Good Energy launched a new overnight EV tariff that delivers some of the cheapest home charging rates in the UK.
The time-of-use tariff charges just 6.6p/kWh between midnight and 5am. That means drivers can fully charge smaller EVs like the Renault 5 for around £3.43, while larger models like the 380-mile Kia EV4 cost about £5.37 to top up.
The competitive pricing arrives as Good Energy’s research revealed 30% of EV owners still aren’t using dedicated home charging tariffs – missing out on substantial savings.
Drivers leaving money on the table
Good Energy’s survey found 48% of drivers cited lower running costs as motivation for buying an EV. Yet only 71% charge at home using dedicated tariffs.
Home charging saves hundreds annually compared to petrol or diesel costs. Charger provider Easee estimates drivers charging 40kWh weekly on dedicated EV tariffs save up to £372 yearly versus standard variable rates.
Half the drivers surveyed also wanted to reduce their carbon footprint – but that’s where things get complicated.
The renewable energy reality check
Good Energy analyzed the Matched Clean Power Index, which tracks hour-by-hour renewable electricity sourcing. The findings were eye-opening.
Of 11 electricity providers offering specialist EV tariffs, seven provide renewable electricity just 33% of the time or less.
Some EV tariff providers deliver renewable electricity 0% of the time, according to the Index.
Energy companies achieve “100% renewable” labels through Renewable Energy Guarantees of Origin (REGOs) – certificates traded on secondary markets. It’s similar to car makers using carbon trading to hit emissions targets.
Suppliers can source electricity from fossil fuels, then buy certificates from green generators to label tariffs as renewable.
Current regulations only require suppliers match total annual REGO volumes to total electricity consumption. This means customers might use fossil-fuel electricity during low renewable production periods – even while paying for “100% renewable” power.
Good Energy says its new tariff sources electricity entirely from renewable generators.
“Electric vehicle drivers are motivated by environmental concerns and financial savings, but many of them are missing out on both,” said Donna Slater, head of propositions and pricing at Good Energy. “There is a large disparity between the best and worst rates on the market if they want to capture the benefits of charging their car off-peak.”
Slater highlighted the bigger issue around renewable sourcing.
“There is an even bigger disparity between the providers genuinely buying renewable electricity from generators, and those relying on a system using certificates and middlemen that can enable energy suppliers to buy most of your power from fossil fuels and sell it to you as ‘100 per cent renewable’.”
The company positions its tariff for drivers wanting both cost-effectiveness and genuine renewable sourcing – what Slater calls “peace of mind that their electricity is as renewable as it can be under the available infrastructure.”
