Householders who charge their gadgets, wash their clothes and run their dishwashers overnight will pay less for their energy under a new dual-fuel tariff.
Green Energy UK said its TIDE tariff is the first to offer residential customers an electricity price based on the time of day, although the idea will be familiar to anyone on an Economy 7 or Economy 10 tariff.
Under the deal launched this week, customers will pay 4.9p per unit of electricity on weekdays from 11pm-6am, but five times as much between the peak weekday hours of 4-7pm. The average price of electricity in the UK is around 14p per unit.
Consumer groups and campaigners welcomed the tariff, but said it would not be for everyone.
Doug Stewart, the CEO of Green Energy UK, which has 20,000 customers, said the deal offered a savvy way for people to bring down their bill rather than trying to find the cheapest tariff with a “new-on-the-block supplier”.
“If we are to learn anything from GB Energy’s failure, it’s that cheapest tariffs are unprofitable and unsustainable,” he said of the collapse of another small energy supplier last November. “The mantra of ‘switch to the lowest tariff’ has done nothing for energy efficiency and encourages higher use by those who can’t necessarily afford it.”
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