The cost of charging your EV at home is about to get a hell of a lot cheaper, in theory. Renault is blessing us with a service that promises to cut electricity bills in half. In the meantime, UK energy provider, Octopus, is now offering a new tariff with the hook that customers can essentially charge their electric car at home, for free!
Renault is at the forefront of this massive development, its hugely exciting and a significant turning point that could help to reduce home charging costs for EVs. Let’s delve into the details.
Bi-Directional Charging Technology
Renault is introducing a groundbreaking service that utilizes bi-directional charging technology. This innovation allows electricity to flow not only into your EV’s battery but also back out through the same cable.
Here’s how it works:
- When your EV is plugged and fully charged, excess energy can be stored in the car’s battery
- During peak demand times (when electricity prices are higher), the grid can extract energy from your EV.
- Essentially, you become a mini power station, storing cheap energy and selling it back to the grid at a premium rate when needed
The new Renault 5 EV will be the first car to offer this technology at scale, including availability in the UK next year, says AutoCar.
Octopus Power Pack Tariff
In the UK, energy provider Octopus has launched the Power Pack tariff, designed specifically for EV owners.
With bi-directional charging, Octopus claims that EV customers driving 10,000 miles annually can save around £800 on their electricity bills. Under this tariff, if you plug in your EV for six hours per day, Octopus covers all your charging costs, effectively allowing you to charge for free!
The Power Pack tariff is an add-on that works alongside your existing import tariff. You’ll continue paying your regular rate for home energy use, but your EV charging will be free. The Octopus Power Pack schedules your V2G charging and exporting. When you plug in your car, it automatically fills up when energy is greenest and exports back to power your neighborhood when the grid needs assistance.
All you’ll need is:
- Charger: You’ll need a Wallbox Quasar 1 V2G charger.
- EV Car: Check the list of compatible vehicles on their website.
- Smart Meter: Octopus connects to your smart electricity meter.
- G99 Certificate: Obtain permission to export energy to your local distribution network (contact your Distribution Network Operator).
If you meet the requirements and have a compatible setup, you can sign up for Octopus Power Pack and enjoy free EV charging while contributing to a greener energy system!
Octopus Go Tariff
Octopus already has around 130,000 customers on its Go tariff, which offers very cheap off-peak energy for charging. However, it penalizes energy use during peak times with surge pricing.
The Octopus Go Tariff provides super cheap electricity during specific hours every night. The discounted rate applies from 00:30 to 04:30. During these hours, you pay only 9p per kilowatt-hour (kWh) for your electricity usage.
Octopus Go is specifically designed for customers who:
- Own or long-term lease a battery electric vehicle (BEV) or a plug-in hybrid vehicle (PHEV).
- Have a smart meter that can provide half-hourly consumption data.
If you’re in the process of getting an EV and have an order number, Octopus can switch you to Go so that you’re ready to charge once your vehicle arrives.
Octopus Go encourages EV owners to charge while they sleep, maximizing convenience and savings.
Mobilize Powerbox Wall Charger
Renault’s mobility arm, Mobilize, has partnered with Germany’s energy provider, The Mobility House, to tailor energy tariffs for bi-directional charging. They’ve also collaborated with American charging tech company, Lotecha to develop the Mobilize Powerbox wall charger.
Together, they aim to provide the full package to make bi-directional charging accessible and cost-effective for EV owners, says AutoCar.
Overall, Renault’s pioneering efforts, combined with Octopus’s innovative tariffs, are set to revolutionize home EV charging, making it more affordable and sustainable and we’re completely here for it.
