Different tariffs in real-time to enable dynamic switching...
Time of use tariffs are not really a new thing. We’ve had Economy 7 for a number of years, and there is also the Economy 10 tariff; both of which offer cheaper rates of electricity for use outside of peak hours. However smart meters are going to give energy providers a much clearer consumption picture by splitting domestic energy use down to every half hour. This paves the way for tariffs suited to different types of households – for example night-shift workers will use their energy at different times of the day, and at different levels, to stay-at-home parents.
It is no secret that the cost of energy is one of the biggest catalysts for households to switch supplier, so when tariffs complement energy usage, households might just switch provider more often, especially when Ofgem’s Faster Switching Programme is launched.
Wheatley have developed a tool to compare different usage profiles against different tariffs in real-time to enable dynamic switching. Our tool illustrates the concept by taking three different households and four different tariffs to highlight how their energy profiles look when on these different tariffs, and what it means for their bills. The tool has just a few different variables at the moment, but we are monitoring the market as it evolves with the smart meter roll out and faster switching, plus we are identifying up-and-coming technologies and understanding how they could affect consumption profiles vs tariffs. For example, the addition of new energy loads like electric vehicles, or heat pumps, will have a big effect on the consumption profile of certain households. It will be important for households to understand how new technology affects their consumption, and ultimately their energy bills, and Wheatley have the know-how to make this as easy as possible for all.
For now though, we’ve tried to make it easy to use and understand. Give it a go and share your thoughts with us – we’d love to hear from you.