HONOLULU – Residential customers who have or are considering an electric vehicle now have a new tool to estimate how much money they can save by using special timeof-use (TOU) EV charging rates offered by the Hawaiian Electric Companies. The new EV Bill Savings Estimators and instructions are accessible at:
“Plug-in electric vehicles are key to a clean energy future for Hawai‘i,” said Jim Alberts, Hawaiian Electric senior vice president for customer service. “EVs can help reduce our dependency on imported oil, reduce greenhouse gas emissions, and save customers money in the process.”
There are estimator versions for:
- A customer enrolled in the current TOU EV rate;
- A customer enrolled in the standard (non-TOU) residential rate, called Schedule R;
- A customer enrolled in the standard (non-TOU) residential rate with a rooftop solar system under a Net Energy Metering agreement.
With a recent electric bill in hand, anyone can input data to discover the amount of savings from using the TOU EV rate. The calculation is illustrative, based on individual factors such as actual household electricity use.
Under the TOU EV rate schedule, the cost per kilowatt-hour for home charging varies depending on the time of day. For example, the O‘ahu TOU EV rate provides a discount of about 6 cents per kilowatt-hour for electricity consumed during off-peak hours from 9 p.m. to 7 a.m. Customers can still charge vehicles at any time, but rates are somewhat higher during other hours.
A typical customer with a battery electric vehicle can save about 30 percent on fuel cost by using the standard residential rate to charge at home compared to a non-electric vehicle fueled at the gas pump.* When applying the TOU EV rate, the Bill Savings Estimator will show an additional 15 percent savings for O‘ahu customers charging an EV at home.
The new savings estimators are part of the Hawaiian Electric Companies’ support for electrification of transportation that includes the discount TOU charging rates and companyowned fast chargers. Learn about EVs and signing up for TOU rates for EV charging at hawaiianelectric.com/GoEV.