EV Tariffs offered by Electricity Suppliers in the UK

The transition towards a greener and more sustainable future is accelerating, with electric vehicles (EVs) playing a pivotal role in reducing carbon emissions. In the United Kingdom, the adoption of EVs has been steadily increasing, and as of September 2023, electricity suppliers are offering a range of EV tariffs to incentivize EV ownership, maximize charging efficiency, and minimize the environmental impact. This article explores the landscape of EV tariffs in the UK, and what EV Tariffs are offered by Electricity Suppliers in the UK,  highlighting the key offerings, their benefits, and the broader implications for the country’s energy sector and the environment.

The Growth of Electric Vehicles in the UK

The UK has been witnessing a significant surge in EV adoption, driven by several factors, including government incentives, environmental awareness, and advancements in EV technology. September 2023 marks a crucial point in this journey, as more and more people are making the switch to electric vehicles. To support this transition, electricity suppliers have introduced innovative EV tariffs tailored to meet the diverse needs of EV owners.

EV Tariffs offered by Electricity Suppliers in the UK

There are several types of EV Tariff

Electricity suppliers in the UK are now offering a wide array of EV tariffs designed to cater to different consumer preferences and charging habits. These tariffs are often categorized into several types. Due to the ongoing energy crisis some of these tariff types are not being offered by suppliers at the moment, but could be reintroduced in the future so it’s worth classifying them. They include:

Time-of-Use (ToU) Tariffs

ToU tariffs encourage users to charge their EVs during off-peak hours when electricity demand is lower. These plans offer significantly reduced rates during these times, making EV charging more economical for consumers.

Home Charging Tariffs

These tariffs are specifically designed for residential EV charging. They often include discounted off-peak rates and may provide additional benefits such as smart charging solutions and bundled home energy packages.

Public Charging Tariffs

Public charging tariffs focus on EV owners who rely on public charging stations. They may offer access to a network of charging points at competitive rates, often including fast-charging options for convenience.

Renewable Energy Tariffs

As sustainability becomes a priority, some suppliers offer tariffs that guarantee electricity comes from renewable sources. These tariffs align with the environmentally conscious EV owner’s desire to reduce their carbon footprint.

Smart Tariffs

Smart tariffs utilize advanced technologies to optimize charging. They may use real-time data to adapt pricing based on grid demand, ensuring efficient and cost-effective charging.

Overnight charging

Most Common UK Tariffs

As of September 2023, the most common types of tariffs aimed at EV owners are Two-rate tariffs and Single-rate tariffs.

Two-rate tariffs

The most common EV tariff offered by electricity companies, these tariffs offer two different rates depending on the time of day. They generally offer a cheaper rate over night and so are generally considered the cheaper tariff for EV owners.

Single-rate tariffs

As the name implies, these are tariffs that charge the same rate throughout the day. Suppliers were offering a discount on these tariffs for EV owners (and sometimes ask for proof of ownership). As we speak, there are none of these tariffs available in the UK at the moment. 

Intelligent Octopus

One of the cheapest tariffs available for EV charging in September 2023 is the offering from Octopus. Their Intelligent Octopus tariff offers lower rates and a guaranteed green cheap rate overnight. NB. If you don’t have a compatible EV you will also need to fit a separate Ohme charger in addition to your existing home charger . 

Intelligent Octopus EV tariff

Intelligent Octopus market their tariff as:

All your smart charging at super low rates + 6 hours of guaranteed cheap, green energy every night.

Works with selected cars OR any car with an Ohme charger. 7.5p off-peak rate.”

Tariff need-to-knows

At the moment these are standard tariffs so there are some things to be aware of:

  • The energy crisis has meant the savings for using an EV aren’t as large as they once were. So your electricity bills will increase. Bu, depending on your usage, you should still see saving compared to the money you would spend on petrol or diesel.
  • If you do not already have a smart meter installed, you’ll need to get one in order to get an EV tariff
  • We advise using comparison sites when researching tariffs but you cannot switch to an EV tariff through these sites. You need to get the tariff directly from your chosen supplier.
  • Some tariffs stipulate that you have to be an existing customer to access them.
  • Some EV tariffs are for electricity customers only. So you would have to sort your gas tariff (if you need one) separately.

Regardless of which tariff you choose, currently they are all variable deals so they are capped under Ofgem's Energy Price Cap.

Benefits of EV Tariffs

Despite the increase in energy prices and the negative coverage in certain parts of the media, there are still some distinct benefits to bear in mind when looking into EV ownership and what tariffs to choose. These include:

Cost Savings

EV tariffs typically offer lower rates during off-peak hours, enabling EV owners to reduce their charging costs significantly. Over time, this can result in substantial savings compared to traditional gasoline-powered vehicles.

Environmental Impact

Renewable energy tariffs and smart charging options contribute to reducing the carbon footprint of EVs, aligning with sustainability goals and environmental commitments.

Convenience

Public charging tariffs and smart tariffs provide EV owners with convenient and accessible charging options, ensuring they can power their vehicles wherever and whenever needed.

Grid Stabilization

Time-of-Use and smart tariffs help distribute electricity demand more evenly throughout the day, reducing stress on the grid and enhancing its overall stability.

Energy Efficiency

Home charging tariffs often include smart charging solutions that optimize charging times, ensuring that EVs are charged when energy is cheapest and most readily available.

Ev Tariffs

As the UK continues to embrace electric vehicles, the role of innovative EV tariffs and the range of EV Tariffs offered by Electricity Suppliers in the UK will become increasingly critical in shaping the future of transportation and reducing the nation’s carbon footprint. With ongoing advancements in technology and growing environmental awareness, the landscape of EV tariffs is likely to evolve further, contributing to a cleaner and more sustainable future for the UK and the planet as a whole.

As experienced EV Charger installers MP Walden Ltd are here to help you with any questions you may have with regards to equipment, grants or specifications. Why not get in contact?