In March, the Northern Virginia Electric Cooperative (NOVEC) approved a new rate for electric vehicle owners called the EV-1 rate. This came after a new Virginia passed declaring that electrical cooperative boards may implement voluntary electrical rates for their customers. This rate is reserved only for EV owners but would apply to all of your electrical consumption, not just the electricity used to charge your EV. Qualifying NOVEC residential customers may request to switch from their regular residential rate to the new EV-1 rate.
What Is the New EV-1 Rate?
The EV-1 rate is designed to encourage EV owners to charge their vehicles during off-peak hours – when there is less electricity demand – so there is less stress on the electrical grid during on-peak hours. According to NOVEC, off-peak times are between 11:00 pm-6:00 am.
The electricity rates under the EV-1 plan are $0.11005 per kWh during on-peak hours and $0.05631 during off-peak hours. This means that NOVEC residential customers signed up for the EV-1 rate receive a discounted electricity rate of almost 50% off during off-peak hours. Therefore, making a substantial dent in your electrical bill if you do the bulk of your EV charging during off-peak hours.
The EV-1 rate also includes a monthly service charge of $17.05.
What Are the Benefits?
By switching to the EV-1 rate, you have the opportunity to save money by doing the bulk of your electricity consumption, that is, charging your EV, by plugging in during off-peak hours, where you can enjoy the benefits of a discounted electricity rate. Off-peak hours are 11:00 pm-6:00 am daily. This overnight time frame is when most EV owners do the bulk of their charging anyway, so you will most likely not have to change your daily charging schedule when signing up for the EV-1 rate.
How Do I Qualify?
Qualifying for the EV-1 rate is simple. First, your home must be served by NOVEC electric service. Interested customers must certify, in writing, that the electric service will be used to charge one or more licensed EVs, along with all other normal residential electrical needs. The EV(s) can be either owned or leased. NOVEC provides electric service to homes and businesses located in Clarke, Fairfax, Fauquier, Loudoun, Prince William, and Stafford counties, the City of Manassas Park, and the Town of Clifton, all in the state of Virginia.
Contact Effortless Electric Today!
In addition to the new NOVAC EV-1 rate, there are many other federal and state EV rebates and incentives that you may be eligible for by installing an EV charger today. If you are interested in establishing an EV charger for your home, townhome, or business in Northern Virginia or the metro Maryland area, contact Effortless Electric today to discuss your project!