Energy provider EDF has launched a free smart in-home display, SeeZero, to give customers a new way to view electricity prices, energy use, and spending in real time. The tool is available to customers on its FreePhase tariff and combines live smart meter data with current and future tariff prices to display FreePhase pricing information.
Customers on these tariffs can save money by checking today's electricity costs, reviewing upcoming prices, monitoring their energy usage, and identifying opportunities to use electricity when it is cheaper. EDF said customers on FreePhase have so far saved more than £140,000, with more than nine in 10 paying less than on its Standard Variable Tariff.
How SeeZero works
Joe Souto, retail director at EDF, said: "With average bills set to rise from January 1, we are always looking at ways to help customers bring their costs down. We are delighted that FreePhase has helped customers save £140,000 by giving them greater control over their energy use. The SeeZero display will make it easier to act on that choice by bringing energy prices, energy use and spending together in one place."
"The display has been developed to help those wanting to take a more active role in managing their energy use and when it is most efficient to complete everyday tasks such as running washing machines, dishwashers or other flexible appliances."
FreePhase tariffs explained
The launch supports customers on EDF's two FreePhase tariffs, which were designed to help households benefit from using electricity at different times of day. FreePhase Dynamic unit rates track wholesale electricity prices every day, with day-ahead prices published on EDF's FreePhase Dynamic price tracker. It has a three-rate structure - red, amber, green - with off-peak (amber) rates, on average, 22% cheaper than the standard variable tariff and night rates (green) 29% cheaper, EDF says.
FreePhase Static offers the same three-rate structure, but with unit rates fixed for 24 months. On FreePhase Static, EDF said night rates (green) are up to 33% cheaper compared to the standard variable tariff.
January price cap forecast
Energy bills are expected to rise again for millions next year, as volatile wholesale gas prices continue to put pressure on households. The latest forecast suggests Ofgem, the energy regulator, will raise the price cap by as much as 28% on January 1 when it next revises unit rate limits. This increase will push energy bills up by as much as £488 per year for typical households on average who aren't on fixed-rate tariffs.
Households on Standard Variable Rate (SVR) deals have been urged to compare energy tariffs against the January forecast and consider switching to a fixed rate if they can get a cheaper option.
Sabrina Hoque, energy expert at Uswitch.com, said: "In a few weeks' time we'll know exactly where prices are headed, but all forecasts point to a staggering increase in energy rates from January. The prices of some fixed deals have come down slightly in recent days and sit just above current price cap levels, yet still significantly cheaper than the outlook for January. The cheapest deal on the market right now could save a typical household £421 a year compared with the predicted rates, while also offering certainty over cost and protection against any further increases. Households should run an energy comparison to find the cheapest deals and check the rates against the January forecast for a clearer view of the savings available through switching."
