Changing from Economy 7 to Standard Tariff

Narola1976

I would like some advice please.

I have an Economy 7 meter and have been on an Economy 7 tariff for many years. But I don't have any storage heaters. I have a boiler and normal radiators.

It only just dawned on me (yes I am an idiot) but this is actually not a helpful tariff for me. I work from home and have done for 7 years. My electric consumption is significantly higher during the day than at night. First Utility reckons I use 75% of my electricity during the day which is of course not what economy 7 is all about.

FU have advised that they could put in a smart meter but this means going on a standard flat rate which actually sees the night rate increasing significantly and when they did the sums with me I was actually going to pay more not less.

Uswitch advised me that it will be short term pain for long term gain. Once the smart meter is in I could then look for a cheaper standard rate. What I would like to know is this a good idea. Are there really decent rates out there for higher day time use. I don't want to replace the meter to discover that the day rates are no better than what I am paying now and then I can't go back to economy 7. Currently I have dual fuel with FU and I pay £156 per month for both.

Should I look for separate gas and electric suppliers? Should I get a smart meter? Or just leave things as they are. Really not very knowledgeable on these matters so appreciate any insights

Thank you

House_Martin

Look to the suppliers who can total the day/night such as BG, ScotPower, EDF Eon ( i think ) and do a comparison site on a one year dual fuel fix with gas and electric on the best tariffs
.Scot Power had some of the ones near the top when I looked last month.
I can t see much of short term loss in the few days that you will have a single rate smart meter (or a dumb meter too ) .
Soon as you have that done, for free, you can go for separate electric and gas suppliers if that proves to be better.
When I did my yearly change six months ago it was better to go separate rather than a dual fuel deal.
Robin Hood Energy and Daligas in my case, both with lower tariffs and low standing charges, and exit free as well.

Raxiel

You don't need a new meter.

House_Martin wrote: »

Look to the suppliers who can total the day/night such as BG, ScotPower, EDF Eon ( i think ) and do a comparison site on a one year dual fuel fix with gas and electric on the best tariffs

I can confirm E.ON will combine E7 readings for a single rate tariff (and actually recommend it if you use less than 34% of your electricity at night). I had an ancient mechanical E7 meter for years with them (which got swapped for a smart meter last December but that's unrelated).

They just released a new tariff today that's pretty competitive and has £25 cashback on the MSE cheap energy club too. It requires an online account, but you can still opt for paper bills (forgoing the discount) if you want.

The only issue is if your current supplier has an exit fee, and if that exit fee costs more than any saving. You should sign up for the Cheap Energy Club to find out.

I should also add that my current supplier: Iresa also combine E7 readings and they're very cheap. I've not really had any problems with them, but quite a few people on this forum have so I'm reluctant to recommend them but there you go.

EachPenny

Narola1976 wrote: »

First Utility reckons I use 75% of my electricity during the day which is of course not what economy 7 is all about.

What do you reckon you use in the day and at night? Over what length of time have FU looked at your usage data? Does it vary Winter to Summer, are they only looking at the last six months?

You need to get hold of your actual meter readings (not estimates) going back over a long period of time, say two years. Then see what average consumption you have at night and daytime and then look at different tariffs to see which works out cheapest - both as E7 and as a single rate.

At 25% you are already well on the way to breakeven for some tariffs, If your actual night time consumption is higher than this (or if you can increase the percentage at night) then E7 might still be cheaper than single rate. Don't just take the word of an energy company as correct advice

Narola1976 wrote: »

FU have advised that they could put in a smart meter but this means going on a standard flat rate which actually sees the night rate increasing significantly and when they did the sums with me I was actually going to pay more not less.

...because of this. You need accurate average figures over a reasonably long period of time and then calculate exactly what you would save (or pay extra) with the different options.

The Smart meter is a red-herring. It won't save you any money, it might just make you more aware of what energy you are consuming. If you are looking to switch I would say getting a smart meter before is a very bad idea.

Narola1976 wrote: »

Uswitch advised me that it will be short term pain for long term gain. Once the smart meter is in I could then look for a cheaper standard rate.

Strange advice! You shouldn't need to suffer 'short term pain', nor do you need to have a smart meter to get a cheaper standard rate. You need to find out if a single rate tariff would work out cheaper, and if so, look at the metering options to make sure that getting the meter changed (if necessary) won't cost more than what you can save on a cheaper tariff.

AndyPK

Yes you should get a normal rate meter.

Ok, so you maybe on a standard tarrif for 3 weeks but it will be worth it.
Get it done before the clocks change lol!

Sometimes you may need to get an electrician in to connect any E7 night items up to the normal supply. But as you don't have any storage heaters I guess this doesn't apply to you.

cranford

As well as the big companies AVRO also have the same rate for day and night E7 usage.
Within a few pounds they are still one of the cheapest dual suppliers for where I live.
I have been with them for 18 months with no trouble and using their penalty free switch I am getting out of my existing 12 month contract to go on to a cheaper tariff that they have just introduced. Like most offers it could easily be withdrawn in the near future so you have to act swiftly.
Some people do complain that AVRO take a DD payment 2 weeks before the supply starts put I can live with that for the savings I am making and the flexibility of knowing that I am not tied to the 7 hours of economy 7 for maximum benefit. My current night use is now about 25% down from over 30% as I prefer for safety reasons to use some appliances when I am up.
If you can just put your annual consumption for both elec meters and gas meter into a comparison web site and see what comes up. Because you have to contact them to do a switch rather that going through a comparison site you may need to tick a box on the comparison web site to include all utility companies.

Cardew

House_Martin wrote: »

Look to the suppliers who can total the day/night such as BG, ScotPower, EDF Eon ( i think ) and do a comparison site on a one year dual fuel fix with gas and electric on the best tariffs
.Scot Power had some of the ones near the top when I looked last month.

Unless they have changed recently, Scottish Power will NOT add the day and night(peak and off-peak) totals and treat as one total. Like BG and Eon Ovo will add the two readings.

spiro

Cardew wrote: »

Unless they have changed recently, Scottish Power will NOT add the day and night(peak and off-peak) totals and treat as one total. Like BG and Eon Ovo will add the two readings.

Given that under CMA finding that E10 etc customer should be able to go on a single rate tariff with no change of meter I expect all suppliers should now cope with this.

E.ON_Company_Representative:_Helena

Raxiel wrote: »

You don't need a new meter.



I can confirm E.ON will combine E7 readings for a single rate tariff (and actually recommend it if you use less than 34% of your electricity at night). I had an ancient mechanical E7 meter for years with them (which got swapped for a smart meter last December but that's unrelated).

They just released a new tariff today that's pretty competitive and has £25 cashback on the MSE cheap energy club too. It requires an online account, but you can still opt for paper bills (forgoing the discount) if you want.

The only issue is if your current supplier has an exit fee, and if that exit fee costs more than any saving. You should sign up for the Cheap Energy Club to find out.

I should also add that my current supplier: Iresa also combine E7 readings and they're very cheap. I've not really had any problems with them, but quite a few people on this forum have so I'm reluctant to recommend them but there you go.

Morning all.

Thanks ever so much Raxiel.

I just wanted to pop on and confirm that we can bill an economy 7 meter on a one rate tariff, if that's what the customer would like.

Helena:)

Narola1976

Thank you all for your responses. When the time comes for me to switch in November I will be acting on the advice provided here.

macman

Don't restrict yourself to suppliers that will not require a meter change. That will be a one-off cost in the region of £60, so simply find the best single rate tariff for your region and usage, and add the £60 charge to the annual cost (where necessary). If that is cheaper than a supplier who will merge your E7 mete readings, then go down that route.
With a meter change, you will have a much wider range of potential suppliers in the long run.