Night and Pay: 82% of electric vehicle owners could be overspending by £379 a year on overnight charging
More than four fifths of electric vehicle (EV) owners (82%) aren’t using an EV or time-of-use tariffs[1] that could save them £379 a year when charging their vehicle overnight[2]
Charging a 60kWh EV battery on a price-capped tariff costs £13, while canny owners on a time-of-use deal could save more than £9 per full charge overnight[2]
Time-of-use tariffs charge less for electricity at quieter times, typically overnight, with rates often a third of standard price-capped deals[3]
Three quarters of households (74%) don’t know what a time-of-use tariff is[4], and only 5% of households say they are currently using one[5]
One in ten households (12%) already run their tumble dryer at night[6], and could save £64 a year if they were on a time-of-use tariff[7]
Uswitch.com urges households to research what type of tariff is best for them, and offers tips on how to make the most of time-of-use tariffs.
More than four fifths of electric vehicle (EV) owners (82%) are not using energy tariffs that could save them around £379 a year on the cost of charging their vehicle[1], reveals research by Uswitch.com, the comparison and switching service.
There are more than one million EVs and 670,000 plug-in hybrid vehicles on UK roads[8], with 23% of London motorists owning one, compared with Plymouth, where only 5% of drivers have a plug-in car[9].
Time-of-use tariffs charge different prices for electricity at different times of day, making them a good option for electric vehicle owners who charge their car overnight. Some time-of-use tariffs charge around 7p per unit of electricity[3] – less than a third of the current 22p cost on a price-capped tariff.
Despite this potential saving, only one in five households with an electric vehicle (19%) and one in six of those with a plug-in hybrid (16%) are currently on a time-of-use tariff[1].
Charging an electric vehicle’s 60kWh battery on a price-capped tariff costs £13.42, compared with only £4.20 on the cheapest time-of-use tariff – a difference of £9.22[2].
Based on the average UK driver’s annual mileage of 7,400 miles[10], this works out at £552 a year on a price-capped tariff and £173 a year on an EV or time-of-use tariff – an annual saving of £379.
Three quarters of households (74%) don’t know what a time-of-use tariff is, with two in five (43%) having never heard of them[4]. Only 4% of households say they are currently on a time-of-use deal like an Economy 7 tariff, which charges less for electricity at night, and just 1% have a specific EV tariff[5].
More than a quarter of households (27%) run their dishwasher at night, while one in ten choose the twilight hours to use their washing machine (12%) and tumble dryer (12%)[6]. Nearly two fifths (39%) believe that using appliances at night saves them money, despite the fact that the vast majority (96%) of these users were not on a time-of-use tariff[11].
Households who run their tumble dryer at night could save £64 a year if they were on a time-of-use tariff[7].
Once they understood how a time-of-use tariff worked, nearly three fifths of households (57%) said they would consider getting one[12].
Uswitch.com is urging households to research what type of tariff is best for them, and offers tips on how to make the most of time-of-use tariffs.
Ben Gallizzi, energy expert at Uswitch.com, comments: “Every household has different needs when it comes to their energy consumption, whether you own an electric vehicle or prefer to run appliances at night, so it’s important to find the right tariff for you.
“Time-of-use tariffs have been around for a long time, with many households enjoying cheaper energy at night through deals like the Economy 7 tariff.
“They’re really coming into their own with the rise of electric vehicles, and charging your car at night is a great way to save a significant amount of money.
“It’s shocking to find that a huge number of electric vehicle owners aren’t using a tariff that could reduce their annual charging bill by hundreds of pounds.
“Too few people are aware of these tariffs, and we’re encouraging households to look into time-of-use deals to see if they can save money.
“Reach out to your current supplier to see whether a time-of-use tariff, or an electric vehicle specific tariff would be a better option for you.
“If a time-of-use deal isn’t right for you, most households can still protect themselves from rising energy costs this winter by choosing a fixed deal.
“To check which fixed deals are available, run a comparison at Uswitch.com, where you’ll be able to see personalised costs based on your household consumption.”
Five tips for checking if a time-of-use tariff is right for you
Check how you use energy during the day: Time-of-use tariffs offer lower rates during off-peak hours, typically late at night and early morning. If you can shift a significant portion of your energy consumption to these times by running appliances or charging electric vehicles, these tariffs could be beneficial.
Consider your lifestyle and schedule: If you have a flexible schedule or work nights, you may naturally use more energy during off-peak times. In this case, a time-of-use tariff could lead to savings. However, if your energy usage is highest during peak hours and you can't easily change this, these tariffs might not be suitable.
Check your appliances and their energy efficiency: Modern energy-efficient appliances often have timer functions that let you schedule their operation during off-peak hours. If you have such appliances, you could take better advantage of time-of-use tariffs.
Calculate potential savings: Use your current energy bills to estimate how much you could save with a time-of-use tariff. Many energy suppliers offer online calculators or can provide personalised estimates. Make sure the potential savings outweigh any increased costs during peak hours.
You’ll need a smart meter: Time-of-use tariffs typically require a smart meter. Check if you have the right meter installed or if your supplier can provide one at no extra cost.
Check out the latest energy deals by running a comparison at Uswitch.com
Notes
Research conducted online by Opinium, 17th - 24th July 2024, among 3,000 UK adults, weighted to be nationally representative. Two questions were subsequently re-run due to concerns that respondents had not been given the option of choosing an EV tariff.
1. Research conducted online by Opinium, 6th - 9th August 2024, among 2,000 UK adults, weighted to be nationally representative. Respondents were asked ‘Do you have an electric car or a hybrid vehicle that you plug into your mains supply? If you have both, please select the car you drive most frequently.’ 324 respondents said they had an electric vehicle or hybrid vehicle. 37 of these were on a time-of-use tariff, and 22 were on an EV tariff. 37 + 22 = 59. 59/324 = 18.2% of respondents with an EV or hybrid vehicle are on a time-of-use or EV tariff, therefore 81.8% are not.
2. The average electric vehicle battery holds 60kWh. Charging this on a 22.36p/kWh price-capped tariff would cost £13.42. Using a 7p/kWh EV tariff would cost £4.20. Assuming the battery drives three miles per kWh, it would take 41 charges to drive the average UK drivers’ annual mileage of 7,400 miles. This is £552 a year on a price-capped tariff and £173 a year on an EV or time-of-use tariff – an annual saving of £379.
3. Octopus Energy: Intelligent Octopus Go: the UK's most popular EV tariff. Electricity for charging costs 7p/kWh.
4. Respondents were asked ‘How familiar, if at all, are you with Time of Use tariffs?’ 26% said they had heard of an EV tariff and knew what one was. 100% - 26% = 74%.
5. Respondents were asked ‘What kind of energy tariff are you currently on?’ 37% said SVT. 28% said fixed tariff. 4% said ‘Time of use tariff (e.g. Economy 7. Also known as dynamic or flexible pricing tariffs)’ 1% said ‘Electric vehicle tariff (e.g. any tariff specifically designed for charging an electric or hybrid vehicle)’ In total, 5% were on a time-of-use of EV tariff.
6. Respondents were asked ‘Do you tend to use or charge these appliances during the day or at night? Please consider night as between 10pm and 6am’. 12% said they used the washing machine at night. 12% used the tumble dryer at night. 27% used the dishwasher at night. 26% charged their electric or hybrid vehicle at night. 9% used a slow cooker at night.
7. The average tumble dryer uses 3kWh per cycle. Respondents said they used their tumble dryer 2.66 times a week on average. 3kWh x 2.66 x 52 = 415kWh a year. 415kWh x 22.36p/kWh = £93 a year on price cap. 415kWh x 7p/kWh = £29. £93 - £29 = £64 cheaper.
8. Zapmap: EV market stats 2024. As of the end of June 2024, there are over 1,145,000 fully electric cars on UK roads and a further 670,000 plug-in hybrids.
9. Respondents were asked ‘Do you have an electric car or a hybrid vehicle that you plug into your mains supply? If you have both, please select the car you drive most frequently. 30% of London residents said they had an electric or hybrid car, compared with 8% in Plymouth.
10. Britannia Car Leasing: What is the average annual car mileage in the UK?
11. Respondents were asked ‘You said that you use or charge appliances at night. Which, if any, of the following best describes why you do this? Please select all that apply’ 39% said ‘I think it saves me money’. However, only 23 of the 554 respondents answering yes were in fact on a time-of-use tariff. 531 / 554 = 96% of respondents incorrectly believe that using appliances at night saves them money.
12. Respondents were asked ‘A time-of-use tariff charges you a different amount for your electricity depending on when you use it. Rates are typically much cheaper at night than during the day. Would you consider getting a time-of-use tariff?’ 57% of people said yes.
About Uswitch
Uswitch is one of the UK’s top comparison websites for home services switching, including energy, broadband and mobiles.
More people go to Uswitch to switch their energy, broadband and mobile than any other site, and we have saved consumers over £2.7 billion off their bills since we launched in September 2000.
Free mobile app Utrack also helps households manage their home energy usage and make potential savings.
Uswitch is part of RVU, a group of online brands with a mission to empower consumers to make more confident home services, insurance and financial decisions.