Energy: Find the cheapest supplier & earn cashback

bad_boy_2

Hi
Thank you for your wise words. I have often disliked the idea of the utility companies using my money to make money. I don't like the idea of using them as a non interest savings account. I do recognise the wisdom of what you suggest though. I need to weigh up the options. What I cannot determine is how much energy am I likely to use. If I knew that I could easily work out if loosing the DD discount is the better option. Ho hum, I will just have to think carefully about this one.
Thanks again.

victor2

bad_boy wrote: »

Hi
Thank you for your wise words. I have often disliked the idea of the utility companies using my money to make money. I don't like the idea of using them as a non interest savings account. I do recognise the wisdom of what you suggest though. I need to weigh up the options. What I cannot determine is how much energy am I likely to use. If I knew that I could easily work out if loosing the DD discount is the better option. Ho hum, I will just have to think carefully about this one.
Thanks again.

Talk to your supplier, tell them you want to reduce your DD because of your change in circumstances. If they so no, tell them you'll go elsewhere. The standard tariff will not be the cheapest but at least it won't have an exit penalty.
Obviously there is going to be a lot of guesswork, but suppose you do get your DD reduced by 50% for example, what you must do then is monitor your usage and bills closely, so that you don't end up with a large debit balance.
Ideally, you will be in credit at the end of the summer (like now) and have a debit balance after winter. So, they are not paying you interest when in credit, but not charging you interest when in debit. That's the theory, but it's not that easy to achieve!
If you have your previous 12 month's bills, you might be able to see how your usage swings through the year. IME with gas central heating and hot water, the electricity usage is pretty steady throughout the year, but gas obviously changes dramatically with the seasons. Not saying you'll follow that pattern at a reduced level, but it might be a start.

Consumerist

Adding to what victor2 has said above, what you need to consider is how your occupancy has changed since the children left.

While you are at home, your heating consumption will probably be only a little less than it was. But if you are away from home more often than you used to be then that may have a significant effect on heating consumption.

If you were always at home when the children were there but now you are at home only 50% of the time then you might reasonably expect heating consumption to be around 50% of what it used to be. Electricity consumption will probably reduce a little but that depends on what you use it for.

This is very back-of-the-envelope reasoning but it's a start.

Edit
Also, you might ask yourself the question: "If I had the excess money held by the energy supplier, would I get more net interest on it than the DD discount gives me?". At today's interest rates I doubt it. The DD discount is effectively your compensation for the interest you might otherwise have earned on the money.

Majic

I'm on B Gas Standard with Energy smart. I pay about £640 per year for my electric ( no gas). I've switched a few years back but when I do the comparison there are no savings to be made. I could though fix my electric to July 2015 with B.Gas Price Promise. This would cost me an extra £64 per year.

Would you stick or twist. What % increase are we likely to see on Electric?

Thanks

Consumerist

Majic wrote: »

I'm on B Gas Standard with Energy smart. I pay about £640 per year for my electric ( no gas). I've switched a few years back but when I do the comparison there are no savings to be made. I could though fix my electric to July 2015 with B.Gas Price Promise. This would cost me an extra £64 per year. Would you stick or twist. What % increase are we likely to see on Electric?

If you can get next year's energy at the same price as last year's (i.e. no "saving") then you will probably be doing better than most.

It is widely anticipated that energy prices are about to increase by around 8 - 10% across the board so getting a fix is probably the best bet for most. Your figures suggest you will pay an extra 10% for your fix but that will last you through 2 winters. Sounds ok to me.

66z

Hello guys,

I want to switch from EDF and E.ON to Scottish Power in a house I moved in 3 months ago. So far landlady has been keeping her direct debit with above mentioned companies but apparently those are not the best tariffs so she is all right that I make a switch and assign the direct debit to my bank account directly.

The question is: can I just do the switch through Cheap Energy Club as a new tenant, or does she have to do it? There's only a fiver exit fee with E.ON and none with EDF. Also she had overpaid quite a bit for E.ON as they keep sending her estimate despite we submitting meter readings each month and spending less than half of electricity they are charging us. I guess they will have to refund whatever is above the meter once the contract terminates?

Thanks,
///z

Consumerist

I'm not sure what you're asking here.

Are you a tenant, with your own meters, your own front door, etc. or a lodger in someone else's house?

66z

A tenant with a contract, landlady doesn't live here but she wanted to keep the bills for some strange reason.. But not so anymore so I am free to switch.

Consumerist

66z wrote: »

A tenant with a contract, landlady doesn't live here but she wanted to keep the bills for some strange reason.. But not so anymore so I am free to switch.

I think she should notify the energy company that she no longer lives there and that you are now the tenant. She should give the supplier final meter readings and you should give the same readings to the supplier once you become their customer. Any balance owing will then be settled with her and you will probably be put on to a default tariff [aka a Deemed Contract] until you enter into a contract or switch.

imported_jac

Hi
I used the Cheap Energy Club to find a cheaper fixed rate tariff which was M&S energy. I applied to switch but was turned down because, although I do not use economy7, I have an economy 7 meter and M&S can't use this, so they cancelled the switch and now the offer has expired. I would like to check for other offers but when I go onto Cheap Energy Club it says I have already got an active switch and I can't find out how to cancel this and search again. Can anyone help please?
Thanks