Iberdrola’s electric vehicle rate of €0.03 per kWh has been one of the most interesting for those who have solar panels and an electric car. It basically allows you to consume very cheap energy, for a period of 6 hours a day. However, as we are going to explain to you, it is no longer so interesting. It is no longer profitable and it is better that you look for an alternative as soon as possible so that you are not paying more than you should.
This promoted period of 6 hours, from 01:00 to 07:00, allowed users to charge the electric car, batteries from the photovoltaic system or install high-consumption appliances, such as the dishwasher, washing machine, oven… Of course. , all this thanks to the promoted schedule of just €0.03 per kWh. Now, Iberdrola has changed the conditions overnight.
Iberdrola changes its 3 cent rate
The first thing you should know is that electric companies are not going to lose money. As soon as they detect that they can take advantage of a rate to pay very little, they will change the conditions. This is what has happened with the 3 cent rate. Now they require that, at least, 40% of consumption be during non-promoted hours.
This, logically, puts an end to the idea of being able to take advantage of those promoted hours to consume as much as possible. Users could charge the batteries of the photovoltaic system during the night, and discharge that energy during the day, thus obtaining surpluses to reduce the total price of the bill. For people who have solar panels, it was interesting since during the day they did not pay for electricity and at night it was a very cheap rate. They could use home automation and have devices connected to Wi-Fi, which allows them to be programmed on and off.
With this change, you will have to consume at least that 40% during non-promoted hours. This means that the price of energy will be €0.36 per kWh. It is very high, so the average will cost you €0.15-€0.17 per kWh. Therefore, it is no longer an interesting rate to be able to charge many things, such as batteries or an electric car, during the promoted hours.
Iberdrola has modified the terms even without clearly notifying customers. It is true that they can do so and apply it when the contract is renewed, but many may not be informed and may find themselves with a negative surprise when renewing the contract with the marketing company. You can consult the conditions on the Iberdrola website. We leave you a screenshot where they explain that it is necessary to consume at least 40% of the total during non-promoted hours and that, if you do not reach that minimum, 40% of what you spend will be charged at a non-promoted price .
You lose the accumulated balance
Another point to keep in mind is that the balance accumulated in the virtual batteries is lost as soon as you leave Iberdrola. To a certain extent, it is a way of tying you to the company. Actually, it is a battery that you do not control, but the energy company. If you have been accumulating surpluses, you will lose them when you change to another company.
Therefore, the ideal is to have your own battery. It is the only thing that will guarantee you total control. In that case, you are the one who will decide what to do with that energy and when to use it at all times. You will not depend on third parties, nor on changes in the conditions of the contracts. A clear example is the Electric Vehicle Plan, but it can happen with other rates in a similar way.
Therefore, if you had contracted the Iberdrola Electric Vehicle Plan, with the possibility of paying €0.03 per kWh during promoted hours, now it will no longer be profitable. You will have to consume 40% of the energy at a very high price, which will mean that the average will no longer be profitable and it will be better to change rates.
