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Welcome to our July email newsletter.
A fresh form of electricity billing could boost renewable energy use, reduce the UK’s carbon dioxide emissions, and save people money.
Time of use tariffs, or TOUs, encourage customers to use energy at off-peak times.
The TOU flexible tariff offers people cheaper electricity prices when demand and energy prices are at their lowest. A household’s smart meter monitors prices and this data can be used to move some types of energy use to cheaper periods, helping to avoid high, peak rate prices. Time of use tariffs can:
- help customers reduce their bills by using energy at off-peak times
- work with a smart meter
- relieve pressure on the grid by balancing demand
Check this out for a case study: in the early hours of 9 December 2019, the UK experienced high winds and blustery weather. As a result, the nation’s wind farms generated almost 45% of the country’s electricity that day! Some 2,000 homes that had signed up to the market leader's Agile Octopus price plan – a time of use tariff – were paid to use electricity that night. Octopus paid its Agile customers 5.6p for every kilowatt-hour of electricity used in specific overnight periods. And as recently as Sunday 16th July 2023, Agile prices were negative for a large part of the day due to the high winds we experienced.
As a business, we have engaged with Octopus' Shape Shifters trial, which rewards us for shifting electricity usage away from peak times, unlocking huge savings for us by getting 21 hours of cheaper energy each day.
It’s a win-win situation. Energy companies offer lower prices at off-peak times so they can better manage demand, and customers can lower their bills all the while charging a battery, an electric car or an immersion heater using the energy generated from their Solar PV.
Get Carter. Go Green.
Kind regards,
Jon Carter
0118 967 7033
office@carter-electrical.co.uk
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