Smart meter, is it worth it?

Betamax_man

I am currently with Octopus Energy, but don't have a smart meter installed, I'm still skeptical about them. For over a year, I've had an EV, but don't do such a lot of mileage,  maybe 8k a year.   I already have an EV charge point installed, a 2018 model Pod Point Solo, it doesn't have a CT clamp.  I also have solar panels fitted, they are on a good rate FIT, and the meter for that is in the loft.  For a year from December 2023 to December 2024, I used 3,620kw/h of electricity, of which 1,916kw/h, according to the Pod Point app, was used to charge the car. This doesn't take into account solar generation.

My questions are:

1. Would an EV tariff really save me that much money, considering that I try and charge the car when the sun is shining. This contributes upto 3.6kw of energy towards the 7kw the car draws.

2. Would it be better to switch, then have a smart meter installed by E.on Next, or get Octopus Energy to fit the smart meter, then switch? This assumes that an EV tariff is the correct option for me.

At the moment I am on Octopus 12M Fixed June 2024 v1 tariff, and live in East Yorkshire. 

Many thanks, in advance. 

Keep_pedalling

What feed in tariff do you actually get? If the export part of your payments are below 15p pkWh it may be worth switching to SEG payments. We get 15p per kWh for our SEG payments, so we are better off charging the car at 7p pkWh at night than charging from the solar panels.

You can’t do this without a smart meter. 

QrizB

Betamax_man said:

1. Would an EV tariff really save me that much money, considering that I try and charge the car when the sun is shining. This contributes upto 3.6kw of energy towards the 7kw the car draws.

Yes. You've put almost 2000kWh into your EV during the year. Let's imagine that a quarter of that came from your solar panels, so you've paid for 1500kWh at 25p/kWh. That's £375.

If instead you'd been on Octopus Go, you'd have been able to pay 8.5p/kWh for that electricity, costing £127.50. By not being on an EV tariff, you've lost £247.50.

Betamax_man said:

I also have solar panels fitted, they are on a good rate FIT ...

Your FIT is paying you either 5p/kWh or 7p/kWh as deemed export. A smart meter would let you get 15p/kWh on metered export. You've got a fairly large system, I'd guess 4kWp? Generating 4000kWh/yr? So you're being paid a max of (2000x7p) £140 a year for export payments. You're likely to be exporting more than 2000kWh/yr, but even if you're not, you could be making £300 a year on metered export.

That's another £160 a year you'd be better off by, by having a smart meter. A total of £407.50 a year.

(You can change your FIT to metered export without affecting the generation payments.)

Betamax_man said:

2. Would it be better to switch, then have a smart meter installed by E.on Next, or get Octopus Energy to fit the smart meter, then switch? This assumes that an EV tariff is the correct option for me.

I'd get Octopus to fit the smart meter, then compare the combined deal - EV tariff and export payments - offered by Octopus, EON and others.

TroubledTarts

Have your neighbours got smart meters and do they work as one sticking point is about 5% cannot connect and send data.

Best to get that elation or disappointment out the way early.

Other than that fully behind smart meters and they save people a lot of money

Betamax_man

Keep_pedalling said:

What feed in tariff do you actually get? If the export part of your payments are below 15p pkWh it may be worth switching to SEG payments. We get 15p per kWh for our SEG payments, so we are better off charging the car at 7p pkWh at night than charging from the solar panels.

You can’t do this without a smart meter. 

Thanks for your reply.  To answer your question, the FiT was set at around 40p I believe, so will not be looking to change this.  It was set by a third party company and the scheme originator.  It doesn't matter how much electricity I use, meter for solar generation is in the loft.  My mechanical meter just stops turning when the sun shines if I am using less than solar generation. 

TroubledTarts

Betamax_man said:

Keep_pedalling said:

What feed in tariff do you actually get? If the export part of your payments are below 15p pkWh it may be worth switching to SEG payments. We get 15p per kWh for our SEG payments, so we are better off charging the car at 7p pkWh at night than charging from the solar panels.

You can’t do this without a smart meter. 

Thanks for your reply.  To answer your question, the FiT was set at around 40p I believe, so will not be looking to change this.  It was set by a third party company and the scheme originator.  It doesn't matter how much electricity I use, meter for solar generation is in the loft.  My mechanical meter just stops turning when the sun shines if I am using less than solar generation. 

But does it go backwards?

If it does you don't have to get a smart meter and that's your choice (editrd to make sense with some Google search below which the OP can check for themselves)

Moderators please note I got my information from a Google search to check I was not breaking any forum rules and not promoting any illegal activity (I have reported the comment below mine, well the one after that, with this same explanation and some extra information for you to consider)

QrizB

Betamax_man said:

Keep_pedalling said:

What feed in tariff do you actually get? If the export part of your payments are below 15p pkWh it may be worth switching to SEG payments. We get 15p per kWh for our SEG payments, so we are better off charging the car at 7p pkWh at night than charging from the solar panels.

You can’t do this without a smart meter. 

Thanks for your reply.  To answer your question, the FiT was set at around 40p I believe, so will not be looking to change this.

I've got the same FIT. 40p (now more like 72p) is the generation payment, paid for every kWh you generate. There's also an export payment, now 5p, paid for your exported electricity. If you don't have an export meter (and you don't) you're deemed to have exported half of your generation.

You can keep the 72p generation payment but switch the export payment to metered. Every smart meter includes an export meter. Metered export is paid, by Octopus, at 15p/kWh.

If you have a 4kWp system generate 4000kWh a year, your deemed export payment will be 5p x (4000/2) which is £100. However, most people with solar only manage to consume ~1/3rd of the electricity they generate, so you're probably exporting closer to 2600kWh. On metered export, that would be worth £390.

That's £290 extra simply by switching to metered export and taking Octopus's Outgoing Fixed tariff.

Plus the ~£250 saving from having Octopus Go as your EV tariff.

QrizB

TroubledTarts said:

Betamax_man said:

Keep_pedalling said:

What feed in tariff do you actually get? If the export part of your payments are below 15p pkWh it may be worth switching to SEG payments. We get 15p per kWh for our SEG payments, so we are better off charging the car at 7p pkWh at night than charging from the solar panels.

You can’t do this without a smart meter. 

Thanks for your reply.  To answer your question, the FiT was set at around 40p I believe, so will not be looking to change this.  It was set by a third party company and the scheme originator.  It doesn't matter how much electricity I use, meter for solar generation is in the loft.  My mechanical meter just stops turning when the sun shines if I am using less than solar generation. 

But does it go backwards?

If it goes backwards you're meant to report it to your supplier. They'll replace it with a smart meter.

TroubledTarts said:

If it does don't get a smart meter

Board rules prohibit promotion of illegal activities. Electricity meter fraud is illegal.

Betamax_man

TroubledTarts said:

Betamax_man said:

Keep_pedalling said:

What feed in tariff do you actually get? If the export part of your payments are below 15p pkWh it may be worth switching to SEG payments. We get 15p per kWh for our SEG payments, so we are better off charging the car at 7p pkWh at night than charging from the solar panels.

You can’t do this without a smart meter. 

Thanks for your reply.  To answer your question, the FiT was set at around 40p I believe, so will not be looking to change this.  It was set by a third party company and the scheme originator.  It doesn't matter how much electricity I use, meter for solar generation is in the loft.  My mechanical meter just stops turning when the sun shines if I am using less than solar generation. 

But does it go backwards?

If it does you don't have to get a smart meter and that's your choice (editrd to make sense with some Google search below which the OP can check for themselves)

Moderators please note I got my information from a Google search to check I was not breaking any forum rules and not promoting any illegal activity (I have reported the comment below mine with this same explanation and some extra information for you to consider)

The meter does go backwards 'till it reaches it's stop, then stays still.

TroubledTarts

Betamax_man said:

TroubledTarts said:

Betamax_man said:

Keep_pedalling said:

What feed in tariff do you actually get? If the export part of your payments are below 15p pkWh it may be worth switching to SEG payments. We get 15p per kWh for our SEG payments, so we are better off charging the car at 7p pkWh at night than charging from the solar panels.

You can’t do this without a smart meter. 

Thanks for your reply.  To answer your question, the FiT was set at around 40p I believe, so will not be looking to change this.  It was set by a third party company and the scheme originator.  It doesn't matter how much electricity I use, meter for solar generation is in the loft.  My mechanical meter just stops turning when the sun shines if I am using less than solar generation. 

But does it go backwards?

If it does you don't have to get a smart meter and that's your choice (editrd to make sense with some Google search below which the OP can check for themselves)

Moderators please note I got my information from a Google search to check I was not breaking any forum rules and not promoting any illegal activity (I have reported the comment below mine with this same explanation and some extra information for you to consider)

The meter does go backwards 'till it reaches it's stop, then stays still.

To be clear I wasn't suggesting you do something illegal btw just it's your choice and from my search I could not find a legal requirement to swap your analogue meter if after a solar install it is going backwards.

QrizB

TroubledTarts said:

To be clear I wasn't suggesting you do something illegal btw just it's your choice and from my search I could not find a legal requirement to swap your analogue meter if after a solar install it is going backwards.

Octopus T&C:

15.2 You are required to take reasonable steps to ensure that the Metering Equipment is protected and not damaged or interfered with in any way and to notify us should any damage or interference occur.

I am not a lawyer, but I would suggest that operating equipment that makes the meter run backwards would count as interfering with the meter.