Some electric vehicles may still be more expensive to purchase in comparison to petrol and diesel cars, but you’re winning as soon as your new EV is parked in the garage.
Recent research suggests that the average Australian saves between $1,320 and $3,070 each year on running costs by driving an EV.
Whilst credit must be given to reduced EV service costs and a range of other factors, the main source of this saving is the difference between traditional fuel sources and electricity. Instead of hunting for the best deals on a fuel app and going out of your way to a new service station, reducing your electricity cost is simple. Effective energy management strategies and a smart charger are a guaranteed combination to make sure you’re not spending more than you must on home EV charging.
What are electricity tariffs?
The term “off-peak charging” is used frequently in the EV industry, but you may be wondering what this really means. The secret lies in understanding electricity tariffs and using these to your advantage when charging your EV.
Put simply, a tariff is the price that you pay for energy you consume within your household, and is determine by your location, energy distributor, and your meter type. Let’s quickly walk through the main types of tariffs you’ll find in Australia so that your electricity bill starts to make sense.
Single-rate tariffs (also known as flat or standard rates) are the simplest tariff type and mean that you pay the same rate no matter what time of day your household consumes energy. On the other hand, time-of-use tariffs mean that the rate differs based on the time of day. For example, peak rates coincide with the highest demand, typically in the late afternoon to evening Monday to Friday when the workforce returns home. Offpeak rates apply when the electricity demand is the lowest, usually overnight. Finally, shoulder rates fill in the gaps and apply between peak and off-peak periods.
How can you reduce your charging cost?
When you use a smart charger like EVOS Energy’s Fleet22 or SB7 in conjunction with our MyEVOS App, you can input your postcode and retailer and select your tariff plan from our list. If you have your own custom rates – don't worry! You also have the opportunity to program your own tariff periods and prices. Based on certain tariff periods like off-peak rates, you can then set your EV to charge on a set schedule to reduce your overall power cost.
Optimising electricity costs are only the tip of the iceberg when it comes to reducing your EV’s impact on your electricity bill. Smart charging can also allow you to supplement traditional power sources with renewable energy like solar and wind power.
In a nutshell, energy management technology optimises how power is distributed so that the desired amount of power gets to the consumer at the correct time and cost. This is power optimisation tool or load balancer for EV charging infrastructure, using advanced algorithms.
Undoubtedly of the most useful charging features, dynamic load balancing automatically allocates your home electrical circuit’s capacity based on appliance priority. This means that your EV’s power input will be adjusted to reduce the impact on your home’s electrical circuit. In other words, this is a way of bypassing meter upgrades and saving not only expensive installation costs but also higher monthly grid connection costs.
If you have any questions about EVOS’s energy management solutions, reach out to our friendly sales team at sayhi@evos.com.au
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