This is what I call the Big Problem and it doesn’t have a general answer. @BPLightlog is absolutely right in that it depends on not only how much you use but also when you use it. The issue with having multiple tech to save money is that, for each new layer of tech you introduce, it tends to become more expensive and there are diminishing returns.
When I first got an EV in 2021 I was charging on OVO’s SVT. Instead of opting to buy a smart charger for about £800 (then, £1,300 now) to be compatible with Charge Anytime I changed to the Agile Octopus tariff and now I get my in-house electricity for a yearly average of 19p a unit and my car charging rate comes out at 13p because the rates from midnight to 5am are substantially lower. I avoid the peak rates (4-7pm) like the plague and it’s easy for me to do that. Changing to Agile has saved me about £550 a year and makes my electricity costs directly comparable to OVO’s Fixed Rate tariff plus the Charge Anytime add on. With Agile I have no restrictions on when I charge other than those which are self-imposed. It’s also only £25 a year more expensive for the total cost of electricity so for me it’s a direct equivalent.
If I want to add solar panels to cut down the remaining £1,100 of electricity costs then I would probably have a 3.5kWp array which will just fit on my south facing roof on the south coast at a cost of about £6,500. It was a lot cheaper than that before the last bout of inflation but it is what it is. I carried out a calculation comparing my actual day by day usage to that likely to be generated each day taking into account the time of day and the season. It turns out that my direct usage is about 35% and the remaining 65% would have to be exported as SEG. I could get a higher SEG rate if I tied myself into panels installed by OVO and I’ll consider both cases.
OVO panels, SEG = 20p, OVO Tariff = 25p, Saved Use (@25p) + Export = £763, Payback time = 10 years to include the extra £1,3000 on a smart charger to get same overall cost of electricity. If you already have a compatible charger or a compatible car (always an important factor) then the payback is nine years.
General solar, SEG = 10p, Agile Tariff = 19p, Saved Use (@19p) + Export = £458, Payback time = 14 years.
These figures are highly dependent on how much and when you use electricity but unless you carry out a detailed calculation then you are unlikely to know how much solar panels are going to save you. I’ve not included charging the car by solar as the car is quite often not there most of the day. It probably doesn’t change the calculation much as in my case I would be losing a SEG export rate of 10p but gaining by not paying the car charging rate of 13p. Very slightly better off.
The above examples assumes that the SEG rates will not change during the payback time which, given that large solar farms are coming on stream, is unlikely. You will find that for any supplier offering SEG rates the T&Cs say that they are not fixed and can be varied. Octopus have now moved users to Time of Use rates, favouring export in the morning and the evening and lower rates in the summer and midday.
The Big Problem is trying to find the combination of Tech and Tariff that maximises the return but even if you do find an optimum case you may find that if you are including solar (which restricts your choice of Smart Charger if your car is incompatible with the supplier) then even the difference between summer and winter and the way you use electricity can change the answer.
So, whereas the first £550 of yearly saving (changing the tariff) was done for free and the savings were immediate the next £434 saved per year with solar will have an upfront cost of £7.8k and a payback time of 10 years or a £6.5k cost and a 14 year payback time. Obviously, if you already have solar then you can do your best to incorporate it and you will save more.
I’m currently looking at whether just energy shifting with just a battery might work but batteries are very expensive for what you get and I would say that the payback time is probably longer than the lifetime of the battery.
Peter