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Eon says I will save money but I will pay more

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st999st999 Forumite
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I just got my bill from Eon and it states that if I changed from fix online v14 to fix online v32 I could save £41.80 on my electricity and £41.80 on my gas.
However if I use the tariffs on my spreadsheet I would actually pay £88.96 more per year.
Where does the savings of £83.60 come from?

Fix online exclusive v14
Electricity
365 @ 15.75 = £57.49
3067 @15.1305 = £464.05
                    total   £521.54
Gas
365 @17.955 = £65.54
[email protected] 2.7951 = £380.92
                   total  £446.45
Total electricity and gas £967.99

fix online v38
Electricity
365 @ 23.233 = £84.80
3067 @ 16.344 = £501.27
                    total £586.07
Gas
365 @ 24.053 = £87.79
13628 @ 2.811 = £383.08
                    total £470.88
Total electricity and gas £1,056.95

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Replies

  • MWTMWT Forumite
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    When does your current tariff expire?
    Often the saving is against the default variable tariff you will be moved to if you don't pick a new fixed rate when the old one ends...
  • stewie_griffinstewie_griffin Forumite
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    As MWT says it will be because your current tariff expires in less than a year.
  • edited 21 May at 1:18PM
    frugalmacdugalfrugalmacdugal Forumite
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    edited 21 May at 1:18PM
    st999 said:
    I just got my bill from Eon and it states that if I changed from fix online v14 to fix online v32 I could save £41.80 on my electricity and £41.80 on my gas.
    However if I use the tariffs on my spreadsheet I would actually pay £88.96 more per year.
    Where does the savings of £83.60 come from?

    Fix online exclusive v14
    Electricity
    365 @ 15.75 = £57.49
    3067 @15.1305 = £464.05
                        total   £521.54
    Gas
    365 @17.955 = £65.54
    [email protected] 2.7951 = £380.92
                       total  £446.45
    Total electricity and gas £967.99

    fix online v38
    Electricity
    365 @ 23.233 = £84.80
    3067 @ 16.344 = £501.27
                        total £586.07
    Gas
    365 @ 24.053 = £87.79
    13628 @ 2.811 = £383.08
                        total £470.88
    Total electricity and gas £1,056.95

    Hi,
    this is the way everybody should compare tariffs before switching, don't be lured by the money savings and reduced DD splashed on comparison sites, do you own calculations.

    Y'all take care now.
    happy0207.gif

  • Gerry1Gerry1 Forumite
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    Blame the useless Ofgem, it's the crazy way they say that 'savings' must be calculated.
  • MWTMWT Forumite
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    this is the way everybody should compare tariffs before switching, don't be lured by the money savings and reduced DD splashed on comparison sites, do you on calculations.
    ... in this case though the saving is probably real as you must also watch out for fixed tariffs expiring and dropping you onto expensive default variable tariffs...
    The trick is to make the switch at the right time to get the most out of the current tariff if it is lower than the new one, or switch as soon as possible to take advantage of the new one if there are no exit penalties.

  • edited 21 May at 12:47PM
    Gerry1Gerry1 Forumite
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    edited 21 May at 12:47PM
    st999 said:
    Electricity
    365 @ 15.75 = £57.49
    3067 @15.1305 = £464.05
                        total   £521.54
    Gas
    365 @17.955 = £65.54
    [email protected] 2.7951 = £380.92
                       total  £446.45
    Total electricity and gas £967.99
    You're being ripped off !  Here's what I'd be paying right now.
    Electricity (Neon Reef)

        365 x 13.2825p = £48.48
        3067kWh x 12.11343p per kWh = £371.52
        Total £420.00
    Gas (Gulf)
        365 x 17.29p = £63.11
        13628 x 2.370p per kWh = £322.98
        Total £386.09
    Total electricity and gas £806.09
    Admittedly the Gulf tariff will have changed since i signed up, and your region may vary, but you're definitely on a bad deal.
  • MWTMWT Forumite
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    The Neon Reef electricity is a variable tariff isn't it?
    Agree the OP could do better though even if he does pay a little more for a fixed he should be able to improve on that.
    The Gulf gas tariff isn't very impressive though you might need to look around again Gerry.
    Actually if you like variable tariffs take a look at the Octopus Tracker v1, it should beat both your electricity and the gas, but again regional variations will affect that...
  • st999st999 Forumite
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    Neon Reef don't supply gas to my region
  • MWTMWT Forumite
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    st999 said:
    Neon Reef don't supply gas to my region
    Not sure if they do gas anywhere, but you'll notice in Gerry's post above he was using Gulf for the gas pricing...
  • Gerry1Gerry1 Forumite
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    MWT said:
    The Neon Reef electricity is a variable tariff isn't it?
    The Gulf gas tariff isn't very impressive though you might need to look around again Gerry.
    Actually if you like variable tariffs take a look at the Octopus Tracker v1, it should beat both your electricity and the gas, but again regional variations will affect that...
    • Yes, Neon Reef is variable, but I thought I'd go for the high stakes !  httpwwwlongdogfreeukcomsmiliessmilegif
    • Gulf remains the cheapest by a mile, but I have high usage, perhaps because of a very old Potterton Kingfisher boiler.  Time for a new condensing one, when I get a Round Tuit...
    • Not especially keen on variable tariffs, and I tend to avoid weird and wonderful schemes such as Powershop, but I'll look at Octopus.  Might be interesting, if only for the ride !
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