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The combination of a dipole and a tunable varactor forms a phase shifter with one tunable component that provides a phase shift over a wide range, from 0deg to nearly 360deg. The dipole, loaded with a tunable varactor, is used as a patch component of a low-profile reflectarray antenna. An economic assessment shows that the production price of the suggested phase shifter with one tunable component is more than 10 times smaller than the price of the traditional phase shifter, based on p-i-n diode components. The design of such a phase shifter is the goal of this paper. Simulations of the phase shift and loss of the reflected wave as a function of control voltage applied to the varactor were used, based on an analytical model verified by fullwave analysis. The results of simulations are in agreement with measurements. The fast and correct simulation of the reflection coefficient from the dipole loaded with the tunable varactor can be used for the design and optimization of a low profile steerable reflectarray antenna.