Octopus Energy has introduced a new “time of use” energy tariff that is specially designed for reducing the cost of charging for the owners of electric vehicles.
The new tariff is called Octopus Energy Go. It allows owners of electric vehicles to charge their cars for just 5p per kilowatt hour for four hours every night, which could make owning an electric vehicle 10 times cheaper as compared to having a car that is running on fossil fuels.
The other existing initiatives that aims to bring down the power cost for owners of electric vehicles include the Economy 7 tariff, which is also known as the differential tariff. It has reduced rates for seven hours per night. However, the Go tariff could potentially be cheaper by up to 25 percent.
The director of product for Octopus Energy, Rebecca Dibb-Simkin, stated: “Octopus is passionate about driving the UK’s switch to electric vehicles.”
She added: “We’re delighted to use our innovative tech both to offer the cheapest kWh charge in the market and enable your car to automatically charge itself, a brilliant way to unlock those electric car savings.”
The energy firm has only been around since 2016. It has partnered up with MyEnergi in order to implement its Zappi charger which charges the vehicle automatically during the cheapest hours of the night.
The chief executive of Octopus Electric Vehicles, Fiona Howarth, stated: “Octopus is passionate about the UK’s switch to electric vehicles. We are delighted we can use our innovative tech to both offer the cheapest kWh charge in the market and enable your car to automatically charge itself, a brilliant way to unlock those electric car savings.”