Mina data shows potential benefits of specialist EV tariffs

Date: Tuesday, March 21, 2023 | Author: Sean Keywood

EV drivers who charge at home but do not have a specialist electricity tariff could be missing out on major savings, according to charging platform Mina.

It said that its latest home charging data showed an average price of 30p per kWh – only slightly lower than the 34p average for home electricity generally during the period – while the lowest rate available via an EV-specific tariff was only 5p.

Mina CEO Ashley Tate said: “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.

“There is no lack of desire from energy suppliers to offer EV tariffs and help drivers make the switch, but with current wholesale energy costs being so high and unpredictable, they’re finding it hard to launch these tariffs.

“However, I do think we’ll see more of these coming to the market over the next two years. They are vitally important for the development of the EV market.”

Mina has highlighted Octopus Energy as a proactive energy provider with its EV smart tariff.

Tate said drivers should consider factors including how much home energy they used to charge their EV, whether an overnight window would be long enough to charge, whether the rest of their home energy use would negate EV savings, and whether a standard off-peak tariff would be a better option.

Tate said: “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.”

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