Best UK Electricity Tariff For Home Battery Storage 2024

electricity tariff for battery storage

With rising energy costs, more UK homeowners are turning to battery storage to save money on their electricity bills. However, to maximise savings, it's important to be on the right tariff. This comprehensive guide examines the best electricity tariffs for battery storage in 2024.

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How Home Battery Storage Systems Are Used in the UK?

Battery storage systems store excess electricity, usually from solar panels, to use when needed. This allows homeowners to reduce grid imports and save money. However, home batteries are not exclusively installed alongside solar panels. They are also installed in homes with smart tariffs, such as Octopus Go EV tariffs, to facilitate load shifting. This approach optimises energy usage by storing electricity during off-peak hours and utilising it during peak times, ultimately contributing to cost savings and efficient energy management for both individual households and the grid.

Common home storage systems use lithium-ion batteries with 5-20 kWh capacity. Key benefits include cost savings, energy resilience, earning from exports, and maximising solar energy self-consumption.

Types of Electricity Tariffs Compatible With Battery Storage

To maximise savings from a home battery, the electricity tariff is crucial. Here are the key elements to look for:

Time-of-Use Pricing

Tariffs with cheaper overnight and daytime rates incentivise charging when electricity prices are lower.

Dynamic Pricing

Real-time pricing allows charging when wholesale prices drop. Rates can even go negative.

Export Tariffs

Decent export rates allow selling stored electricity back to the grid at peak times.

Top Tariffs for Homeowners with Battery Storage

After our extensive market research, these tariffs offer the best value:

Time-of-use tariff: Octopus Energy Intelligent Octopus Flux

  • Smart import/export tariff for solar and battery storage
  • Currently in beta and only works with GivEnergy batteries
  • 21-hour standard rate
  • 3 hour peak export period from 4-7 pm to discharge your battery
  • Estimated £450 annual savings compared to standard tariff
intelligent octopus flux
intelligent octopus flux rates
Example rates in Cambridge area in March 2024

Time-of-use tariff: Octopus Energy Intelligent Octopus GO

  • EV and home tariff with super low overnight rate
  • 6 hours of 7.5p/kWh rate from 11:30pm to 5:30am
  • Smart charges EV at cheapest and greenest times automatically
  • Save estimated £700 per year on EV charging and home energy
  • Charge your battery together with the EV (during winter when there isn’t enough solar power to fully charge your battery)
  • Need: smart meter and compatible EV or EV charger

Dynamic tariff: Octopus Energy Agile Octopus

  • Electricity import tariff with dynamic half-hourly pricing
  • Check out Agile Octopus historical rates of your region here: agile.octopushome.net/historical-data
  • Rates based on wholesale energy prices, updated daily
  • Big savings possible by shifting usage away from 4-7pm peak
  • Price cap of 100p/kWh guarantee
  • Energy Arbitraging: Set your battery to charge when the price goes below e.g. 5p and discharge to the grid when it reaches e.g. 30p
  • Need: smart inverter (part of your battery system) that can receive Octopus’s next day half-hourly pricing and program the battery system to charge and/or discharge accordingly. In our opinion, Sunsynk ECCO inverters are the best for working with the Agile Tariff.
Agile Octopus vs Price Cap July.png.rendition.992.992
Agile Octopus vs Price Cap. Source: Money Saving Expert

Export tariff: Octopus Energy Outgoing Fixed

  • Export tariff for selling excess energy back to grid
  • Fixed rate of 15p/kWh for all exported energy
  • Pair Intelligent Octopus Go with Outgoing Fixed to get fixed 7.5p off-peak import rate and 15p export rate. In our opinion, this is the most economical option if you have an EV and solar PV with battery storage. It also offers more certainty than any dynamic tariffs.

Maximising Savings with Smart Battery Systems

To optimise savings, consider using smart battery systems or intelligent energy storage systems. These systems incorporate advanced features that allow them to optimise charging and discharging based on various factors such as time of day, energy prices, and grid demand. Here’s how they work:

  1. Programmable Charging and Discharging: Smart battery systems can be programmed to charge during off-peak hours when energy prices are lower and demand on the grid is minimal. Similarly, they can be set to discharge during peak hours when energy prices are higher or when there is a higher demand for electricity.
  2. Communication with Utility Platforms: Some advanced smart battery systems are capable of communicating with utility suppliers’ platforms in real-time. They can receive live pricing information and grid demand signals from the utility company. Based on this information, the system automatically adjusts its charging and discharging schedule to optimise energy consumption and savings.
  3. Integration with Solar PV: They can store excess energy generated during periods of high renewable energy production and release it when needed, further optimising energy usage and reducing reliance on the grid.
  4. Remote Monitoring and Control: smart battery systems come with remote monitoring and control capabilities, allowing users to monitor their energy usage and system performance from anywhere using a smartphone. This feature enables users to make adjustments to their energy storage settings as needed for maximum efficiency.

Book a Free Consultation

We will use the provided information to suggest a home battery system that aligns with your energy needs. Our team will contact you to discuss the system’s design and installation costs. Should you decide to move forward with our proposal, we’ll arrange for an on-site survey to assess your current electrical setup.

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We will use the provided information to suggest a home battery system that aligns with your energy needs. Our team will contact you to discuss the system’s design and installation costs. Should you decide to move forward with our proposal, we’ll arrange for an on-site survey to assess your current electrical setup.

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