Maximise your savings: Get a Time-of-Use Tariff and charge when it is cheapest with Ohme

Bradley White, Ohme’s Brit down-under, explains the benefits of EV specific Time-of-Use Tariffs…

As more Aussies adopt EVs, understanding how to effectively manage your charging is crucial not only for ease but also for maximising cost savings! One of the easiest ways to do this for most of us is finding a Time-of-Use (TOU) tariff for our residential electricity consumption. I know energy can be boring but believe me – you could be charging your car for as little as $240 all year! 

What are Time of Use Tariffs?

Time-of-Use tariffs are pricing plans offered by electricity providers where the cost of electricity varies depending on the time of day. Typically, there are off-peak, shoulder, and peak periods. Off-peak periods, often late at night, early in the morning or right in the middle of the day when there is excess renewable generation, offer lower electricity rates, while peak periods, usually early evening, have higher rates due to increased demand.

However, energy retailers are doing everything they can to secure your business so shop around and see what works best for you. If you work from home and tend to be in during the day, then check out OVO’s EV plan for FREE (yes, FREE!!!) charging between 11:00-14:00. Or, out all day and need to charge at night? Check out Amber’s residential EV plan which allows you to charge when it’s cheapest at night! 

Benefits of TOU Tariffs for EV Charging:

1. Cost Savings: Ohme make it easy for you – input your tariff peak/off peak rates into the app and we automatically schedule your EV charging during off-peak hours to take advantage of the lower electricity rates. This can result in significant savings over time compared to charging during peak hours, where rates are higher.

2. Reduced Strain on the Grid: Charging EVs during off-peak hours helps distribute electricity demand more evenly throughout the day. This reduces strain on the electricity grid during peak times, contributing to overall grid stability – so you save money and help the planet (not all heroes wear capes!) 

3. Environmental Impact: While not a direct financial benefit, charging during off-peak hours can indirectly support environmental goals. Many off-peak periods align with times when renewable energy sources like wind and solar are more abundant, further reducing your carbon footprint.

How to Get Started:

1. Check with Your Electricity Provider: Contact your electricity provider to inquire about available TOU tariffs. They can provide details on pricing structures, peak and off-peak hours, and any specific requirements for switching to a TOU plan such as needing a smart meter. If they don’t have one – shop around!

2. Input tariff details into the Ohme app: Tell Ohme when you want your car charged by and we’ll have you ready to roll by using the cheapest times to charge. If you have a solar set up at your home – Ohme can integrate this with your energy retail time of use tariff too!

3. Check out your savings in the usage tab: Go to the usage tab on your Ohme app and see your cost savings on a daily, weekly, monthly and yearly view! Show off to your friends about what a green machine you are (and how much money you’ve managed to save).

Conclusion:

Time-of-Use tariffs offer Australian homeowners a practical and financially savvy way for managing electricity costs associated with charging electric vehicles. By shifting your charging routine to off-peak hours, you not only save money but also contribute to a more stable and sustainable energy future. 

Happy Charging! 

Bradley White is the Head of Business Development at Ohme Australia.