Why get a smart meter?

This is an update to a previous blog post where my mother asked me the question below. 

My mother asked me this question a month ago. I switched to a smart meter when I moved home. I had to have my old one removed and a new SMETS 2, smart meter, added. My mother, on the other hand, has been reluctant but due to the energy crisis, she is looking at all possible ways to save money on her energy bill.

@sarah_go_green I have a #smartmeter and this month i told my mum to get one too. You should apply NOW as there are savings coming this winter. #moneysavingtips ♬ original sound – sarah_go_green

My answer was quite straightforward, change is coming!!  I took part in an Octopus Energ trial into time-of-use tariffs at the start of 2022. It was a joint trial between Octopus and the National Grid. I was sent a text advising me I could save money if I didn’t use energy on a specific day at a set time. I usually had around 24 hours’ notice. Without question, I did all I could to avoid these times as much as possible so I could get a credit on my energy bill.

Fast forward to winter 2022.

There is an energy crisis where supply looks like it will fall short of demand. Putin is restricting the supply of gas so that the west suffers. In order to stop blackouts, the national grid will have to manage supply somehow. How about using the same strategy as used in the Octopus Energy trial and paying people not to use energy at specific times?

I didn’t specifically guess this would happen but I imagined something very similar would happen. This is why I urged my mother to get one.

Last night an article appeared on BBC business news, Plans to cut energy bills if peak-time use avoided. I hate being right in such circumstances but it was inevitable some action would be needed.

There isn’t much information available yet online as to how the National Grid will implement they say this should be available in the next 2 weeks.

On that basis, my advice would be either to watch this space if you already have a smart meter or apply for one now if it’s something you would be happy to have in your home.

Research EV Tariffs –  It could save you hundreds of pounds a year!

If you are buying an electric vehicle or already have one, in my opinion, the most important thing you need to research is how you will charge your EV.

So many dealers sell electric vehicles without fully explaining how finding an off-peak tariff can drastically reduce the running cost of your electric vehicle.

@sarah_go_green When you buy a new EV the most important thing to get sorted is an off-peak rate for home charging! #octopusenergy #evtariff #evhokecharging #newev ♬ original sound – sarah_go_green

My neighbour recent bought an EV and commented how expensive he was finding home charging. After a conversation, I realised he was just charging his EV using his regular tariff.  If you have a driveway or a way to plug in at home switching to an electric vehicle tariff can save you hundreds of pounds a year.

Some basic maths on EV charging.

An electric vehicle has a battery that powers it.  Not all electric vehicle batteries are the same size. The battery capacity is measured in kWh. A Nissan leaf can hold 40 kWh, a Mini 32.6 kWh and a Tesla Model Y 75 kWh.

1 kWh can provide around 4 miles of driving.

If we take the Tesla Model Y. A typical rapid charger at the EV charging point on the motorway will current charge around 48p per kWh.

75 kWh x 0.48p = £33.75 to fully charge the Tesla Model Y at a motorway rapid charger.

If you have a home charger or even use the 3-pin plug charger that comes with your EV you can charge your electric vehicle off-peak for much less. Octopus Energy currently has 2 smart tariffs that offer an off-peak tariff for EV owners. They are Octopus Go and Intelligent Octopus. (There is also a variation on the Go tariff called Go Faster) These both offer an off-peak rate of 7.5p per kWh.

75 kWh x 0.75 = £5.63 to fully charge a Tesla Model Y at home. The only downside is that it is slower than a rapid charger so you may have to do it over more than one evening.  I tend to keep mine topped up to 80% and just add an extra few miles every night. It is, however, a massive saving over the course of a year.

Do you need a home charger?

A home charger is helpful as you can get 7 kW into your EV battery in an hour. The 3-pin plug gives you around 2 kW in an hour so it is much slower.  I have recently been using a 3-pin plug to charge at home and as I wasn’t doing many miles a day worked out fine BUT this was while my home charger was being fixed. I much prefer my home charger for the speed and the safety element.

Using an EV repaid charger is still cheaper than petrol.

If you don’t have the space to charge at home then don’t worry as charging an EV is still cheaper than filling up at the pump and is better for the planet. Plus you can always grab a free charge using a kWh EV charger that Tesco!!