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While electric vehicles (EV) are often cheaper to run than petrol or diesel vehicles, electricity costs can quickly add up for EV owners. Understanding and optimising charging times allows you to reduce these costs and make your EV charging more efficient. Whether you have a home charger or manage a fleet of EVs for your commercial property, it’s a must to employ strategic planning and smart technology so that you can power your vehicles in a cost-effective manner.
Strategies for Residential Property Owners
If you have a charging station at home or are planning on installing one, here are some of the features and measures you should keep in mind to lower your electricity bills:
Time-of-Use (TOU) Tariffs
TOU tariffs offer lower rates during off-peak hours, which typically fall late at night and early morning. By charging your EV during these off-peak times, you can significantly cut down on your electricity consumption and make a substantial difference in your bills. The good news is that energy providers often have specific plans that fall under these tariffs for EV owners. Often, you can enjoy these benefits by setting your vehicle to charge after you’ve gone to bed and waking up to a full battery.
Smart Charging
Investing in a smart charger is a wise move for any EV owner. Smart chargers can be programmed to automatically charge your vehicle during off-peak hours and ensure you always benefit from the lowest rates. Your local Hive, Hypervolt or Tesla Wall connector installer can provide you with information on how to find a smart charger that can match your needs.
Fortunately, many of these devices come with mobile apps provided by energy companies. These apps allow you to schedule charging times, monitor your electricity usage, and even receive notifications when your car is fully charged. This technology takes the guesswork out of charging and ensures you’re always getting the best deal.
Home Energy Storage
For those looking to maximise savings, installing a home battery system can be a highly effective option. These systems store energy during off-peak hours and can then be used to charge your EV during peak times when electricity is more expensive. Additionally, if you have solar panels, you can use the electricity generated to charge your EV and reduce your reliance on the grid, further cutting costs. This combination of home storage and renewable energy saves money and reduces your carbon footprint.
Government Incentives
Don’t overlook the financial help available from the government. The Electric Vehicle Homecharge Scheme (EVHS) offers grants to help cover the cost of installing a home charger. Taking advantage of these incentives can significantly reduce the initial investment required and make it more affordable for you to set up a cost-effective charging solution at home. By leveraging these grants, you can enhance your home’s charging infrastructure without breaking the bank.
Strategies for Commercial Property Owners
If you have a commercial or industrial property that offers the use of EV chargers, consider implementing the following:
Commercial TOU Tariffs
It’s a good idea to negotiate favourable energy rates with your local energy services provider. This can take a bit of effort, but it’s well worth it considering that business energy rates can often be tailored to suit your needs. For instance, you can aim to get better off-peak rates that can lead to substantial energy savings. By scheduling your fleet vehicle charging during these off-peak hours, you can significantly reduce operational costs.
Smart Charging Infrastructure
Investing in smart charging infrastructure is essential for commercial properties. These chargers can be programmed to operate during cheaper times automatically, ensuring that the vehicles on your property are charged at the lowest possible cost. Additionally, energy management systems can optimise energy use across your property, including EV charging. Integrating these systems into your operations allows you to streamline your energy consumption and reduce unnecessary expenses.
On-Site Renewable Energy
Generating your own electricity is an excellent way to cut costs and increase sustainability. Installing solar panels or wind turbines on your commercial property allows you to produce your own energy and reduce your establishment’s reliance on the grid. This energy can even be used to charge your EVs. Combined with battery storage, the use of renewable energy sourced on-site allows you to store excess energy and use it during peak times.
Demand Response Programs
Participating in demand response programs can provide additional financial incentives. These programs reward you for reducing energy use during peak times and contributing to grid stabilisation. By reducing EV charging during these periods, you can receive financial compensation, effectively lowering your overall energy costs.
Tax Benefits and Grants
Lastly, explore the various grants and tax benefits available for installing commercial EV charging stations. Programs like the Workplace Charging Scheme (WCS) offer financial support for businesses looking to enhance their charging infrastructure. By taking advantage of these incentives in a timely manner, you can reduce the initial investment needed for setting up EV chargers. This makes it more feasible for your enterprise to offer charging solutions to employees and customers.
With proper timing and planning, it’s entirely possible to make EV charging more energy-efficient and cost-effective. By leveraging smart technology, renewable energy, and available incentives, both residential and commercial property owners can significantly reduce electricity costs while supporting a greener future. Whether at home or in a business setting, optimising your EV charging times is a smart strategy that pays off in both financial savings and environmental benefits.