Most EV drivers are missing out on savings worth hundreds of pounds by not switching to cheap specialist home charging tariffs, data from Mina has revealed.

Ashley Tate, CEO and co-founder, Mina

In its latest EV Report into running costs for electric cars and vans, the EV payment specialist found that the average pence per kWh cost for charging at home was lower than the average overall home energy cost – but only just. This suggests that drivers were not using lower off-peak or EV-specific tariffs enough.

The average home charge was 30p per kWh – only slightly less than the average cost of all home electricity at 34p per kWh for the period analysed.

Mina’s data, which tracked the charges, costs and consumption of more than 60,000 plug-in events, also found there were more than 800 different home tariffs – creating customer confusion and an inability to work out if, or how, they should move to a more suitable tariff.

The firm added that this potentially meant some drivers were paying over six times more than they could be to charge. That’s equivalent to spending £15 more on each home charge for a typical EV with a 60kWh battery. Extrapolated over 20,000 miles a year, that would equate to around £1,500 that could otherwise have been saved.

“The lowest rate in our data of 60,000 charges was 5p per kWh for an EV-specific home tariff, yet the average cost was 30p per kWh,” said Mina CEO Ashley Tate. “Clearly, those two numbers are a long way apart, which suggests there is more work to do, in that not enough drivers are on specific tariffs that will save them money.”

Tate added that that while soaring and unpredictable wholesale energy costs were making it hard for energy firms to launch such tariffs, more should arrive over the next two years.

“They are vitally important for the development of the EV market,” said Tate.

Mina’s research also found some EV owners had been contacted by energy firms about the possibilities of switching to a more suitable tariff – such as Octopus Energy, which is proactively trying to get EV drivers on the right tariffs. The Intelligent Octopus tariff allows drivers to charge for 10p an hour during a six-hour window when it is best for the grid – helping drivers cut charging costs while balancing the grid.

Often EV-specific tariffs have a shorter low-cost window at night for charging than standard off-peak, but the charges are considerably less during that period – perhaps only a third of the cost of off-peak.

Mina has also published its tips for drivers to consider when exploring an EV tariff:

1. Do you understand how much energy you are using at home to charge your EV?
2. Is a nightly 4-5 hour EV tariff window enough for daily charging needs, and can you schedule your EV (or EVs!) charge to fit into it?
3. Often the accompanying peak tariff rate is higher than average. Would the rest of your home energy bills negate the savings of the EV-specific element?
4. Would a standard off-peak tariff, which is a higher cost at often around two-thirds that of peak, but goes on for longer (usually around eight hours), be a better bet?

“Our data shows that home charging is by far the most economical way to charge your car or van, and users of our system agree: 92% of all charges in the Mina database come from plugging in at home rather than in public. But choosing the right tariff is a question of balance and requires a holistic understanding of all home energy – not just EVs,” Tate stated.

“We welcome the recent Electric Vehicle Smart Charging Action Plan published by the Government in which it says it wants to educate EV owners on the benefits of smart charging.

“But owners need more practical assistance with personalised calculations based on the usage of all their household electricity needs. This will hugely help in getting people on the right tariff for them, and so lower costs, spread energy demand and accelerate the transition to electric vehicles.”

For a free copy of Mina’s EV Report, click HERE.