Home Heat Pump Guide

Heat Pump Tariff Comparison UK 2026: Every Provider Compared

Choosing the right electricity tariff can save heat pump owners hundreds of pounds a year — but with six major suppliers and numerous tariff variations, comparing them is not straightforward. We have done the work for you.

This guide provides a complete side-by-side comparison of every UK electricity tariff that is relevant to heat pump owners in 2026. We compare rates, off-peak hours, eligibility, and — most importantly — what each tariff will actually cost you based on real-world usage.

The Full Comparison Table

Here is every major supplier and their best heat pump-relevant tariff, side by side:

Octopus Energy — Cosy Octopus

  • Tariff type: Time-of-use (3 off-peak windows)
  • Off-peak rate: ~10p/kWh
  • Standard rate: ~23.5p/kWh
  • Peak rate: ~33p/kWh (4-7pm)
  • Off-peak hours: 9 hours (4-7am, 1-4pm, 10pm-midnight)
  • Smart meter required: Yes
  • Heat pump registration: Yes
  • Contract type: Variable (no exit fees)

Octopus Energy — Intelligent Go

  • Tariff type: Time-of-use (overnight)
  • Off-peak rate: ~7-10p/kWh
  • Daytime rate: ~27-30p/kWh
  • Off-peak hours: 6 hours (11:30pm-5:30am)
  • Smart meter required: Yes
  • Heat pump registration: No
  • Contract type: Variable

Scottish Power — SmartGen

  • Tariff type: Flat reduced rate
  • Unit rate: ~15-18p/kWh (all day)
  • Off-peak hours: N/A (flat rate)
  • Smart meter required: Recommended
  • Heat pump registration: Yes
  • Contract type: 12-month fixed

EDF Energy — GoElectric

  • Tariff type: Time-of-use (overnight)
  • Off-peak rate: ~10-12p/kWh
  • Daytime rate: ~25-28p/kWh
  • Off-peak hours: 7 hours (midnight-7am)
  • Smart meter required: Yes
  • Heat pump registration: No
  • Contract type: Variable or fixed options

E.ON Next — Next Drive

  • Tariff type: Time-of-use (overnight)
  • Off-peak rate: ~9-11p/kWh
  • Daytime rate: ~26-30p/kWh
  • Off-peak hours: 7 hours (midnight-7am)
  • Smart meter required: Yes
  • Heat pump registration: No
  • Contract type: Variable

British Gas — Standard/Fixed

  • Tariff type: Flat rate
  • Unit rate: ~24.5p/kWh (variable) or ~22-26p/kWh (fixed deals)
  • Off-peak hours: None
  • Smart meter required: For PeakSave only
  • Heat pump registration: No
  • Contract type: Variable or 12-24 month fixed

OVO Energy — Standard/Fixed

  • Tariff type: Flat rate
  • Unit rate: ~24-24.5p/kWh (variable) or ~22-26p/kWh (fixed deals)
  • Off-peak hours: None
  • Smart meter required: No
  • Heat pump registration: No
  • Contract type: Variable or fixed

Annual Cost Comparison

The comparison that truly matters is annual cost. We have calculated this for three scenarios based on a heat pump using 4,000 kWh per year:

Scenario 1: Good Off-Peak Scheduling (60% shifted to off-peak)

  • Octopus Cosy: £604 per year
  • Scottish Power SmartGen: £660 per year
  • EDF GoElectric: £692 per year
  • E.ON Next Drive: £700 per year
  • Octopus Intelligent Go: £716 per year
  • British Gas standard: £980 per year
  • OVO standard: £980 per year

Scenario 2: Excellent Off-Peak Scheduling (75% shifted to off-peak)

  • Octopus Intelligent Go: £538 per year
  • Octopus Cosy: £540 per year
  • E.ON Next Drive: £580 per year
  • EDF GoElectric: £590 per year
  • Scottish Power SmartGen: £660 per year
  • British Gas standard: £980 per year
  • OVO standard: £980 per year

Scenario 3: No Off-Peak Scheduling (flat usage pattern)

  • Scottish Power SmartGen: £660 per year
  • British Gas best fixed: £920 per year
  • OVO best fixed: £920 per year
  • British Gas standard: £980 per year
  • OVO standard: £980 per year
  • Octopus Cosy: £988 per year (higher due to peak rate penalty)
  • EDF GoElectric: £1,040 per year (higher due to daytime rate premium)
  • E.ON Next Drive: £1,060 per year (higher due to daytime rate premium)

This third scenario is crucial. If you cannot shift usage to off-peak, time-of-use tariffs can actually cost you more than flat-rate tariffs. The higher daytime/peak rates on GoElectric, Next Drive, and even Cosy outweigh the cheap off-peak rates if you are not using those cheap windows.

Which Tariff Is Best? Our Recommendations

Best Overall: Octopus Cosy

Octopus Cosy wins for most heat pump owners. The three off-peak windows provide flexibility that single-window overnight tariffs cannot match. You do not need a perfectly insulated home to benefit — even modest scheduling around the cheap windows delivers significant savings. The standard rate between off-peak windows is also lower than the daytime rates on EDF and E.ON tariffs.

Best for: Most heat pump owners. The default recommendation.

Best for Maximum Savings: Octopus Intelligent Go

If your home is very well insulated and you can genuinely shift 70%+ of electricity to overnight, Intelligent Go's lower off-peak rate (7-10p vs Cosy's 10p) delivers the absolute cheapest annual cost. But it requires discipline and a home that holds heat well.

Best for: Well-insulated homes with large hot water cylinders and EV owners.

Best for Simplicity: Scottish Power SmartGen

Scottish Power SmartGen is the clear winner if you want a flat reduced rate without scheduling. At 15-18p/kWh all day, it saves £320+ per year versus standard tariffs with zero effort. It is also the safest choice — unlike time-of-use tariffs, you cannot accidentally run up a higher bill by using electricity at the wrong time.

Best for: Homeowners who want guaranteed savings without scheduling complexity. Poorly insulated homes.

Best for EV + Heat Pump Combo: EDF GoElectric or E.ON Next Drive

If you have both a heat pump and an electric vehicle, EDF GoElectric or E.ON Next Drive make excellent sense. Both devices charge/heat overnight, doubling the value of the cheap window. Combined savings can reach £500-700+ per year.

Best for: Households with both a heat pump and an EV.

Not Recommended for Heat Pump Owners: British Gas and OVO Standard Tariffs

Without dedicated heat pump products, British Gas and OVO standard tariffs cost £280-380 more per year than the best alternatives. Unless you have a specific reason to stay (existing service contracts, strong brand preference), switching to a heat pump tariff is a straightforward way to reduce your bills.

What You Need Before Switching

Smart Meter

Every time-of-use tariff requires a smart meter. If you do not have one, your new supplier will install one for free. SMETS2 meters (the current standard) work with all suppliers. Allow 2-4 weeks for installation after signing up.

Your Usage Data

Before choosing a tariff, understand your electricity usage pattern. Your smart meter data (available through your supplier's app or the n3rgy/Loop apps) shows when you use electricity. This helps you calculate which tariff will actually be cheapest based on your real usage, not assumptions.

Heat Pump Scheduling Capability

Check that your heat pump can be scheduled to align with off-peak windows. Most modern heat pumps from brands like Vaillant, Samsung, Daikin, and Mitsubishi have programmable timers or app-based scheduling. Older or budget models may have more basic controls — check before committing to a time-of-use tariff.

Hot Water Cylinder

A hot water cylinder of 200+ litres is highly beneficial for time-of-use tariffs. It acts as thermal storage, allowing you to heat water during cheap windows and use it throughout the day. Without one, you may need to run the heat pump for hot water during expensive periods.

How Tariff Rates May Change

All the rates quoted in this comparison are indicative for Q1 2026. They will change over time:

  • Ofgem price cap: Reviewed quarterly, affecting standard and peak rates across all suppliers
  • Wholesale prices: Energy market fluctuations affect all tariffs, though off-peak rates tend to be more stable
  • Competition: As more suppliers enter the heat pump tariff market, rates should become more competitive
  • Government policy: Potential rebalancing of electricity and gas levies could reduce electricity unit rates for everyone

We update this comparison regularly. Check back for the latest rates, or see our individual supplier reviews for the most current pricing.

The Bottom Line

If you own a heat pump and are on a standard electricity tariff, you are almost certainly overpaying. Switching to a heat pump-appropriate tariff is one of the easiest ways to reduce your running costs, with potential savings of £250-500 per year depending on the tariff and your ability to schedule usage.

For most homeowners, Octopus Cosy is the best starting point. If simplicity matters more than maximum savings, Scottish Power SmartGen is the obvious alternative. And if you also have an EV, EDF GoElectric or E.ON Next Drive offer excellent dual-device savings.

Do not stay on a flat-rate tariff if you have a heat pump. The savings from switching are simply too significant to ignore. For more on optimising your heating schedule, see our guide to time-of-use tariffs explained.

Frequently Asked Questions

Which is the cheapest tariff for heat pump owners in 2026?

Octopus Cosy and Octopus Intelligent Go typically deliver the lowest annual costs for heat pump owners who can schedule their heating around off-peak windows. For a typical heat pump using 4,000 kWh per year, annual costs of £540-600 are achievable, compared to £980 on a standard tariff.

Do I need a different tariff for a ground source heat pump?

No. The same tariffs apply regardless of heat pump type. Ground source, air source, and hybrid heat pumps all benefit equally from cheap off-peak electricity. The scheduling principles are identical.

Can I switch tariff mid-contract?

If you are on a variable-rate tariff (most Octopus and E.ON products), you can switch at any time without penalty. Fixed-price contracts from Scottish Power, EDF, or British Gas may include exit fees for early termination. Always check before switching.

Will the government create a universal heat pump tariff?

There have been discussions about rebalancing electricity and gas levies to make heat pumps cheaper to run, but no universal heat pump tariff has been legislated as of early 2026. The best approach remains choosing a competitive commercial tariff from a supplier.

What if I do not have a smart meter?

Contact your energy supplier to arrange a free smart meter installation — it is your legal right. Without a smart meter, you are limited to flat-rate tariffs and cannot access any time-of-use products. The installation typically takes 30-60 minutes and is completely free.

Can I be on different tariffs for gas and electricity?

Yes. If you still have a gas supply (for cooking, for example), you can have gas with one supplier and electricity with another. Most heat pump owners focus on getting the best electricity tariff, as that is where the largest savings are.