Electric Car Home Charging Costs

electric car charging

If You Are An Electric Car Owner, Energy Bills Will Matter! 


Many of us, to include me, are guilty of this.  You have received yet another mundane household electricity bill.  In a blink of an eye, the bill is discarded in the bin!  Well, as an electric car owner, the luxury of ignoring your electricity bills is now over.  

No doubt, recharging an EV battery is significantly cheaper than filling a tank  of fuel. An electric car battery costs up to £14 to fully charge, compared to between £50 to £80 for a full tank of petrol.  So you may not consider the electricity bill important.  But, as an EV driver, with rising electricity usage at home, and higher energy costs, it is time to pay attention to energy tariffs!

Home charging tariff rates vary, but 14p/ kWh is an average.  A typical 60kWh battery, will therefore cost up to £8.50 to fully charge, delivering a range up to 200 miles.  Put another way, every 100 miles in an EV costs at an average £4.25.  In some cases, the cost of home charging could be as low as £3.64.  It all depends on the capacity of the battery, the tariff and time of charging. These numbers are just averages!  

Now, let’s assume you are an average UK driver i.e. you drive 8,000 miles per annum.  Simple back-of-the-envelope calculation (given the above tariff and range assumptions), would suggest, an annual increase in your household electricity bill by approximately £350.  

Yes, far less expensive than annual fuel costs, but still a significant annual increase on your electricity costs.  The average annual household bill for a two to three bedroom house is £590.  And for a one to two bedroom flat is £403.  Therefore, owning and charging an EV at home could increase your electricity bill by 60%, if not more. 

According to clean energy supplier, Good Energy, households with an electric car, use at an average 5,500 units of electricity per year, compared to 3,100 units for households without an EV.  That is a whopping 77% increase in annual units consumption.  This correlates with the above suggested increase of 60% or more in your annual electricity bill.  So, bottom-line, it pays to research and find the best deal.  Do not discard the next electricity bill in the bin!


a renewable energy wind farm
A Renewable Energy Wind Farm (Credit: ecotricity)

Green Energy Plans 

I am assuming, like most electric car drivers, you would like to source a green energy plan. This way, the EV can truly drive emission free.  We have come a long way in the UK, since the inception of ecotricity, one of the first energy companies in the UK, to promote renewable energy.  

Today, there are loads of other niche to mainstream suppliers, also keen to meet the growing appetite of green consumers.  A quick look at uSwitch (an e-zoomed partner), energy comparison tool, and you will see more than 25 green plans on offer with suggested annual savings up to £225 per year. 

There is a general misconception in the market, in that, green energy plans costs significantly more than conventional fuel plans.  This is not true.  By choosing the right plan with the right tariff, clean energy tariffs can be just as competitive, if not more competitive, compared to dirty fuel. The devil is always in the detail.  I would suggest you first assess off-peak tariff plans, as in all probability, you will charge the EV overnight.   Don’t forget to install a smart meter.  It will help reduce costs.


EV Tariff Plans

However energy companies, have now gone a step further.  Recognising the impending increase in EV adoption in the UK, they have commenced offering green energy plans specific for EV owners.  So before you go ahead with a specific tariff plan, I would suggest getting quotations from as many as possible.  Frankly, it is quite easy.  It is done online and within minutes.  Below are some of the companies offering EV specific energy plans:

  • Ecotricity: Full Charged Bundle 
  • Engie EV Tariff 
  • British Gas Green Drive Tariff 
  • EDF GoElectric Tariff
  • Ovo Energy: EV Everywhere 
  • Tonik EV Tariff 

In particular, I would like to bring to your attention, ecotricity, an e-zoomed partner.  Their  ‘Fully Charged Bundle’ could save you, up to £400 in your first year, to include EV charging and household bills.  

To put the £400 savings in perspective, you could get nearly 3,000 free miles of electric driving! Moreover,  you also get half price charging on their Electric Highway stations.  If that is not enough, you could also benefit from a discount on a home charger.  To enquire further, click here!  

So, just like ‘location, location, location’ is the mantra for success in real estate. ‘Research, research, research’ is the mantra for successful low cost electric car ownership. Get started, secure multiple quotes, and choose the best option for yourself!  



Author

Ashvin Suri

Ashvin has been involved with the renewables, energy efficiency and infrastructure sectors since 2006. He is passionate about the transition to a low-carbon economy and electric transportation. Ashvin commenced his career in 1994, working with US investment banks in New York. Post his MBA from the London Business School (1996-1998), he continued to work in investment banking at Flemings (London) and JPMorgan (London). His roles included corporate finance advisory, M&A and capital raising. He has been involved across diverse industry sectors, to include engineering, aerospace, oil & gas, airports and automotive across Asia and Europe. In 2010, he co-founded a solar development platform, for large scale ground and roof solar projects to include the UK, Italy, Germany and France. He has also advised on various renewable energy (wind and solar) utility scale projects working with global institutional investors and independent power producers (IPP’s) in the renewable energy sector. He has also advised in key international markets like India, to include advising the TVS Group, a multi-billion dollar industrial and automotive group in India. Ashvin has also advised Indian Energy, an IPP backed by Guggenheim (a US$ 165 billion fund). He has also advised AMIH, a US$ 2 billion, Singapore based group. Ashvin has also worked in the real estate and infrastructure sector, to including working with the Matrix Group (a US$ 4 billion property group in the UK) to launch one of the first few institutional real estate funds for the Indian real estate market. The fund was successfully launched with significant institutional support from the UK/ European markets. He has also advised on water infrastructure, to include advising a Swedish clean technology company in the water sector. He is also a member of the Forbury Investment Network advisory committee. He has also been involved with a number of early stage ventures.

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