UK Energy Suppliers: Best Smart Meter Tariffs Compared

What Are Smart Meter Tariffs and Why Should You Consider Them?

Smart meter tariffs are energy plans designed for homes with smart meters. Smart meters provide real-time data about energy use. This information helps customers and suppliers understand energy usage better. With accurate data, they can create better tariffs and deals that help people save money. This is especially helpful for those who can shift their energy usage to off-peak times.

Benefits of Smart Meter Tariffs

• Accurate Billing: Smart meters measure your energy use in real-time. This means you won't get estimated bills anymore. You will only pay for the energy you actually use.
• Energy Usage Insights: Smart meters show you clear details about your energy usage. This helps you figure out how to use energy better, like using less during peak times or using your appliances more wisely.
• Access to Smart Tariffs: Smart tariffs come with different prices for energy based on the time of day. This encourages you to use energy when it's cheaper, especially during off-peak times. Some tariffs even have lower rates for charging electric vehicles (EV) at night.
• Environmental Impact: Smart meters help you use energy more wisely. They also support renewable energy, which can lower your carbon footprint.
• Easier Supplier Switching: With smart meters, it’s easier to change energy suppliers. Your new supplier can easily see your energy use data.

How Do Smart Meter Tariffs Work in the UK?

Smart meter tariffs help you get better prices by using information from your smart meter. The smart meter sends energy readings directly to your supplier. This way, you don't need to read the meter yourself. Because of this data, suppliers can offer time-of-use tariffs. These tariffs have lower rates during off-peak times. They also provide more accurate dual fuel tariffs for people who use both gas and electricity.

Types of Smart Meter Tariffs

1. Fixed Rate Tariffs: These plans give you a steady price for energy for 12 to 24 months. This helps protect you from rising energy prices. They provide peace of mind when you are planning your budget.
2. Variable Rate Tariffs: With these plans, the price of energy changes based on market conditions. They can be cheaper when prices drop, but they might also go up, making them hard to predict.
3. Time-of-Use Tariffs: These charge different prices depending on the time of day. Energy used during off-peak hours, like late night or early morning, is cheaper. This is ideal for homes that can shift their energy usage or have electric vehicles that need overnight charging.
4. Dual Fuel Tariffs: These include both gas and electricity in one plan, often at a lower cost. This is great for homes using both energy types and makes billing simpler with one supplier.
5. Green Energy Tariffs: These plans are for people who care about the environment and want energy from renewable sources like wind, solar, or hydro. Some companies provide 100% green energy for both electricity and gas.
6. Prepayment Tariffs: These use smart prepayment meters, allowing customers to add energy credit online. They offer more flexible payment options than regular prepayment meters.
7. Economy 7 and Economy 10 Tariffs: These are special time-of-use plans that provide lower prices for seven or ten hours at night. They suit homes with electric storage heaters or those that can move most of their energy usage to night-time.

Compare Energy Prices

Thinking about changing your energy provider?

Compare Now

Which UK Energy Suppliers Offer the Best Smart Meter Tariffs?

Many energy companies in the UK offer great deals on smart meters. Let’s look at some of the best options:

British Gas

British Gas is a big energy supplier in the UK. They have different smart meter tariffs. These include fixed-rate and variable-rate options. British Gas also offers special tariffs for electric vehicle (EV) owners. These tariffs allow for cheaper rates when charging at night. Their "Electric Vehicle Tariff" helps EV owners save money by letting them charge during off-peak times.

Special Features:

• EV rates that can be up to 35% lower during off-peak times.
• Discounts for dual fuel users, typically around £20 for each fuel every year.
• A lot of online and app tools to help you manage your account, like tracking your energy usage and getting tips to save money just for you.
• Free installation and upkeep of smart meters.
• A "PeakSave" program that offers cashback if you reduce your energy use during peak times.

Octopus Energy

Octopus Energy is well-known for its good prices and strong customer focus. They offer several smart tariffs. One of these is the "Octopus Go" tariff. This plan provides lower electricity rates for four hours each night, which is great for EV owners. Another choice is the "Agile Octopus" tariff. With this plan, prices change every thirty minutes based on energy prices in the market. This may help people save money by using energy when it costs less.

Special Features:

• Prices change every thirty minutes. They can even go below zero when there is a lot of renewable energy.
• Time-of-use rates are perfect for EV owners and smart home fans. You can find rates as low as 7.5p per kWh during off-peak times.
• All rates provide options for 100% renewable electricity.
• Most rates have no exit fees, so switching is simple.
• The "Octopus Tracker" rate adjusts with wholesale prices and updates each day.

EDF Energy

EDF Energy offers several smart meter tariffs. You can choose between fixed-rate and variable-rate plans. The "Blue+ Price Protection" tariff provides fixed rates for a specific period. This helps you understand your costs. EDF also promotes renewable energy. They let customers add a renewable energy guarantee to their tariffs.

Special Features:

• Price protection with fixed-rate plans for up to 3 years.
• Choices for green energy, supporting renewable power.
• A smart meter that works with a user-friendly web browser and an app for energy management.
• The "GoElectric" tariff for EV owners, providing up to 98 hours of low-cost electricity each week.
• A rewards program offering Tesco Clubcard points for energy costs.

E.ON Next

E.ON Next focuses on renewable energy. They offer smart meter tariffs to help with their eco-friendly goals. The "Next Drive" tariff is specially designed for electric vehicle (EV) owners. It allows them to charge their cars at night for a lower price. E.ON Next also provides time-of-use tariffs. These tariffs encourage people to use energy when the demand is low.

Special Features:

• You can get plans that focus on EVs, which offer discounts when charging during off-peak times. Prices can be as low as 4p per kWh during these hours.
• All plans include 100% renewable electricity.
• There are flexible dual fuel options available, and you can manage them online. There are also tools to help you save energy.
• The "Fix Online" plans offer good fixed rates, and you can manage your account online easily.
• If you want to install solar panels and battery storage, the "E.ON Solar" option is perfect for you.

OVO Energy

OVO Energy has helpful smart meter deals that focus on green energy and are great for customers. Their "EV Everywhere" plan is perfect for electric vehicle owners. It gives lower prices for electricity during off-peak times. OVO also has several fixed-rate plans that include green energy options.

Special Features:

• Good prices for green and renewable energy. They offer 100% renewable electricity.
• Special rates for EV charging. Costs can be as low as 5p per kWh during off-peak times.
• Earn rewards for saving energy with OVO's "OVO Greenlight" program.
• The "Better Smart" tariff gives energy-saving tips using your smart meter data.
• OVO supports customers by planting trees through a tree planting initiative.

Scottish Power

Scottish Power offers different plans for smart meters. These plans include fixed-rate choices and flexible pricing. Customers with smart meters can sign up for special plans. These plans provide detailed information about energy usage. This information helps people manage their energy use more effectively.

Special Features:

• Smart meter tariffs designed for your needs and flexible billing options.
• Choices for renewable energy, with a guarantee of 100% wind power.
• Support and installation services for smart meters are offered.
• A "SmartPower" tariff provides lower rates if you submit meter readings every half hour.
• A package called "EV Power Up" for electric vehicle (EV) owners, which includes a home charger and a special tariff.

Smaller Suppliers (Outfox the Market, Fuse Energy, Tulo Energy, Tomato Energy)

Smaller suppliers often offer better rates for smart meters to attract new customers. They may have special deals, too. For instance, they might not have any standing charges. They could also give discounts for some types of customers.

Special Features:

• The prices are good, with unique tariff plans that often have lower standing charges.
• Costs may be less because of fewer operating costs.
• Customers can enjoy flexible choices and services just for them.
• Some companies provide new tariffs, like Outfox the Market’s "One" tariff, which has one unit rate for all usage.
• A few smaller suppliers help with community energy programs and local projects for energy generation.

How Can You Compare Smart Meter Tariffs Effectively?

Key Factors to Consider When Comparing Tariffs

• Price Per kWh: Look at the price for electricity and gas, including any standing charges. A low price per kWh might not be the best deal when standing charges are included.
• Tariff Type: Consider what type of tariff you need. A fixed, variable, or time-of-use plan can match different energy usage styles and how comfortable you are with price changes.
• Contract Length and Exit Fees: Check how long the contract lasts and if there are fees for cancelling it early. A longer contract may have better rates, but it gives you less flexibility.
• Green Energy Options: If you care about the planet, look for tariffs that provide 100% renewable energy. Find out if the supplier generates their own green energy or just buys energy certificates.
• Additional Features: Some tariffs offer bonuses like discounts for using dual fuel, no-cost smart meter installation, or rewards for saving energy. These extras can be worth more than the unit rate.
• Customer Service: Pay attention to customer service ratings and read reviews. Good customer service is important when you have billing questions or meter problems.
• Smart Home Integration: Some suppliers have tariffs that work well with smart home devices. This can help you manage your energy usage and save money.
• Billing Options: Consider how you want to pay. Do you prefer paperless billing, direct debit, or other methods? Some suppliers offer discounts for choosing certain billing options.

Using Comparison Tools

Many websites can help you compare smart meter rates in your area. For example, Free Price Compare lets you add your energy usage details. After that, you can view and compare rates by price, features, and what other customers say. These tools often provide:

• Get quotes that fit your energy use.
• Select filters for specific tariff types like green energy or EV tariffs.
• Discover how much you can save compared to your current tariff.
• Read reviews and ratings from other users about different suppliers.
• Understand contract lengths, exit fees, and extra benefits.

When using these tools, it's important to:

• Keep your recent energy bills handy to get the right usage info.
• Look at both unit rates and standing charges when checking prices.
• Don’t just pay attention to the big savings numbers; look at all the tariff details, too.
• Ensure the site shows all tariffs or just the ones they can help you switch to easily.

Compare Energy Prices

Thinking about changing your energy provider?

Compare Now

What Are the Benefits of Switching to a Smart Meter Tariff?

• Financial Savings: Smart meter tariffs can help lower your energy bills. They allow you to use energy wisely and enjoy cheaper rates at night. Some people save 10-20% on their bills after switching to a smart meter tariff and changing their energy use.
• Improved Energy Management: Real-time data lets you track your energy use. This helps you make better choices, waste less energy, and save money over time. It also reduces your carbon footprint.
• Access to Exclusive Deals: Many energy suppliers provide special deals for smart meter users. These offers can lead to lower rates, cashback, or rewards for using less energy during peak times.
• Environmental Benefits: Time-of-use and green energy tariffs promote a better way to use energy. By using energy when renewable sources are more available, you can help clean up the grid.
• More Accurate Billing: Smart meters give you precise bills. You only pay for what you actually use. This helps you budget better and avoid the surprise of high bills.
• Easier Supplier Switching: Switching energy suppliers is easy and swift with smart meters. Your new supplier can see how much energy you have used without any hassle.
• Future-Proofing: As the energy world shifts toward smarter grids and flexible pricing, having a smart meter sets you up well. You will be ready for new options and savings in the future.

How Easy Is It to Switch Energy Suppliers for a Better Smart Meter Tariff?

Switching energy suppliers in the UK is easy. Smart meters help a lot with this. Here is a simple guide on how to switch suppliers:

1. Compare Tariffs:
   • Use online comparison tools to compare smart meter tariffs.
   • Enter your postcode and current energy usage for accurate quotes.
   • Consider both price and additional features when choosing a tariff.
2. Check Your Current Contract:
   • Review your current supplier's terms, including any exit fees or contract length requirements.
   • Note your current tariff end date to avoid early exit fees.
3. Choose a New Supplier and Tariff:
   • Select the tariff that best fits your needs based on your comparison.
   • Consider factors like price, contract length, customer service ratings, and any additional perks.
4. Contact the New Supplier:
   • You can usually sign up online or over the phone.
   • Provide your personal details, address, and current energy supplier information.
   • The new supplier will handle the switch for you, including notifying your current supplier.
5. Provide a Final Meter Reading:
   • If required, provide a final meter reading to your current supplier to ensure accurate billing.
   • With a smart meter, this process is often automated.
6. Cooling-Off Period:
   • You typically have a 14-day cooling-off period during which you can cancel the switch without penalty.
7. Confirmation and Switch:
   • Your new supplier will confirm your switch date, usually within 21 days.
   • They will also provide details of your new tariff and any next steps.
8. Settle Final Bill and Set Up New Payments:
   • Pay any final bill from your old supplier.
   • Set up a payment method with your new supplier, often via direct debit.
9. Enjoy Your New Tariff:
   • Once the switch is complete, you can start enjoying your new smart meter tariff and any associated benefits.
   • Your smart meter may need to be reconfigured to work with the new supplier, which they will arrange if necessary.

The entire process usually takes about 21 days from start to finish, and your energy supply will not be interrupted during the switch.

What Do Customers Say About Their Experience with Smart Meter Tariffs?

Customer reviews help us see the good and bad parts of different smart meter plans. Here is a quick summary of what people commonly say:

Positive Experiences:

• Many customers like the clear billing and insights on energy usage from smart meters. They believe it helps them manage their energy use better.
• People who use time-of-use rates usually see big savings. This is especially true for those who can shift their energy usage to off-peak times.
• EV owners often enjoy special rates for charging. They see significant savings when charging their cars at night.
• Many customers care about the environment, especially those who choose 100% renewable rates.
• A lot of people find it simple to track their energy usage with apps and online portals.

Challenges and Concerns:

• Some customers find it hard to set up or change their plans, especially with older smart meters (SMETS1).
• Sometimes smart meters stop working well when people change suppliers, but this is less common with newer models (SMETS2).
• Some users feel confused by the data and struggle to change their energy usage.
• In rural areas, there are reports of connection issues that affect how well smart meters work.

Compare Energy Prices

Thinking about changing your energy provider?

Compare Now