Is it worth moving to a dedicated EV tariff?

LiquidStool

Hi all, not sure this is the right forum but couldn't find anything more appropriate.

So, my EV has arrived after a 19 month wait and I'm trying to work out if it's worth moving tariff, especially as my current supplier's EV tariff isn't compatible with the charger/car.

Existing electric tariff.  OVO, 3 year fix, expires Nov 2024, 22.42p/kwh. 36.83p per day standing charge.  single rate 24hrs. Early exit fee £60.  I've been on this tariff all through the energy crisis, which has saved an absolute fortune and i'm still in credit to the tune of £500+

I'm no mathematician so can't work out if moving just to get 4 free hours charging given the much higher daily charge and rates is worth the bother.

Octopus Agile isn't compatible either so i've got a shrinking pool to choose from.  If anybody can advise i'd be grateful.  many thanks!

CSI_Yorkshire

Unfortunately, the only way to work it out is to do the maths - and there's not enough information in your post for us to do that for you.

You need to work out how much energy you will be using at each time of day, and multiply that by the price of each unit at that time of day (for each tariff you are considering).  Add the standing charges (and exit fee for other tariffs than your own), and you will know what the total cost might be on each.

QrizB

CSI_Yorkshire said:

You need to work out how much energy you will be using at each time of day, and multiply that by the price of each unit at that time of day (for each tariff you are considering).  Add the standing charges (and exit fee for other tariffs than your own), and you will know what the total cost might be on each.

As a starting point, you could look at your electricity use for the past 12 months (in kWh). Then estimate how much extra electricity you think you might use to charge your car. Then see what that would cost on your OVO tariff vs. Octopus Go.

Example:

• Assume you're an exactly average household using 2900kWh/yr. On your current OVO tariff that would cost (2900 x 22.42) + (365 x 36.83) = £784.61 for the year.
• Then, for the car, assume 10000 miles for the year at 3 miles per kWh = 3333 kWh. On your OVO tariff that's an extra (3333 x 22.42) = £747.25, for a total of £1531.86.
• In my region, Octopus Go is currently 30.6p/kWh day, 9.5p/kWh night and 47.95p/day. Repeating the calculation with those numbers I get (2900 x 30.6) + (3333 x 9.5) + (365 x 47.95) = £1379.05.

So, for my example, you're looking at saving about £152.81 by switching to Octopus Go. In practice you'll save a little bit more as some of your non-car use will also be charged at the 9.5p rate.

If you collect your own numbers you can repeat this exercise and come up with an estimate specific to you.

LiquidStool

Thanks both 

silvercar

Given that you are already on OVO, it would be worth looking at OVO charge anytime (https://www.ovoenergy.com/electric-cars/charge-anytime) It is an add-on to your existing OVO account that enables you to charge your car at 10p/kWH by applying a discount to your existing account for the the power used to charge the car. 

Provided you have a smart meter, a smart phone (to run the app) and either a charger from the list OR a car on the list, you could move to it within a few hours while you consider future options.