Economy 7 / dual rate

newport.david

Hi,

I feel very stupid about this but it's only recently that I realised there is such a thing as a flat rate for electricity rather than day/night rates, which is what I've always had.

I've lived in my current flat since 2020 and it's only electric so I now understand its an economy 7 meter.

When I look at comparison tariffs on the octopus website I only see dual rate, hence i thought that's all there was. When you go on a comparison site, it asks if you currently have a day/night rate - I've always said yes because I do, and it then (as far as I can tell!) only shows you those tariffs as well. Hence I've been blissfully unaware that there was any other option.

I've asked Octopus multiple times over a number of years - "would I be better off on a different tariff?" and they've advised me but NEVER considered/told me if I would be better off on a flat tariff?

I've downloaded some date and on a recent fairly representative sample my day usage was x3 of the night usage.

I don't use storage heaters or anything like that. My heating is 2 electric plug in radiators. I don't use hot water. My shower is electric.

Octopus keep sending me a flat tariff quote by email so I can take a look - it always expires after a few days - why can I not just log into the website and see those tariffs as one of the available options? I've just asked them a simple question "If I had been on your flat rate for the last year instead of the dual rate - would I have saved money?" - let's see if they can answer simply.

It's also making it really difficult for me to do a comparison. If I say yes I get charged different rates then the quote I see are for the same type of tariffs. If I said NO, I don't get charged different rates then I worry that something will go wrong with the switch.

I must admit my head is hurting with it all. Help!

IOWJJBTM2025

First of all my advice is to understand what you do use. If you are with Octopus and you have a smart meter you can download all your usage data over the last couple of years. Looking at the data you can understand any benefits for time of use.

I am in a scenario similar to you where most of my use is not within a window in the early hours of the morning. I did some calcs using the usage data and taking into account the different rates and standing charge differences it was cheaper to be on a single tariff.

Ectophile

You should be able to work out for yourself how much money you could save by switching to a single rate.

Look at your bills for a year, or the yearly summary they should send out. Add together all the usage (units, kWh) for day and night over a year. See what they are charging you now.

Multiply the total units for a year by the single rate they are offering you. Is it more or less?

But make sure you don't include the standing charge when looking at the old bills, as you will still need to pay it on a single rate tariff.

squirrelpie

But make sure you don't include the standing charge when looking at the old bills, as you will still need to pay it on a single rate tariff.

It's safer to include the standing charge since it may be different for different tariffs. Multiply the daily rate by 365 and add it to the yearly total.