Add your feedback on energy supplier Powershop

Tafrock

That's right ktf

I'm a low user. I only use around 3000 kWh a year.

We got some incredible discounts for November through til February with powershop last winter

I bought all the future packs I could and built up a large credit.

It takes around 2 months for the app to start predicting your usage accurately. So buy what you can afford during this period

You won't lose any you don't use. I still have packs I bought in June 2017 unused and saved as credit.

Packs are used starting with the biggest discounted ones first so lower discounted packs tend to stay in your credit bank for some time

Feel free to ask any questions and I or someone else on here will give you advice

I've been with powershop since June 6th 2017 and am happily saving money on my electricity regularly

[Deleted User]

See my earlier thread #566.
Powershop don't offer a refund policy on Powerpacks unless you leave.

This means that if you buy every owerpack on offer you will build up a large "ahead" balance (don't confuse this with a "Credit Balance" because it is not).

I have been with PS since October 2017, so I'm just coming to the end of my 8th Month.

I have previously asked PS, by email, how I should make the decision "buy or don't buy" as I have no idea what discounts will be offered in future months.

Their answer was "buy what you need".
Not a particularly helpful response.

So my "hindsight" of 8 months purchasing Power packs is:

Discount Cost % of Total
<10% £97.68 10%
10-12% £122.68 13%
12-15% £161.94 17%
15-19% £122.53 13%
20%-30% £308.45 32%
>30% £145.09 15%
Total = £958.37 100%

So far, I have only used part of one of the Powerpacks at < 10% (bought in October 2017).

I am currently 19 weeks/£339 "ahead" and would have been 25 weeks/£400 ahead, if I had bought every powerpack available.

Given that I am 75% through the year I am 37% "ahead" - This is too much.

The only way forward for me is to only buy powerpacks that have a discount of more than 12%!

I must admit that I am finding the fact that I don't know what the actual future discounts that will be offered very frustrating.

Currently the annual figure for other suppliers is within £5 of the "Top Shopper" figure that which.co.uk is offering and it's a fixed deal, whereas the PS offer is variable.

Of course rather than changing the kWh or standing charge costs, PS can just reduce the discounts on offer and we would have no knowledge of this coming as the discounts are not published in advance.

Earlier in the Year I posted a full range of the discounts that were offered from October 2017, does anyone want me to post the updated (8 months worth) figures?

I asked if it was possible to leave, get the "ahead" balance back and return.

Their answer was:
"You are more than welcome to switch away and we would not charge you any kind of exit fees for doing so. You are also perfectly entitled to switch away and then switch back to us with no hindrance."

fewkeste

Tafrock wrote: »

At first buy all powerpacks so you build up a credit on your account.

Once you reach a decent amount of credit limit purchases to powerpacks over and above a certain discount level

It depends on your usage. I initially ran my credit up to over £200 by buying all powerpacks. Now I limit my purchases to packs with discounts over 20%. My credit has now reduced to £148.

Your goal is to ensure you cover your monthly cost with discounted powerpacks

Do not under purchase. If you do powershop will buy electricity for you to cover your usage at the expensive standard rate

@KTF - The above advice is absolutely spot on. Buy everything you can at first (excluding standard Powerpacks) then when you've built up credit be more selective. Until you've built up a bit of credit you might have to buy Powerpacks with not a fantastic discount but once you've got some credit and hence breathing space, you can choose to only buy the higher discounted Powerpacks. When the November Future Packs come out, buy all you can. You might want to buy all of July Future packs you can before they disappear on 1st June. A relatively low discount at 10.8% but at least they will prevent you from having to buy Standard Powerpacks at no discount.

KTF

Ok, so it makes sense to go for the ones with the biggest discount first and work back from there.


Nothing to lose by buying too many as you point out as the credit will be refunded should you switch away.


My usage is 1275 elec / 7595 gas so am also classed as a low user.

Tafrock

Are you on a dual fuel contract with powershop ktf

I'm electricity only at this point as powershop didn't do gas until March this year.

By that time I'd signed up for a renewed gas contract with zog energy who are gas only

However I am very impressed with powershop so may at some point go for dual fuel with powershop depending on the level of discounts going forward into winter 2018/19

It's not worth me swapping gas at moment as I use virtually none in summer and I've a great deal with zog especially on the standing charge

KTF

Yes, its a dual fuel contract that I signed up for. Both services are showing as switch pending in my account.

fewkeste

Mick_Popka wrote: »

See my earlier thread #566.
Powershop don't offer a refund policy on Powerpacks unless you leave.

[/I]

Your post that contained this statement at the start was very informative - particularly the analysis of Powerpacks by discount % - very thought provoking.

I must just correct you on the statement above - it is incorrect. You can ask for a refund of unused Powerpacks - I did it in the early hours of this morning and received a reply later this morning confirming they would initiate the refund. I had a Jumbo Powerpack (7.3%) dating from August 2017 and a couple of Special Packs from August and September 2017 that were only 9.9% discount.

Because I'm now so far ahead in credit (up to the end of October) I only buy the Powerpacks with good discounts and so I asked for a refund of these lower discount Powerpacks as they will likely never get used whilst there are higher discount packs available to set against my bill.

Your posts are very informative - you clearly put a lot of work in and provide very useful anaysis - please keep up the good work:D

Incidentally, who was the supplier from the Which comparson website that came close to Powershop?

Tafrock

Thanks for the refund advice fewkeste

I was unaware you could do that. Think I'll be doing it myself as I have unused powerpacks from June 2017 (jumbos) and some August September and October 2017 future powerpacks I'm unlikely to use

I'll wait and see what november future packs discount is and if its as high as I anticipate I'll ask for refunds

I guess they credit your powershop account with real money do they

Or do they actually refund it to your bank account

fewkeste

Tafrock wrote: »

I guess they credit your powershop account with real money do they

Or do they actually refund it to your bank account

I think it's going to be sent to my current account (the one that Direct Debit payments for Powerpacks are taken from)

Pretty quick and impressive service by Powershop. I asked for the refund in the early hours of this morning, by 1049hrs this morning I had an email confirming they would do it. When I checked the transactions on my account by 1205hrs they had started to credit the money to my account and by 1210hrs they had sent if all off as a refund to my current account. Excellent service in my opinion:j

You tell that timeline to any Iresa customers you know!!

Tafrock

I'd be interested to know how the dual fuel works ktf. I guess you still only have one shop area and the powerpacks apply to both gas and electricity. I've had a brief discussion with a customer services rep when it was first launched but the gas prices were initially uncompetitive. Nowadays they are pretty much what I expect to pay for gas