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Flexible Octopus Economy 7

Electricity, Tariffs, Monitoring & Providers

Last Post by TRBob 2 years ago

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Benguela

(@benguela)

Trusted Member Member

Joined: 3 years ago

Posts: 29

Topic starter 12/02/2023 10:04 am

Hi guys,

Is anyone on Flexible Octopus with Economy 7?

Do you have an Economy 7 meter or a smart meter? I want to switch to Flexible Octopus with Economy 7, but hello@octopus sent me funny one line email saying 'you'll have to get an Economy 7 meter' when, in fact, I already have a smart meter.

Surely a smart meter is able to do it.

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Gary

(@gary)

Prominent Member Member

Joined: 2 years ago

Posts: 350

12/02/2023 4:55 pm

I’m on flexible Octopus economy 7 with smart meter they just have to send new settings to your meter just takes a few days to switch over.

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william1066

(@william1066)

Reputable Member Member

Joined: 3 years ago

Posts: 206

12/02/2023 5:21 pm

Posted by: @benguela

↑

'you'll have to get an Economy 7 meter' when, in fact, I already have a smart meter.

I am on Economy 7 with a smart meter, and with Octopus. The day rate is "eye watering" though as it seems that Economy 7 has slipped through the cracks in terms of regulations.

See BBC. ...The government's price promise states a specific average unit price for most homes, but because Economy 7 customers pay two different rates, the government allows suppliers to set those rates themselves..."

So much for trying to shift consumer to off hour rates.

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mjr

(@mjr)

Prominent Member Member

Joined: 3 years ago

Posts: 301

12/02/2023 8:32 pm

Posted by: @william1066

↑
The day rate is "eye watering"

It varies by region. Ours is about 45p/kWh, which seems worth it for the 17p/kWh night rate when we want to start warming the house back up and heat some water for morning washes just when the ASHP efficiency is at its worst.

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william1066

(@william1066)

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Joined: 3 years ago

Posts: 206

12/02/2023 8:43 pm

@mjr mine are as below

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Benguela

(@benguela)

Trusted Member Member

Joined: 3 years ago

Posts: 29

Topic starter 13/02/2023 8:47 am

Thanks guys!

Correct me, but I thought that Flexible Octopus falls under the government price cap? So shouldn't the day rate be more like 40p?

Clearly not from what you guys are posting... just want to understand.

Maybe Flexible is price capped, but Flexible Economy 7 isn't?

I need to decide between:

Octopus Go: 44p/12p and Flexible 47p/16p.

My reason for preferring Flexible were: (1) I assumed the 47p is price capped, so will come down to 40p and (2) I'd rather have seven hours of 16p than four hours of 12p because I want to run my heat pump from about 3 - 7am for a warm house when we wake up.

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Si Fillo

(@si-fillo)

Trusted Member Member

Joined: 2 years ago

Posts: 36

13/02/2023 11:33 am

Not Octopus Agile? That's the tariff I would consider going on if/when I Introduce battery storage. My BIL is on Agile and has had a few instances where Octopus pay him to take electric from the grid during the night.

Sure, daytime prices could be inflated but is covered by the EPG and afaik, Agile prices haven't been so high during daytime.

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Gary

(@gary)

Prominent Member Member

Joined: 2 years ago

Posts: 350

13/02/2023 12:31 pm

See the previous post about suppliers being able to set own rate for economy 7 so no it won’t be capped to 40p

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TRBob

(@trbob)

Estimable Member Member

Joined: 3 years ago

Posts: 49

13/02/2023 1:09 pm

Posted by: @benguela

↑

Hi guys,

Is anyone on Flexible Octopus with Economy 7?

Do you have an Economy 7 meter or a smart meter? I want to switch to Flexible Octopus with Economy 7, but hello@octopus sent me funny one line email saying 'you'll have to get an Economy 7 meter' when, in fact, I already have a smart meter.

Surely a smart meter is able to do it.

I was all set to go onto Eco7 with Octopus pre Dec cold snap, however they said that my Gen1 Smart meter was incompatible, they were happy to change it to a Gen 2, due to workloads this didn't happen until a few weeks ago. However in the interim the cold snap made me realise that during cold weather like that I would need way more battery storage than the 5KWh I have. Then I heard about the Cosy tariff which I've been on for about 3 weeks and that suits me much better with my storage and any cold weather.

Mitsubishi Ecodan 8.5kWh
4.4kW Solar PV
5.2 kWh Battery Storage
1983 build, 300mm loft insulation, cavity wall insulation (beads)

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