Economy 7 - Scottish Power is the cheapest according to Cheap Energy Club

leaphtc
leaphtc Posts: 12 Forumite
in Energy
I've been with Flow Energy for 1 year now (very happy customer) but unfortunately prices are going up and it is time to switch energy supplier.

According to Cheap Energy Club, Scottish Power has the cheapest Economy 7 tariff (it also matches the results from comparison websites). I could save £127/year.

We haver E7 meter because we live in a 2 bedroom flat with 1x storage heater in the living room and 1x electric heater in each room. We only use the the night rate in the winter months when the heaters are on after midnight (our bills triple even with E7, at night tariff)

At the moment I'm paying
Flow Energy Day 12.974 Night 6.490 Std Charge 12.971

The cheapest I could find is:

Scottish Power Day 13.468 Night 5.499 Std Charge 32.876

According to my spreadsheet calculations (based on the last 12 months with Flow Energy), we will:

- pay more during the summer months (£7/month to be exact)
- pay more during winter (£2/month to be exact)


My question is, how can I save £127/year?
Also has anyone seen anything cheaper for Economy 7 (I've used all the comparison websites and checked the tariff rates from each supplier, instead of using their estimation)

Comments

  • wavelets
    wavelets Posts: 1,164 Forumite
    Combo Breaker First Post
    edited 18 January 2017 at 1:22AM
    leaphtc wrote: »
    I've been with Flow Energy for 1 year now (very happy customer) but unfortunately prices are going up and it is time to switch energy supplier.

    According to Cheap Energy Club, Scottish Power has the cheapest Economy 7 tariff (it also matches the results from comparison websites). I could save £127/year.

    We haver E7 meter because we live in a 2 bedroom flat with 1x storage heater in the living room and 1x electric heater in each room. We only use the the night rate in the winter months when the heaters are on after midnight (our bills triple even with E7, at night tariff)

    At the moment I'm paying
    Flow Energy Day 12.974 Night 6.490 Std Charge 12.971

    The cheapest I could find is:

    Scottish Power Day 13.468 Night 5.499 Std Charge 32.876

    According to my spreadsheet calculations (based on the last 12 months with Flow Energy), we will:

    - pay more during the summer months (£7/month to be exact)
    - pay more during winter (£2/month to be exact)


    My question is, how can I save £127/year?
    Also has anyone seen anything cheaper for Economy 7 (I've used all the comparison websites and checked the tariff rates from each supplier, instead of using their estimation)

    Did you allow for that in your calculation?

    Did you include other discounts offered by SP in your calculation? e.g. dual fuel, paperless billing, etc

    Comparison sites tell you your anticipated savings for the year ahead. No point looking back at history.
  • frugalmacdugal
    frugalmacdugal Posts: 10,077 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Hi,

    SP is 20p a day extra St Ch, so that's £73 a year, you would need to use an extra 7300 night units to break even, and SP day units are dearer.

    Are you sure your calculations are correct?
  • apt
    apt Posts: 3,188 Forumite
    Name Dropper First Post First Anniversary
    Ignore what comparison sites say about annual savings. They are usually based on the assumption that you will move to the standard rate of your existing supplier when your current fixed rate ends.
  • leaphtc
    leaphtc Posts: 12 Forumite
    wavelets wrote: »
    Did you allow for that in your calculation?

    Did you include other discounts offered by SP in your calculation? e.g. dual fuel, paperless billing, etc

    Comparison sites tell you your anticipated savings for the year ahead. No point looking back at history.

    Yes, my calculations include all discounts, vat, etc. When you said "no point looking back at history"; I always thought that looking back the yearly usage is the most accurate way comparing costs. That is why websites ask for energy consumption in the last 12 months (in kwh or monthly payment)

    apt wrote: »
    Ignore what comparison sites say about annual savings. They are usually based on the assumption that you will move to the standard rate of your existing supplier when your current fixed rate ends.

    That makes more sense. I've entered Flow Energy charges (variable tariff) into my calculations and yes I could save that amount if I switched to SP.

    Wow, that is very misleading. When I research on comparisons websites I expect the results to be based on the tariff I'm on. The websites ask to choose my current supplier, plan and usage in the past year. So why compare it against a tariff I'm not on?

    So, basically, I will not save any money switching to SP (will pay more next year that I pay now), but I will pay less compared to Flow Variable tariff (if I stayed with Flow Energy). :mad: :(
  • footyguy
    footyguy Posts: 4,157 Forumite
    Combo Breaker First Post
    edited 18 January 2017 at 11:37PM
    leaphtc wrote: »
    Yes, my calculations include all discounts, vat, etc. When you said "no point looking back at history"; I always thought that looking back the yearly usage is the most accurate way comparing costs

    It usually is, but do not confuse usage with cost.
    You will be charged for your usage according to your tariff.
    As you said
    ...unfortunately prices are going up...
    What you appear to be attempting to do is compare what you paid last year with what you will pay this year if you switch supplier&tariff.

    It doesn't matter what you paid last year. You've paid it (hopefully). The deal is done & dusted. You won't get that deal again. Move on.

    What the comparison sites do is show you how much you will save in the next 12 months by switching to that supplier & tariff (compared to not switching)
    leaphtc wrote: »
    That is why websites ask for energy consumption in the last 12 months (in kwh or monthly payment)
    No.

    Comparison sites invite you to provide your anticipated annual consumption for the next 12 months, as that is what they provide costs for (assuming no price changes occur in the next 12 months, which they won't if it's fixed tariff)

    It is usually true that to obtain your anticipated annual consumption figure for the next 12 months, its worth looking at what you used in the last 12 months as it is often going to be more or less the same (unless you have a good reason why it won't be.)
  • molerat
    molerat Posts: 31,851 Forumite
    Name Dropper Photogenic First Post First Anniversary
    edited 19 January 2017 at 1:14AM
    leaphtc wrote: »
    Wow, that is very misleading. When I research on comparisons websites I expect the results to be based on the tariff I'm on. The websites ask to choose my current supplier, plan and usage in the past year. So why compare it against a tariff I'm not on?
    Because that is how OFGEM mandate the suppliers and comparison sites must display the "savings". MSECEC and EnergyHelpline allow you to compare against your current tariff by selecting that option.
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