If I understand correctly, the daily rate for dual tariff is only about 0.5p per kWh higher than the single rate, but the night rate is 6p lower than the single rate. Has any community member chosen the dual tariff rate? We have a SMETS2 smart meter. I have a specific need to make use of night rates if this is the case.
@GerryP Do you have storage heaters or a set up that would benefit from 2 rates? We can add you to the list of people interested to change tariff if you would like to be on a day and night rate meter- just let us know!
You can check the tariffs out here: https://bulb.co.uk/tariff/ and see what the difference would be
Hi Holly, the use case I will be piloting is a crypto-currency mining rig. Unfortunately in the UK, the cost per unit of electricity is more than double that of some US states. I will run pilots on four mining technologies, but need to understand what unit rates would be applicable on a small business scale not a residential scale. For the short term, this is likely to be unprofitable. But when you combine it with the necessary changes coming soon regarding replacing gas boilers with “other alternatives” it concerns me very much that we will be replacing natural gas at a cost of 3.3p/kWh with electricity at a cost of 18.2p/kWh. Even if we assume there will be a 4:1 heat pump gain (I think that ratio is optimistic), we still end up replacing a heating source of 4 x 3.3p with a cost of 18p or higher (13.2p using gas compared with 18.2p using electricity - an increase of 38% per unit, even if we achieve the 4 times heat pump ratio. It is not obvious to me how the government intends to break this to the unsuspecting public, as it is unknown to me just how much of the previous incentive for installing solar panels with the 20 year rebate guarantee is to be recovered by the electricity providers on behalf of the government from the rest of the public who did not have the means to install solar panels. It seems that an integrated energy policy is beyond the capability of the average politician to achieve. But who am I to comment - just an engineer.
It’s understandable that the initial cost of heat pumps can be quite off-putting, but what do you think of the Renewable Heat Incentive as a means to recoup a proportion of this?
As you’ve mentioned, gas is cheaper than electricity to run on a daily basis. Current legislation means that policy costs like government, environmental and social schemes are added to electricity bills and not gas. Considering the upcoming ban on new gas boilers from 2025, what do you think of recommendations to move these costs to gas bills as discussed by @Mel_at_Bulb?
It seems a heat pump system has a much shorter pay-back period if it is replacing an electrical, oil or coal-fired heating system but I think there are lots of other factors to consider. For example, maintenance and running expenses, along with the average length of the product’s lifetime.
Standard boilers have a life expectancy of around 10 years while heat pumps could last 20 – 25 years. A well-designed heat pump installation may have a coefficient of performance (CoP) of 3.5 or better. If coupled with Economy 7 tariffs, timing your heat pump to switch on during off-peak times, it could be a great way of reducing your carbon footprint and saving money on energy bills. With solar panels, it could operate at a CoP of up to 7 but I realise this isn’t accessible for everyone.
Might be worth checking out there EV tariff - you just need a smart metre to join not a two rate:
cant seem to include the link but you can search this: About-Bulb-s-EV-Tariff
And you dont need an EV