Electric vehicle drivers will no doubt be happy that they no longer have to worry about the heavy costs of filling up from the petrol station.
However, they'll now be faced with the inevitable rise in home electricity bills, and whilst the costs of charging electric cars could offset fuel costs, it does beg the question, what is the cheapest time to charge an electric car and how can savings be maximised?
The answer to this question depends entirely on a driver's home tariff with their electricity supplier.
Different tariffs
There are a number of tariff types on the market, including:
Fixed rate tariffs - The price you pay for each unit of energy is fixed for a period of time - so if a supplier changes its prices then your price will not change.
Variable rate tariffs - The price you pay for each unit of energy. This can change at any time.
Multi-rate tariffs - The price you pay for each unit of energy changes depending on the time of day of its use. Typically, the price is cheaper overnight when there is lower demand.
Generally, the most cost-effective way to charge an electric car at home is overnight using a multi-rate tariff that offers a lower rate during overnight off-peak hours.
For example, 'Economy 7' is a type of multi-rate tariff that offers lower prices during certain hours of the day when the general demand for electricity is lower.
Charging times and finding the cheapest option
Specific times can differ between suppliers, but typically you will be charged a cheaper rate for electricity between midnight to 7am.
Our own EV data shows that around 55% of all charging for vans and cars at home starts with being plugged in between 4pm and 7pm. This coincides exactly with peak demand on the National Grid, as people also get home from work and school.
Naturally, these times are more expensive due to the increased demand, so considering your schedule can help you to plan around these more expensive charging times and make the most of off-peak hours to ensure charging is as cheap as possible.
Check your household's energy usage during a typical day and a typical night to see if this type of tariff is cost-effective for you.
Your bill from your electricity supplier may tell you how your energy usage breaks down between day and night. Alternatively, if you have a smart meter, it should also give you this information.
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