Smart Meter Doesn't Support Economy 7

shadowspy24

I just got a letter telling me I'm eligible to upgrade to a smart meter but I am currently on an economy 7 tariff which I'm told isn't supported by a smart meter and I have to switch to a regular tariff.

The problem with is that my economy 7 tariff is so cheap that no regular tariff comes close to matching it so it would be stupid to changeover to a regular just for a smart meter.

I am currently on First Utility's iSave Fixed May 2016 v2 Economy 7 tariff which charges:
Standing Charge: 15.82p per day
Day Rate: 10.345p per kWh
Night Rate: 8.489p per kWh

The cheapest regular tariff on First Utility I can find is:
Standing Charge: 17.441p per day
Unit Rate: 11.650p per kWh

Which shows that no matter what percentage of my usage is at night I will always be worse off on this new regular tariff.

My question is this, Do smart meters support Economy 7 as I couldn't find anything in my online searches? Or are all smart meters going to measure one rate?

spiro

Most 'smart' meters currently being installed are early models. Once the full roll out starts next year they will all comply with the relevant SMETS which will include mutli-rate and prepayment.

[Deleted User]

No Eco 7 Smart meters have been seen so far by me working for BG, Scot Power and EDF. They will come at some time I m sure, along with smart prepayment meters.Stick with a dumb meter and buy a decent energy monitor for the time being.Smart Eco 7 meters are much needed to stop dead all the transposed day/night reads around.

shadowspy24

Thanks guys, that's what I needed to know. Basically I have solar panels as well, so between that and night tariff, I'm hoping to pay dirt cheap prices for electricity. It would be stupid of me to switch to Single rate tariff just because these early gen smart meters don't support Economy 7. I will wait till I'm forced to upgrade to a smart meter.

System

shadowspy24 wrote: »

. I will wait till I'm forced to upgrade to a smart meter.

You might have a long wait as I think that Government et al are beginning to recognise that not all properties/installations will be suitable for smart metering, and many people remain un-convinced about the benefits.

For example, how do you connect a smart meter to gas supply which is located some distance away from an electrical supply? I cannot see batteries being a viable solution.

[Deleted User]

Hengus wrote: »

You might have a long wait as I think that Government et al are beginning to recognise that not all properties/installations will be suitable for smart metering, and many people remain un-convinced about the benefits.

For example, how do you connect a smart meter to gas supply which is located some distance away from an electrical supply? I cannot see batteries being a viable solution.

Gas meter connects via short distance wifi to the electric meter hub, no problems with its long life battery. You re right, many people can t see the benefits as it will halt their free energy. Others imagine that wifi affects their health.

HappyMJ

sacsquacco wrote: »

Gas meter connects via short distance wifi to the electric meter hub, no problems with its long life battery. You re right, many people can t see the benefits as it will halt their free energy. Others imagine that wifi affects their health.

I bet many of them use laptops with wi-fi or use a mobile phone...or even a wireless phone.

Smart meters report usage every half hour so the computer system at the supplier can charge different rates for usage at different times of the day. Some suppliers offer free electricity at certain days/times. They're all the same meter it's just down to the billing system of the supplier.

sheffield_lad

Night Rate: 8.489p per kWh

is it me or does that night rate look high?

shadowspy24

sheffield_lad wrote: »

Night Rate: 8.489p per kWh

is it me or does that night rate look high?

It is a bit high to compensate for the fact the day rate is so cheap. I've seen night rates at 6p but the day rate is usually 13p or above