Electric Key?

chocolatelover93

Hello everyone,
Me and my OH are going to move into a new rented property in the next few weeks. The central heating is oil which we've been advised is cheaper than the storeage heaters we have at our current house.

However the electric is one of they key ones, I've had a few people tell me it's a much better way of doing it as you know you're only paying for what you use and won't get surprise bills and don't have to worry about DD's and stuff. However I've also had some people tell me that it is more expensive.

What are your views on this? And if anyone has been in our position is it cheaper? About the same? or more?

Thanks

modsandmockers

The first thing you need to do is to find out how much oil is in the tank! Currently, oil may well be an economical way to heat your house, but if the tank is empty you will have to pay a lot of money to get it filled up.

Pre-paid electricity is indeed more expensive than worrying about DDs and stuff, but if you take the trouble to keep a record of your consumption by taking regular meter readings and supplying them to your supplier, then you won't have to worry about surprise bills. Make sure that you understand how to convert your meter readings into costs, and your bills should always match your own calculations.

ps - you will, of course, have to arrange with your supplier about switching from pre-paid to quarterly-billed.

spiro

modsandmockers wrote: »

The first thing you need to do is to find out how much oil is in the tank! Currently, oil may well be an economical way to heat your house, but if the tank is empty you will have to pay a lot of money to get it filled up.

Pre-paid electricity is indeed more expensive than worrying about DDs and stuff, but if you take the trouble to keep a record of your consumption by taking regular meter readings and supplying them to your supplier, then you won't have to worry about surprise bills. Make sure that you understand how to convert your meter readings into costs, and your bills should always match your own calculations.

ps - you will, of course, have to arrange with your supplier about switching from pre-paid to quarterly-billed.

Prepaid and quarterly billed tariffs are about the same. What is cheaper is an online tariff where you pay by DD.
Also do NOT use any key you find at the property, contact the current supplier to set up your own account and get a key programmed for that account.

footyguy

chocolatelover93 wrote: »

Hello everyone,
Me and my OH are going to move into a new rented property in the next few weeks. The central heating is oil which we've been advised is cheaper than the storeage heaters we have at our current house.

However the electric is one of they key ones, I've had a few people tell me it's a much better way of doing it as you know you're only paying for what you use and won't get surprise bills and don't have to worry about DD's and stuff. However I've also had some people tell me that it is more expensive.

What are your views on this? And if anyone has been in our position is it cheaper? About the same? or more?

Thanks

Not sure if Oil is cheaper than low rate electricity. Probably depends on what deal you can currently get on haeting oil, bearing in mind the wholesale price of oil had dropped about 70% in recent times.

Anyway, in regards to a prepayment electricity meter *which is what I presume you are referring to, then the options available are limited. Typically suppliers may only offer one tariff, and that being the same as their own (expensive) standard variable tariff.

But if you consult a comparison site, you'll see what is available to you, and if you then check the cheapest annual cost if you were on a credit meter, you will see how much of a premium you are paying.

But as you suggest, credit meters are not right for everyone, may not be available to you, and as a renter you should perhaps not be changing it without the landlords prior approval (otherwise you may have to pay for it to be put back to a PPM when you eventually leave the property).

chocolatelover93

With the oil there is no outside access to the tank as the garden is enclosed. So we have to take it in canasters though the house. There isn't much oil in the tank but the previous tennant told us that a man down the road does a scheme where you can get discount the more you go to him.
The other thing I was told was that some oil companies have a monthly payment scheme so I'll look into that.

Was not aware that there were different tarriffs for the PPM. Never having one before I didn't know (I know it sounds really thick!!).

A friend of mine that rents told me that she asked for the box to be taken out and to be put onto a meter. (apparently the girl that lived in our current house did the same) The landlord met the costs and it was cheaper for them. I don't know if the new landlord will be the same however I could ask? As he said that he wants us to treat the house as if it were our own.

Skools_Out

chocolatelover93 wrote: »

...he said that he wants us to treat the house as if it were our own.

In that case, I would suggest you sell up and move to a place with mains gas central heating!

:rotfl:

stator

Pre-payment is more expensive. But some people do like it because it helps them budget.
Your choice but unless you have budgeting problems I would get it taken out. Find a supplier who will do it for free.

chocolatelover93

We're ok with budgeting my money goes in to all the main bills and we use his money for shopping, fuel and days out.

I don't think we use excessive amounts of electric anyway but as I've never had one I've never known what it's like. At the moment we're paying NPower £96 a month for electric (was £64 but that a whole other story on another thread) so guessing using the key will be more?