Green Energy UK is offering its customers what is claimed to be the nation’s first “time-of-day” electricity tariff.
That means prices will vary between periods of high and low power demand.
The energy supplier is using the latest smart meter technology to offer the new TIDE tariff.
It will charge five times more for electricity used during the evening peak compared to overnight rates.
Green Energy UK hopes this would help customers save money by charging electronic devices and using appliances such as washing machines when electricity is cheaper.
It believes the tariff would also enable its customers who drive electric cars to charge them overnight and gain “more control over their electricity bills”.
Customers that sign up to the TIDE tariff will have smart meters installed and pay 4.99p per unit/kWh from 11pm to 6am.
That’s compared with 24.99p per kWh between 4pm and 7pm and 11.99p at all other times.
Doug Stewart, Green Energy’s CEO said: “The introduction of smart metering presents the opportunity for a different way to buy energy, a different way to manage our usage, a different way of controlling our bills; a way of being smart in every sense of the word.
“The introduction of TIDE is the first step into the new world of energy infrastructure; a step which puts consumers in charge, lets them take control and decide when they use energy and what that means to their bill.”