I’ve been on my dynamic smart tariff for some months now, so I thought it would be a good time to see what I’m actually saving. My actual tariff rate changes each half hour, but for the purposes the supplier calculates the weighted average of what I’ve actually paid for the invoice. In principal that should be monthly, but I’ve had some bills combined over more than one month.
|Month||Year 2018/19||Year 2019/20|
|November||14.27 p/kWh||8.96 p/kWh|
|December||10.17 p/kWh||6.51 p/kWh|
|June||7.03 p/kWh||3.49 p/kWh|
|July||8.20 p/kWh||4.40 p/kWh|
|August||6.29 p/kWh (part)|
5.99 p/kWh (balance)
Over the course of the last few months my electricity price has reduced very significantly. I suspect that this is down to a combination of several factors including:
- With the development of my HEMS (including its control of the battery storage) I’m getting slicker at optimising my purchase price
- As we move into the summer the energy price is dropping with reduced demand and more renewable power available.
For reference the Energy Saving Trust reckons that the average UK price for electricity is 15.75 p/kWh on a flat rate tariff, or 19.0 on days and 9.1 p/kWh on nights for Economy 7. Thus my average electricity price in a month always beats their day rate and often beats their night rate. Of course the EST figures are the average market rates, so both better and worse deals will exist with different suppliers.
The 7.03 p/kWh for June 2019 seems to have been received with incredulity elsewhere so here’s the relevant part of the bill..
I’ve never felt so engaged with my electricity supply, and am very pleased to have made the move from the dual-rate Economy 7 tariffs that I’ve used for around 30 years.
You can switch to Octopus yourself and earn the current referral bonus. https://share.octopus.energy/ochre-beach-637