For many EV households though, an EV tariff could still be a good option. It may be cheaper if you can switch more energy use overnight. In addition, as an EV tariff incentivizes you to avoid the energy ‘rush hour’, you’ll be using less gas-powered energy and more lovely truly green electrons from renewable sources.
We’ll keep updating our EV tariff list with all your options, including the alternative for an EV household under the frozen Ofgem price cap (read more on what the price cap looks like for an EV household).
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A complete list of EV tariffs
We show prices for a home in South Wales, where energy prices are slightly higher than the UK average. We regularly check our prices against the supplier’s website, or by contacting the energy supplier directly. Prices shown are for monthly direct debit and paperless bills.
EPG – Price cap from October 2022
Bills typically at £2,500/year
Unit rate: 34.00p (UK average)
Standing charge: 46.36p/day
28 hours peak/week
21 hours peak/week
EV tariffs not currently available
Looking to compare EV tariffs?
Some extra tips on choosing an EV tariff
The first move, if you haven’t already got one, is to book a smart meter installation. If you aren’t ready to switch tariff yet, book this with your current supplier.
The savings from an EV tariff depend on the amount of energy you will use at peak and off-peak rates. Love my EV’s EV tariff comparison tool can help make an estimation base on the miles you charge and your use around the home.
Some tariffs offer ‘free miles’, but don’t forget that 2,000 miles is a discount of less than £10 per month. Check the rates they quote for electricity at any other time of the day, and the standing charge. Depending on all your normal home use you might end up paying more for that cheap overnight charging.
Some offer a free or discounted home charger installed at your home. This might suit you if you are considering buying your first an electric vehicle, but the unit rates might not stack up if you are already set up to charge at home.
Looking for a home charger?
Who are the best energy providers for electric vehicle owners?
Octopus Energy have been hard to beat in terms of price and customer service for EV drivers. However, EDF and Ovo have tariffs that are competitive on price and offer more flexibility for EV charging and different home energy use patterns.
Although it’s currently limited in terms of compatible car and charger types, E.On Next has a super low off-peak rate and a clever app to help you keep on top of your charging costs and track the carbon intensity of your energy.
Big 6 providers, like Scottish Power and British Gas, make it very difficult to obtain a quote until you are already an energy customer.
How green are EV tariffs?
All EV energy tariffs in the UK guarantee 100% renewable energy, although the way in which they back this promise does vary. Read more on how green your ‘green’ energy really is for all our top tips on choosing a green energy supplier.
Can I use an Economy 7 meter to charge my EV?
Most electricity suppliers will require you to fit a smart meter to your property before you can switch to one of their EV tariffs. They will generally do this for free. However, if you can’t do this yet (generally because of lack of mobile phone coverage) it’s also worth looking into having an Economy 7 or Economy 10 meter fitted to your property. This will allow you to take advantage of cheaper rates at off-peak times on several tariffs.
Does an electric car mean paying more on electricity bills?
Running costs for electric cars are much lower than a conventional car, but charging your car increases your home electricity consumption considerably. One unit (a kWh) will allow you to drive 3.5-4 miles. Some high-mileage drivers nearly double their energy use with home charging. If these drivers don’t switch, their bill with double too.
An average driver will see their use going up by around 50%. Switching to an EV tariff can mean paying about the same as before, especially if you can shift other use into the off-peak hours. As well as switching tariff, check out our top tips for saving money on EV charging.
Sometimes there’s even more you can do to save the planet and help your wallet. With record prices for energy, would solar pay? Does a home battery start to make sense? As well as finding the best EV tariff, our free EV charging and home energy assessment can show you how to squash your home’s energy carbon footprint and become more energy self-sufficient.