Electricity rebate

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Could someone please explain to me how the energy suppliers like octopus will rebate customers £6 per kWh for those not using heavy energy intensive appliances between 5 and 8pm?

I understand that a smart meter will need to be installed but is this based on the assumption that they will have your historical consumption patterns between those hours and will then pay you according to the fall in average consumption during the new rebate period?
 
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a smart meter knows your consumption- not certain but it sends back readings quite regularly, i thought every few minutes - but could be wrong, i seemed to remember every 15mins and there was a lot of controversy about many years ago and network costs

just searched - i believe buld went out of business
OVO i believe sends a days data back to the supplier around midnight

30mins - according to this https://www.smartme.co.uk/meter-data.html#gsc.tab=0

I'm sure a member will know for sure - but thats how i understand it will be done

for many years, this was always my comments to people and smart meters , it gives the supplier the opportunity to change tariffs based on the time of day - before the increase costs - i was then talking about increasing the cost not decreasing , making EV charges more expensive at night - putting up prices at peak times

but this at the moment seems the opposite - i still wont have a smart meter until forced to
 
Yes, the way it worked in the Octopus trial was that they knew your average usage during the peak time from your smart meter history, and every kWh you used less than this average you would be compensated for based on how much electricity was costing at that time. The headline of £6/kWh is an outlier, my friend who was part of the trial said he got about 20p.
 
The headline of £6/kWh is an outlier, my friend who was part of the trial said he got about 20p.
interesting, - i guess it depends on your lifestyle - we never used heavy load items like washing machine , dryer between 5-8pm even when working full time
had Ec 7 and timers so the washing machine went on at night


consumption
Between 5 and 8pm
Iron possibly
Dryer - not sure , was always aware of the consumption of this item
Dishwasher maybe , but usually around 9pm or in morning
Kettle certainly
Electric oven
microwave

other then not using ovens - not sure how it will save much
 
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Yes and I was one of the converted who decided to opt my parents home into the second generation(maybe first) smart meters about 4 years ago. I regret that decision. I’ve been avoiding switching my own home to a smart meter and glad about it especially when I’m reading about premium pricing during peak hours of the evening which we use most of our energy.

However with the move to an electric car in the months ahead I need to ensure we pay as little for electricity as we can and need to do the research. Also I’ve invested in ripple energy wind turbine a few months ago so when that comes online, I’ll need to switch.

But my question remains - if you switch to a smart meter without the historical consumption information during those peak hours, how can they rebate you for £6 a kw. It’s very easy to game the system.
 
Yes and I was one of the converted who decided to opt my parents home into the second generation(maybe first) smart meters about 4 years ago. I regret that decision. I’ve been avoiding switching my own home to a smart meter and glad about it especially when I’m reading about premium pricing during peak hours of the evening which we use most of our energy.

However with the move to an electric car in the months ahead I need to ensure we pay as little for electricity as we can and need to do the research. Also I’ve invested in ripple energy wind turbine a few months ago so when that comes online, I’ll need to switch.

But my question remains - if you switch to a smart meter without the historical consumption information during those peak hours, how can they rebate you for £6 a kw. It’s very easy to game the system.
You won't be offered any rebate without history....... I believe the average consumption was based on 30 days history.
 
I wrote the last msg before both of your recent msgs but only submitted now.
 
I’m curious to how much they would charge per kw during peak usage in return for this rebate. At present we’re paying 29p approx per kw and that’s probably going to move to what, 45p?
 
They are not charging more in the peak times, just giving a rebate for reduced consumption. (In this trial anyway. Octopus also have a tariff called Agile which changes the unit cost every half hour based on market price - I believe at peak times (~4-7pm) it could.be up to 35p (capped at this max) but this also depended on how windy / sunny it was that day).
 
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That’s ridiculous. Who would trust a corporate to simply operate dynamic pricing structures like this!? You cannot plan for anything. It’s like walking around the grocery isle and by the time you get to the till the price has changed from when you picked it off the shelf! Lol
 
Well there (were anyway) also times where they might be paying you 5-10 p/kWh you use, so if you had an EV or home battery it could work out quite lucrative.
 
Well there (were anyway) also times where they might be paying you 5-10 p/kWh you use, so if you had an EV or home battery it could work out quite lucrative.

I didn't understand your comment - they would pay me 5p-10p per kw ? Pls expand your reasoning.
 
That’s ridiculous. Who would trust a corporate to simply operate dynamic pricing structures like this!? You cannot plan for anything. It’s like walking around the grocery isle and by the time you get to the till the price has changed from when you picked it off the shelf! Lol
So don't sign up, then. You can take a longer term fixed price or you can go for a more volatile one if you think your consumption patterns will work to your advantage.
 
If there is more renewables generation than demand (a windy night, for example) then the market price for energy could be negative for that period.
 

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