Should i change from EDF blue april 2014 to fix till 2017

hubb

I think i will stick with edf. I have fallen for this scaremongering in the past when martin said switch switch switch about 5 years ago. I switched and the prices didn't go up as predicted. I was stuck with a higher, fixed tariff.

cbrpaul

NPowerUser wrote: »

Despite my username I am also on the EDF April 2014 fix.

I have no intention of switching as :-

I paid over the odds to start with, so surely I would negate most of any savings by switching now?

As soon as the tariff ends, hopefully the warmer weather means I wont be using as much and will have plenty of time to think about my options from May 2014 onwards.

With Labour promising a price freeze as an election bribe, I expect the Tories to come up with something better next year.

Personally, you are on a very good deal now. Why not enjoy your old gamble this winter?

I too am on EDF April 2014, I intend in making FULL use of this very good fixed rate all over this coming winter !!!

bondy01

Like others I'm staying put. The 2015 fix is about £10/month more and as most of my gas and a higher proportion of electric is used between now and April I'll benefit from a tariff that is one of cheapest still in use . The 2017 fix is over £300/year dearer - too much of a gamble I think but does make you wonder where prices will be in a few years time.

barnabee

Done all my sums and am sticking with the Blue + Price Promise 2014 tariff.

If this winter is as harsh as predicted it makes sense. Plus if I switched to the 2017 tariff I would lose my dual fuel credit and direct debit credit allowances that I get with the 2014 tariff.

meldrew58

I am really confused here. It's always said that if it sounds too good then it probably is.
The EDF fix to 2017 sounds irresistible but if there are no catches, then why isn't everyone jumping onto it?
am I missing something?

System

I have just switched again twice in a week lol, decided to go with Scottish power 2015 cant remember what month its a slightly higher standing charge but the day units are nearly half the price as what i am paying now. it works out on economy 7, 34.25p daily standing charge and 10.98 day rate and 5.75 night rate.

At least when the winter nights come i will be able to top the heating up with the fire and not have to worry too much about the price.

toby11

meldrew58 wrote: »

I am really confused here. It's always said that if it sounds too good then it probably is.
The EDF fix to 2017 sounds irresistible but if there are no catches, then why isn't everyone jumping onto it?
am I missing something?

I think the quotes below from this thread answer your question:-

brewerdave: the 2017 fix vs April 2014 fix would cost me ~ £440 per year more!

trisha: it seems a bit silly to pay nearly £300 pounds a year more from now

MEMBER02: im in the same situation on the edf april fix,i contacted edf and if i changed now my bills will rise by £400 ish

bondy01: The 2017 fix is over £300/year dearer - too much of a gamble

JJ_Egan

meldrew58 wrote: »

I am really confused here. It's always said that if it sounds too good then it probably is.
The EDF fix to 2017 sounds irresistible but if there are no catches, then why isn't everyone jumping onto it?
am I missing something?

It costs a lot more in my case £20 a month more than current .
Its a 20% increase in tariff plus a 5 month loss on current tariff losing £100 .

Say current tariff ends price rises 10% April 2014 to £106pm still cheaper than lock in . 2015 lets say another 10% bringing it to £116 that's par with the 2017 tariff. Not until Apr 2016 would i be paying more .
Overpaid by 12x £10 and 5x £20 total of £220

Just don't think the gamble is worthwhile at 15% yes but not 20% increase .

macman

meldrew58 wrote: »

I am really confused here. It's always said that if it sounds too good then it probably is.
The EDF fix to 2017 sounds irresistible but if there are no catches, then why isn't everyone jumping onto it?
am I missing something?

Yes. What you are missing is the drastically higher price that you will be paying from now. It's not whether you fix, it's the rate at which you fix that matters.
If you can pay the steep increase in annual cost that a 4 year fix offers, and want that 'peace of mind,' then fine. But essentially you are just buying an insurance policy, and one with a very high premium. There's no guarantee that it will save you any money over the full term, and it certainly won't do so over the first couple of years if you are already on a cheaper fix that has some time still to run.

DragonQ

macman wrote: »

Yes. What you are missing is the drastically higher price that you will be paying from now. It's not whether you fix, it's the rate at which you fix that matters.
If you can pay the steep increase in annual cost that a 4 year fix offers, and want that 'peace of mind,' then fine. But essentially you are just buying an insurance policy, and one with a very high premium. There's no guarantee that it will save you any money over the full term, and it certainly won't do so over the first couple of years if you are already on a cheaper fix that has some time still to run.

Yes. Essentially, for the tariff to be worth it, average prices of variable tariffs would have to rise to more than the level of the 2017 fix prices within 2 years, and then keep rising at a similar rate.