New to switching

Wolvensam

Hi guys,

We are first time buyers, and have lived in our property for almost six months now.

We stuck with the energy supplier of the previous occupiers: EDF. They popped us on the national average for energy which, to them, is £111 a month by direct debit. In the entire time me and my partner have lived there - even during the colder months thus far - we have never gone over the £95 mark. Our account currently sits £326.11 in credit.

I've heard a lot of good things about Bulb, and they're offering me a switch for £95 a month. I like how their tariff is variable too, and they edit your monthly accordingly: although it's a nominal saving immediately, it is still a saving.

Would you guys switch at this time of the year? Things tend to warm up sort of after February (famous last words!) and we are in credit.

What I also like about Bulb is they pay your exit fees and sort all that out for you, but I am worried we may lose some - if not all - of the £326.11 credit to EDF. How do we go about recovering this?

Sorry if these questions all seem a tad daft!

Quentin

You say you like the idea of a variable tariff

That means the price is not fixed and can increase as opposed to tariffs that are fixed for the length of the contract (12 months upwards depending on the tariff you select)

missmaybesaver

Hi,

- Yep, Bulb’s tariff tends to be cheaper compared with others, so if you’re on EDF’s Standard Variable Tariff it’s going to be a less expensive option.

- It’s helpful to look at the unit cost (pence per kWh) and daily charge (pence per day) of Bulbs tariff. Just to check it really is cheaper

- You need to submit monthly readings, with any supplier (if youre not already) to keep everything up to date. Then you’ll always know your accurate credit or debit balance.

- A Variable tariff won’t affect your DIrect Debit. It just means your unit cost and daily standing charge can go up and down. You’ll get a minimum of a months notice of any price rise.

- However: You can sometimes opt for a variable DD where you just pay for what you use based on your readings. This is totally separate than a variable tariff.

- When you switch to Bulb, you’ll give them a opening reading/s. They’ll pass this reading/s to EDF. Then both companies will use this same reading to close and open your accounts. EDF will send you a final bill based on that reading/s and return any credit owed. They should do this within 6 weeks of the switch.

- I’m not sure it matters what time if the year you switch, if you can get a cheaper a deal then I’d personally just switch.

Hope that helps!

Robin9

If there is money to be saved - switch. Energy is unlikely to get cheaper. Whether you go for variable or a fix is a matter for you to decide. Personally I've always gone for a fix.

Whoever you switch to is responsible for the process. They contact your existing supplier.

When the switch is complete EDF will raise a final bill and you will be credited direct to your bank (do not close your DD)

[Deleted User]

@Wolvensam
No you will not lose any money. EDF will return any credit balance after you have switched away and received their final closing bill.
You could always ask EDF to return some of your credit and to reduce the direct debit so as not to build you such a large credit balance. This is assuming that you are giving EDF monthly meter readings and the credit balance is real, ie after you have paid for actual fuel used .
As for switching at any given time, well I just switch when I need to. If I could save money I would switch. Never bothered me what time of year it was.

Wolvensam

i submit monthly readings, and EDF also take the readings from my smart meter on a fairly regular basis. So it is a true credit balance, I think!

Cardew

Welcome to the forum.


Firstly try not to concentrate on the level of your monthly Direct Debit. If you try hard enough you will find a company that will reduce your DD initially to £50 just to get your custom - and commission for the call centre staff.!



I suspect EDF would now reduce your DD substantially.


You need to use a comparison website using your annual kWh consumption - the MSE website is as good as any . I appreciate you have not got your consumption for 12 months yet - so use an estimate; it is not critical that you get it exact. Perhaps double the kWh you have used in the first 6 months.


The results you get from the website will give you several types of tariff for all companies e.g. standard, short term fixed, longer term fixed etc.


Other than exit fees, if applicable to your EDF tariff, you will get all your credit refunded - but it usually takes some weeks.

Wolvensam

That's the trap I'm worried about falling into: I don't want to sign up to a new fixed tariff and find myself falling deep into a debit hole. I may give EDF a call and see what they would offer me: i'm sure £316 in credit must stand for something!

wavelets

Wolvensam wrote: »

Hi guys,

We are first time buyers, and have lived in our property for almost six months now.

We stuck with the energy supplier of the previous occupiers: EDF. They popped us on the national average for energy which, to them, is £111 a month by direct debit. In the entire time me and my partner have lived there - even during the colder months thus far - we have never gone over the £95 mark. Our account currently sits £326.11 in credit.

https://www.moneysavingexpert.com/utilities/lower-energy-direct-debits/

But even more important and urgent advice for you to follow is here:
https://www.moneysavingexpert.com/utilities/you-switch-gas-electricity/

Quentin

Wolvensam wrote: »

That's the trap I'm worried about falling into: I don't want to sign up to a new fixed tariff and find myself falling deep into a debit hole. I may give EDF a call and see what they would offer me: i'm sure £316 in credit must stand for something!

Fixed refers to the price of the energy, not the amount you pay by way of direct debit

Your £300 credit standing with your supplier doesn't stand for anything other than money they have that you could be getting refunded

wavelets

Your figures don't really make sense, sorry.

If, as you say, you have been with EDF for almost 6 months paying £111 per month, then you would have paid them £555 so far.

If you subtract from that £326.11 you claim the account is in credit, and subtract the almost £95 (ish) you spent on energy in at least one month, then that would mean you used less than £33.50 per month on average in each of the other 4 months ... which would be remarkable on an EDF standard tariff at this time of year.