Scottish Power "Pay in Advance" offer...

grahamm

I've just put my meter readings in on the Scottish Power site, but when I logged in I got this message:

Plug into a new way to pay with guaranteed savings

Pay in Advance* is a unique gas and electricity option from ScottishPower.

As the name suggests, you pay for a year or more in advance. Based on what you've spent in the past year, we work out what your energy needs are likely to be over the next year.

By paying in this way, you benefit from a 5% discount on our standard monthly Direct Debit prices - until your initial payment runs out.

The terms and conditions are here: http://www.scottishpower.co.uk/static/energyproducts.htm#Payinadvance

Now normally I wouldn't even think about giving someone a year's worth of money up front, but knocking 5% off my energy bill (and that, it appears, is on top of the direct debit and dual fuel discounts) looks like it might be worth it.

Anyone got any views on this?

(PS I've checked and, for my energy usage, the current Scottish Power deal I'm on is the cheapest for me )

Bark01

I guess you have to look at this way, if you invested the money in something else which didn't give you access for a year would you be able to get a better % return. Have not read the t&c's but if you pay for it advance and the prices fall will you get a refund?

Also have you looked at first utilities isave, it the cheapest DF around, can't think of many cases where SP are the best.

dave461_2

The 5% off is only their standard direct debit price.
Their discounted energy is 3% cheaper (meaning you only get 2% for paying up-front) and online discount isn't included (approx £10).
I'd say to use u-switch with your estimated annual usage and take 5% off the standard scottish power rate to compare to the other quotes.
I'm with Bcottish Power at the mo but will probably move to British Gas when my cap finishes in December.