Save On Electricity With Electric Vehicle Off-Peak Charging
If you’ve joined the electric vehicle movement, you’re not alone. As of 2017, there were some 2 million people were driving electric vehicles (EVs), and that number is projected to rise. But if you recently switched to an EV, you’ve probably noticed an increase in your electricity bill. Here are some strategies you can use to save on electricity while charging your electric vehicle.
EV Energy Consumption
Electric vehicles are specifically designed with energy conservation in mind and offer significantly lower fuel costs than traditional cars. According to the US Department of Energy, the cost to fully charge an electric vehicle with a fully depleted battery at home is roughly equivalent to running an air-conditioner for about six hours. As another comparison, General Motors estimates the annual energy consumption of its Chevy Volt to be 2,520 kWh, which is less than the annual energy consumption of a typical water heater. Although these stats are favorable, charging sessions can really add up, and even with an EV there are ways to save on electricity.
Smart Meter Savings
Consider having a smart meter installed at your home, specially for charging your EV. A smart meter is separate from the main meter in your home, so it won’t impact any electricity or natural gas contracts you have in place. The smart meter will show you how much energy you are using in real-time, as well as the cost.
In order to save on electricity while charging your EV, it’s important to understand that the cost of electricity often changes throughout the day. Energy providers generally charge more for electricity during times when there is more electricity being used on the grid (called Peak times). Conversely, electricity costs are lower when consumption is reduced on the grid (called Off-Peak times). Off-Peak times can vary by geographic region based on seasonality, climate and the energy generation source.
A smart meter can help regulate the charging of your electric vehicle on a time-of-use (TOU) process, so that it can be set up to charge during Off-Peak times when the electricity cost is lower. As an example, BGE currently charges 8 cents/kWh during Peak hours, but only 4.7 cents/kWh during Off-Peak hours. BGE’s Off-Peak pricing is even lower than the default fixed rate pricing!
Other Savings Opportunities
By installing a smart meter and taking advantage of Off-Peak pricing, you’ll really see the savings add up. It’s also a good idea to take a close look at your current electricity provider to see if you can secure a lower rate for your total electricity usage. At PointClickSwitch, we make it easy for you to compare rates from different suppliers. Learn more about how you can switch and save.