54% of drivers want to switch to electric cars within the next 5 years, but confusion around home charging costs could be holding them back

Hive launches SmartCharge Saver tariff add-on- to help customers charge electric cars at the cheapest, and greenest time of the day – saving up to £2.10 for a full charge for a 30 kWh battery

August 2022, London: New data from smart home experts, Hive, reveals 54% of people are planning to make the switch to an electric car in the next 5 years and whilst 58% would consider a home charger, there is still widespread confusion and concern about the cheapest and most efficient ways to charge them. With the production of petrol cars banned from 2030, it’s essential drivers understand all aspects of electric car charging to encourage the transition. 

Misconceptions about costs a huge concern

One of the major misconceptions is that over a quarter (27%) of people think home charging would be more expensive than public charging. With the cost-of-living crisis forcing most to tighten their belts more than ever, this incorrect assumption could be stopping people from making the swich, which may actually save them money in the long run. With the public charging network largely deemed inadequate due to a lack of charging points, it’s also less convenient and more expensive than home charging, costing up to £10 per charge at a public rapid charger*, which is much more than the at home cost.

When asked how much they thought it would cost to fully charge an average electric estate car with a home charger, respondents estimated around £21**. In reality, the average cost is £7.50***, a stark contrast to current fuel costs, that average out at £1.86 per litre.**** Amidst rising living and fuel costs, over half (57%) are also concerned about the impact home charging would have on energy bills.

New Hive tariff add-on ensures cheapest and greenest energy use

Most people (71%) are unaware that a home charger can be linked to their energy provider, showing the need for clear information in this area. To support customers, Hive SmartCharge Saver, a brand-new tariff add-on supplied by British Gas and powered by Hive is being trialled by 100 customers this week. It’s an add-on that works with Hive EV charging and any British Gas tariff, using intelligent scheduling to charge a customer’s EV at the cheapest, and greenest time of the day. All the customer needs to do is tell Hive, via the app, when they need their car to be charged by and Hive will do the rest.

Customers will get a discount of 2p per kWH whenever their EV is plugged in continuously for 6 hours and 7p per kWh if the car is plugged in for longer, equating to a max saving of £2.10 per full charge for 30 kWH battery and up to £4.20 saving for a 60kWh battery.

Sustainability is also a big factor with almost a quarter (23%) of people concerned about the environmental impact of using a home charger. The new Hive tariff add-on takes care of this by effortlessly charging the car at the greenest time of day.

Questions remain about home eligibility and installation

Although there is a clear demand for home chargers, there’s a lack of understanding around the installation process. Over three quarters (76%) are in the dark about what makes a home eligible for a home charger and 36% are worried they would need to make significant changes in order to have one installed, when they just need to own their own property and have a driveway. Hive guides customers through the EV charger process, from start to finish with an installation from an expert British Gas engineer and 24/7 support available on demand. The Hive EV Charger can be controlled via the Hive app enabling customers to charge their car from wherever they are and keep track of their expenditure

Henry Duff, Head of Net Zero at Hive comments: “We’re getting closer to the ban on new petrol and diesel vehicles and with petrol prices at an all- time high, some people may be considering the switch to an electric vehicle. However, it is evident from our research that there’s still confusion around EV charging, particularly when it comes to costs. This is one of the reasons we’re launching the trial of  the EV SmartCharge Saver tariff add-on, with the aim of making it available to all EV-owning customers in the future. As a responsible, trusted supplier, it’s our job to ensure our customers are on the most energy and cost-efficient rates and this new add-on aims to do just that helping customers save money on running an electric car. We understand the move to electric cars can be daunting, so we want to make the transition as simple as possible for those where home charging is an option.”

To find out more about Hive EV Charging, please visit: https://www.hivehome.com/shop/electric-vehicles

To find out more about the Hive SmartCharge add-on, please visit: https://www.hivehome.com/hive-ev-tariffs