Octopus Go costs don't seem right.

AlanB1976

Hi all.
I'm going to be getting an EV later this year and I'm just prepping everything I need to charge the vehicle overnight. I plan on moving to an Economy7 meter and was looking at what was out there. I heard Octopus Go was the best so went to check rates at their web site. I get very low rates (only 15.6p peak) that are even lower than my standard (non-economy7) rates. Even their standard tariff has a higher unit rate (18.7p) that the Go's so called peak. Usually if something seems too good to be true, it is. So, am I missing something? At those rates, it would make sense to move there even if not using high energy overnight. 
Thanks
Alan

Tallerdave

If you think 15p is very low, my 13p is going to make your head explode!

Seriously though, it's the total cost that counts. If your car is going to be charged a lot, then your off peak use will swamp your peak use and it'll be the off peak rate that dictates the cheapest tariff. If car charging is less significant, then E7 may not be the answer. Comparison sites are your friend for analysing the "what ifs".

QrizB

Yes, Go is a surprisingly competitive tariff even if you don't take much advantage of the 4 hour cheap period.

MWT

AlanB1976 said:

Usually if something seems too good to be true, it is. So, am I missing something? At those rates, it would make sense to move there even if not using high energy overnight.

You are not missing anything, it really is a good deal.

AlanB1976

Thanks for the replies.

MWT

AlanB1976 said:

Thanks for the replies.

Just one thing though it does require a smart meter and I noticed you mentioned moving to an E7 meter so I'm guessing you do not already have a smart meter... ?

niktheguru

AlanB1976 said:

Hi all.
I'm going to be getting an EV later this year and I'm just prepping everything I need to charge the vehicle overnight. I plan on moving to an Economy7 meter and was looking at what was out there. I heard Octopus Go was the best so went to check rates at their web site. I get very low rates (only 15.6p peak) that are even lower than my standard (non-economy7) rates. Even their standard tariff has a higher unit rate (18.7p) that the Go's so called peak. Usually if something seems too good to be true, it is. So, am I missing something? At those rates, it would make sense to move there even if not using high energy overnight. 
Thanks
Alan

You’re not missing anything.this is what some of us have been saying over on the octopus forum.
octopus go and go faster are very competitive tariffs. Even more so if you are charging an ev. You can get your average overall unit rate cost of electricity down to around 8-9p/kWh by charging your car in the off peak period.

you will need a standard smart meter though. Do not get an economy 7 meter in. Economy 7 tariffs are usually no longer competitive. Octopus go is a smart tariff, or TOU tariff.

definitely switch over!