Five ways to save money charging your EV this summer

02/07/2024

There are new EV tariffs and public charging discounts Here are ways to charge cheaper - whether using public chargers or at home

One of the benefits of having an EV is it's often cheaper to charge than filling up a car with petrol.

And even if you're already saving money with an EV, it's always good to be able to maximise those savings, and take advantage of cheaper charging offers.

With summer driving ahead, and a season of trips around Britain, here are some quick ways to save money on charging your EV, whether you plug in at home or use the public network.

When you charge with Gridserve public charging network and pay through the new app, you will receive 20 per cent off your charging until 1 October

1. Public charging is having a summer sale

Gridserve – which owns the expanding network of Gridserve Electric Forecourts – is celebrating the launch of its app by offering users discounted charging rates.

If you pay for public charging through the Gridserve app, you will receive 20 per cent off your charging.

The discount can be used at any of the 190 charging locations Gridserve owns – from forecourts to motorway services, and can be used on Gridserve slow, fast or rapid charger.

The offer is valid until 1 October 2024.

With 30 per cent of EV owners not able to access cheaper home charging, discounts help to even out the disadvantage these drivers face.

After the general election, this might change depending on who is in Downing Street, as some leaders have promised to reduce the VAT on public charging to 5 per cent (from 20 per cent) to bring it in line with home charging.

The cost of charging an EV at home - even during peak times - is around half the price of using the public network

2. Cut price home charging – lower standard tariffs

The Standard Variable Tariff drops to 22.4p/kWh on July 1 – the lowest price in almost two years.

EV drivers who charge at home will be able to enjoy greater savings, even if they're charging on-peak.

But smart charging gives you even greater savings, as you can schedule your car to charge during off-peak hours and take advantage of specific EV tariffs.

Grant for EV home chargers opens up to motorists WITHOUT driveways

FREDA LEWIS-STEMPEL on her 1,000 mile road trip in the new Tesla Model 3

3. New EDF EVolve Sept25 tariff has launched

EDF has just launched a new cheaper EV tariff - the EVolve Sept25 tariff.

The electricity day rate is the same as standard variable, but the off-peak rate is now 10p lower than the Direct Debit Standard Variable price.

EVolve Sept25 gives customers five hours of off–peak (12 to 5am) electricity overnight for home and car – 35 hours of off–peak energy a week.

Unlike some tariffs, EVolve is available to motorists with any make or model of electric vehicle or charger.

For an average motorist driving 7,000 miles a year, it will cost £247 a year to charge with the EVolve tariff compared to £1,292 for petrol (based on 36mpg and petrol price of 145.46p/litre).

EDF promises the EVolve Sept25 tariff will never mean customers will pay more than the Ofgem price cap, with savings of £200 a year compared to a standard variable standard variable tariff with a standard electricity meter.

4. Ohme and Octopus Go

Intelligent Octopus Go is a smart EV tariff that works in tandem with a smart charger such as Ohme dynamic wallbox chargers.

Using Intelligent Octopus Go charging a typical EV for 6,800 miles of driving would cost £127.50.

Even using the new Standard Variable Tariff rate for the same mileage would cos £382.50. Petrol on the other hand would cost £1,100.

Octopus has also just launched a 'plunge pricing' offer, where EV owners can take advantage of cheaper renewable when its abundant.

During the summer, when sunshine is abundant, look into taking part in a plunge pricing event, and save money.

By charging at home with a smart charger EV drivers can take advantage of off-peak rates. Smart chargers automatically stop and start charging in line with domestic tariff changes, like when rates drop overnight because less people are consuming energy

5. Octopus launches cheaper public EV 'plunge pricing'

UK EV drivers can now benefit from cheaper public charging powered when green energy is abundant with Octopus Electroverse.

The card and app, which gives access to multiple charging networks, launched 'Plunge Pricing', offering EV drivers the opportunity to charge when cheap renewable energy generation is high and demand is low.

At these times wholesale prices can fall substantially. Drivers using Octopus' Electroverse get discounts for taking excess energy off the grid at these sunny and windy times - and discounts to date range from 15-45 per cent per kWh.

Hundreds of drivers have already taken past in previous events, saving on average £6.50 on a single charge, with yearly savings of £250 possible. In the future drivers might even be paid to charge their EV when wholesale prices go negative.

Drivers can take advantage across 7,500 charge points, from brands including Ionity, Osprey and GeniePoint.

Matt Davies, director of Octopus Electroverse, said: 'This is a massive milestone: for the first time drivers can power up and pay less on the public charging network when green energy's abundant.

It isn't your average discount - it's revolutionising public charging and something that could never be done with petrol. We're geared up to work with more charge point brands so we can bring this to even more people.'