EV-1: NOVEC's Electric Vehicle Rate
What is the EV-1 rate?
The EV-1 rate is a new voluntary residential electric rate created by NOVEC specifically for customers with at least one electric vehicle (EV). This voluntary rate took effect in January of 2023 and incentivizes owners to charge their vehicles when the overall demand for power is lowest (11 p.m. - 6 a.m.). NOVEC customers who sign up for EV-1 will get access to a rate that saves them nearly 50% on any electricity they use during this time window compared to the rest of the day.
What are the specific details of the EV-1 Rate?
- As mentioned above, the rate is 100% voluntary, so a customer must request to be put on the rate and simply provide a statement that they own or lease at least one EV.
- Off-peak window: 11 p.m. to 6 a.m., customers will pay 0.05631 per kilowatt-hour (kWh).
- On-peak window: 6:01 a.m. to 10:59 p.m., customers will pay 0.11005 per kWh.
What are the benefits of the EV-1 Rate?
You will save an estimated 50% on your electric usage on everything in your home during those off-peak hours. To put it simply, if you wait until those hours to charge your EV, do laundry, or run your dishwasher, you will save money. Of course, EVs already save you money, because you no longer have to buy gasoline. We’re offering the EV-1 rate as a way to save you even more!
What will I see on my bill to indicate I am on the EV-1 rate?
Click here for an example of a NOVEC customer’s bill using the EV-1 rate.
How does the EV-1 rate compare to the standard residential rate?
If you use more energy and/or need to charge your EV during the day, the EV-1 rate may not be as beneficial. The EV-1’s rate during “On-Peak Hours” ($0.11005 per kWh) is slightly higher than your standard residential rate ($0.09731 per kWh).
Is the EV-1 Rate good for everyone with an Electric Vehicle?
Although the reduced rate during “Off-Peak Hours” ($0.05631 per kWh) is a great way to save money, it may not be the best fit for all NOVEC customers. For example, retirees and members that work from home and have a higher consumption during the day may not benefit. Why? Because the rate during “On-Peak Hours” ($0.11005 per kWh) is slightly higher than your standard residential rate ($0.09731 per kWh). We therefore urge our members to consider their lifestyle before making any decisions.
If I am considering an EV for my next car, what else should I know?
- EVs save their owners money because they are no longer paying for gas. According to a 2023 study by Consumer Reports, “The cost of the electricity to charge an EV is almost always hundreds of dollars less per year than the fuel expense for a similar gas-powered vehicle.”
- There are available credits for new electric vehicles purchased in 2023 or after which may save you up to $7500 (2023 IRS Release)
How do I qualify for this rate change?
- You must be a NOVEC member.
- Your home must be on a residential rate.
- You must own or lease at least one EV.
How do I enroll?
Send an email to businessdev@novec.com and provide the following information:
- Name
- NOVEC account number
- Address
- Phone number
- A written statement in the body of the email stating that you own or lease at least one electric vehicle, and that you would like to enroll in the new EV-1 rate program.
To submit a request for the EV-1 rate through SmartHub, take the following steps:
- Go to https://www.novec.com / and click on “Sign In” to SmartHub.
- Once you are logged in, click on the home tab if you are not already on the Home screen and click “Report an Issue/Inquiry.”
- This will take you to a screen with two options Power Outage or Other Issues/General Inquiry. Click “Other Issues/General Inquiry.”
- This will send you to a screen containing an Inquiry Type drop-down menu. Open the menu and click “Electric Vehicle Rate Request.”
- You will go to a Submit Other Issue/General Inquiry form, where you will be able to fill out all the necessary information to request enrollment in the EV Rate. When you have completed the form, remember to click the “yes” check box on the same page and press “submit.”
A business representative will reply with an email confirmation.
What will happen after I enroll?
- We will upgrade your meter to one of our new advanced meters.
- While changing the meter, you will lose power for a few seconds.
- There is no additional cost to changing the meter.
For more information on the new EV Rate and electric vehicles, please see the links below:
