BNEF says EV drivers can potentially save over $1,000 per year charging off-peak

Software provider of managed electric vehicle (EV) charging ev.energy has provided the data for a new report by BloombergNEF (BNEF) finding that EV drivers can save over $1,000 per year by charging during off-peak hours compared to drivers relying on gasoline.
BNEF says EV drivers can potentially save over $1,000 per year charging off-peak

The data was based on over one million home charging sessions from ev.energy’s global database of EV drivers. The BNEF report outlines that home EV charging habits have fundamentally shifted in the wake of the Covid-19 pandemic, with drivers staying plugged in for longer as a result of the transition to remote and hybrid work models.

“To charge their electric vehicles at home, drivers typically only require about 2.5 hours of charge but actually stay plugged in for more than 12 hours” said Ryan Fisher, Advanced Transport Senior Associate at BloombergNEF. “This gives great flexibility for drivers to charge at the cheapest and greenest times for the grid”.

In the US, ev.energy’s charging optimisation platform saves EV drivers in California an estimated $600 per year by charging during cheaper off-peak hours, and uses up to 70 percent lower-carbon electricity by aligning charging with real-time renewable energy generation.

“Many drivers are used to waiting to find the cheapest gas station to refill their tanks” added Joseph Vellone, ev.energy’s Head of North America. “Smart-charging applies the same concept by waiting for the cheapest hours to charge, and then tops up the driver’s battery with low-carbon energy. This ends up saving the typical EV driver hundreds of dollars per year off their electricity bill”.

ev.energy offers drivers access to low-carbon electricity while aggregating across a range of electric vehicles and chargers. This has enabled the company to build one of the world’s largest EV Virtual Power Plants. As the demand on the grid is expected to increase over the next decade, ev.energy enables grid operators such as the Electric Reliability Council of Texas (ERCOT) to reduce peak demand and prevent mandatory blackouts such as the one that impacted millions of Texans in February 2021.

Through its unique insights into EV drivers’ charging habits, the report provides the industry with analysis to inform the future rollout of charging and smart-grid infrastructure globally to mitigate the potential effects of EVs on local and national power grids.

For additional information:

BNEF report

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