Octopus Go tariff not so great

Rjhsteel

We are getting a Tesla Model 3 in Feb and was looking at the Octopus go tariff for EV cars. 5p a kWh at night(4hours)sounds great.
But because the daily rate is much higher, I've worked out it would actually be more expensive switching from our current Octopus fixed tariff. 

Anyone else worked this out? 

savers_united

They have not long increased the price per unit during peak times (I think around end September), I am still paying a peak rate of 15.9p, some are paying even less so it works out well, but with the increase I can see it not being as competitive as before but prices have gone up across the board, it will depend how much off peak Kwh you use annually, I use around 7500kwh annually split almost half and half and average a rate of 10.2p.

Hopefully the unit rate of the tariff will come back down in time now that the tariff is limited to EV owners. 

Rjhsteel

Just enquired and the rates were Day rate 24.25 per kWh Night 5p (4hrs)

meinnit

Are you able to shift some of your high power appliances to the off peak period? eg. washing machine, dish washer, dryer etc?

If so, have you done the calculation taking into account the shifted usage?

Might not work out if you have high peak usage

Rjhsteel

I don't know much much power my washing machine and dryer use tbh. I don't think it will make me move tbh. Its just not good enough. 

worrywart_3

Any fix right now is high 

QrizB

Rjhsteel said:

We are getting a Tesla Model 3 in Feb and was looking at the Octopus go tariff for EV cars. 5p a kWh at night(4hours)sounds great.
But because the daily rate is much higher, I've worked out it would actually be more expensive switching from our current Octopus fixed tariff. 

Anyone else worked this out? 

It's going to depend on how much electricity you currently use, vs. how much extra you use for the Tesla.

If you currently use the average amount for a dual-fuel household, 2900kWh/yr, on a Ofgem capped tariff of 21p/kWh, the extra cost of paying 24.25p/kWh is £94.25 per year.

To save that much you would need to buy just under 600kWh of additional electricity for your Tesla at the 5p rate.

600kWh will take you about 2400 miles.

So, if you plan to drive more than 2400 miles/year in your Tesla, you'll be better off on Go.

(Adjust the numbers above to suit your own use.)

Keep_pedalling

I am only using about 55kWh a week in that 4 hour slot, but using gas for heating that equates to 45% of my electric usage so it will still be worthwhile if the new rates are still so high when I come off my current fixed in April. 

Paying an extra 3.5p pkWh over SVR  is quickly offset by the 16p early morning saving, my rough calculation gives a but break even point would seem to be around 20% cheap rate use.

MWT

Rjhsteel said:

But because the daily rate is much higher, I've worked out it would actually be more expensive switching from our current Octopus fixed tariff.
 

You are comparing the current Go tariff against an older fix so yes, I'm not surprised that it isn't cheaper for you right now.

However... once your current fix expires you may well find that Go is cheaper than than any new fix you can get, and probably also cheaper than the capped Standard variable rate...

Rjhsteel

MWT said:

Rjhsteel said:

But because the daily rate is much higher, I've worked out it would actually be more expensive switching from our current Octopus fixed tariff.
 

You are comparing the current Go tariff against an older fix so yes, I'm not surprised that it isn't cheaper for you right now.

However... once your current fix expires you may well find that Go is cheaper than than any new fix you can get, and probably also cheaper than the capped Standard variable rate...

That's something i didn't consider actually. My deal from last year ends in Feb 2022

Day Rate 19.59 p/kWh
Night Rate 10.08 p/kWh
Standing charge 22.72 a day

With the current energy crisis, i'm guessing those amounts will be much higher.

Was Offered Go for:

Day Rate 24.25 p/kWh
Night rate 5.00 p/kWh
Standing charge 18.26 per day

QrizB

Rjhsteel said:

That's something i didn't consider actually. My deal from last year ends in Feb 2022
Day Rate 19.59 p/kWh
Night Rate 10.08 p/kWh
Standing charge 22.72 a day
With the current energy crisis, i'm guessing those amounts will be much higher.

Was Offered Go for:
Day Rate 24.25 p/kWh
Night rate 5.00 p/kWh
Standing charge 18.26 per day

Your current tariff is for E7? I'm not sure Go will work for you at all. Do you have storage heaters on a switched E7 ciircuit?

The current "Flexible" E7 rates for my region are:

• Day: 22.01p
• Night: 15.19p
• SC: 24.19p/day