Energy: Find the cheapest supplier & earn cashback

wolfysmith

I switched and got £30 in my bank account 7 days after switch.

shaggy

Hi all. Despite none of the big suppliers coming in top on my cheap energy club savings list, I'm tempted to opt towards scottish power, who will work out about £50 dearer than the cheapest of these smaller companies like Iresa, even with SP £30 cashback.

Questions:

Scottish Power seem to have two tarriffs:
Online Fixed Saver March 2018 v5
and
Online Fixed Saver March 2018 v4

The v5 has a MUCh higher standing charge , but seems to be about £10 cheaper on the comparison, where I used my annual KWH figures not a 'rough' cost per year. Im a bit baffled which a tarriff with much higher standing charge would work out cheapest, even though the unit cost for gas/elec is only 2-3 different than the v4 of the tarriff.

Anyone care to elaborate before I sign up?

footyguy

shaggy wrote: »

Hi all. Despite none of the big suppliers coming in top on my cheap energy club savings list, I'm tempted to opt towards scottish power, who will work out about £50 dearer than the cheapest of these smaller companies like Iresa, even with SP £30 cashback.

Questions:

Scottish Power seem to have two tarriffs:
Online Fixed Saver March 2018 v5
and
Online Fixed Saver March 2018 v4

The v5 has a MUCh higher standing charge , but seems to be about £10 cheaper on the comparison, where I used my annual KWH figures not a 'rough' cost per year. Im a bit baffled which a tarriff with much higher standing charge would work out cheapest, even though the unit cost for gas/elec is only 2-3 different than the v4 of the tarriff.

Anyone care to elaborate before I sign up?

So are you saying v4 has a lower standing charge but higher unit rates compared to v5?

If so, v4 will favour lower users where the daily standing charge will have a greater affect, whereas v5 will favour the higher users who benefit from the lower unit rate charge.

The compariosn site calculates which is best for you, particularly when you have used your anticipated annual consumption in kWh

shaggy

footyguy wrote: »

So are you saying v4 has a lower standing charge but higher unit rates compared to v5?

If so, v4 will favour lower users where the daily standing charge will have a greater affect, whereas v5 will favour the higher users who benefit from the lower unit rate charge.

The compariosn site calculates which is best for you, particularly when you have used your anticipated annual consumption in kWh

Here's only 2-3p unit charge difference between the two tariffs where as the daily standing charge is almost twice as much on the 'cheaper' tariff. I'll copy and paste the figures here later as the calculations look a bit baffling to me

footyguy

shaggy wrote: »

Here's only 2-3p unit charge difference between the two tariffs where as the daily standing charge is almost twice as much on the 'cheaper' tariff. I'll copy and paste the figures here later as the calculations look a bit baffling to me

Remember, you only pay 1 x daily standing charge per day (obvs) per fuel

You use multiple units per day.

If you post the tariff figures, then someone will probably calculate the break even usage point. i.e the usage where both tariffs will cost you an identical amount.

Consumerist

shaggy wrote: »

Here's only 2-3p unit charge difference between the two tariffs where as the daily standing charge is almost twice as much on the 'cheaper' tariff. I'll copy and paste the figures here later as the calculations look a bit baffling to me

Or, to put it another way - you'll pay only 365 daily charges (per fuel) in a full year but you are likely to pay several thousand unit charges over the year. A small change in unit charges has a much greater effect on total cost than a similar change in daily charges.

shaggy

Consumerist wrote: »

Or, to put it another way - you'll pay only 365 daily charges (per fuel) in a full year but you are likely to pay several thousand unit charges over the year. A small change in unit charges has a much greater effect on total cost than a similar change in daily charges.

thanks for the explanation. I'll trust the energy saving club calculations and go with that.

Consumerist

andy699 wrote: »

. . . Use this link to get £50 credit at the start. . .

And, of course, andy699 also gets £50 for each new customer who uses the above link to switch.

LyndaS

Consumerist wrote: »

And, of course, andy699 also gets £50 for each new customer who uses the above link to switch.

An energy supplier that attempts to sell it's over-priced products by encouraging/paying those already suckered in to sell to the same over-priced product to more unsuspecting mugs...?

I think we all know an established supplier that does that.

I wonder how long it'll take before they add telephone, broadband etc to their range of over-priced products like the existing supplier already has?

And more importantly, how long before MSE takes action and restricts posts regarding this particular supplier to one dedicated thread, like they have done for years with the other supplier who operates similar controversial sales methods?

Elle1234

Hi All,
Wondering if anyone can clear something up for me. My tariff with First Utility...
First Fixed April 2017 v3 Direct Debit

...ends 30th Apr 2017. I have done the energy club price check and it tells me it's the cheapest deal for me right now. But we know that energy firms are hiking up prices now. So should I switch before my deals ends 30 April? Obviously I've got a cheap deal now but I'm worried prices will skyrocket before 30 April and I'll be paying too much if I wait to switch before then. Any advice would be much appreciated.:)