Variable or a dearer fixed tariff for Electric & Gas? And, do I stay or should I go... yet?

Blue_Babe

I've been swapping energy providers since before I even heard of Martin but after following the advice of the Cheap Energy Club, I switched to Green Energy Network (we all know how that turned out) & I've ended up on EDF's "Welcome" tariff, which is due to end now. I also usually qualify for the £145 Warm Home Discount, although I need to claim it each winter.

I'm looking at the available tariffs now, and I'm seeing fixed tariffs are dearer than variable options, across most of the companies. My big dilemma is, the qualifying date for Warm Home Discount has already passed for this year, so switching company would mean I wouldn't qualify. If I stay with EDF & fix the tariff for 12 or 24 months, I'll face the same dates problem again, then too.

As I see it, my options are...
1) stay with EDF on the variable tariff until after I receive the Warm Home Discount (usually by March), then search for the best fix with any company. And switch before the next qualifying dates
or
2) Switch to the best fix now & loose the Warm Home Discount for this winter.

I'd welcome a few opinions or alternate suggestions please.

energychap

You're going to have to do the maths I'm afraid but essentially the question is if your variable went to the price cap, would the WHD still make it cheaper than a fix over that period.

What I would do is look on a comparison and find the annual cost of the best fix for your usage, compare that to the worst variable rate and subtract the WHD from that.

bristolleedsfan

Blue_Babe said:

 My big dilemma is, the qualifying date for Warm Home Discount has already passed for this year, so switching company would mean I wouldn't qualify. If I stay with EDF & fix the tariff for 12 or 24 months, I'll face the same dates problem again, then too.

https://www.ofgem.gov.uk/publications/faqs-warm-home-discount-scheme

Core Group

If you were with a participating supplier on the qualifying date of  4July 2021 and you were eligible under the Core Group element, the supplier you were with will be instructed to pay you. We would advise you to contact the supplier you were with on the qualifying date to check they still have your contact details and to ask how and when you will be paid the rebate.

Blue_Babe

energychap said:

You're going to have to do the maths I'm afraid but essentially the question is if your variable went to the price cap, would the WHD still make it cheaper than a fix over that period.

What I would do is look on a comparison and find the annual cost of the best fix for your usage, compare that to the worst variable rate and subtract the WHD from that.

That's what I've done. As things stand right now, Option 1 looks best, stay until they pay WHD. I've already registered & been accepted for WHD, however EDF can't/won't tell me when they'll pay it. They just quote the criteria of "By March 2022". I'll be watching my billing & as soon as it's landed I'll be searching for a fixed deal 

Blue_Babe

bristolleedsfan said:

Blue_Babe said:

 My big dilemma is, the qualifying date for Warm Home Discount has already passed for this year, so switching company would mean I wouldn't qualify. If I stay with EDF & fix the tariff for 12 or 24 months, I'll face the same dates problem again, then too.

https://www.ofgem.gov.uk/publications/faqs-warm-home-discount-scheme

Core Group

If you were with a participating supplier on the qualifying date of  4July 2021 and you were eligible under the Core Group element, the supplier you were with will be instructed to pay you. We would advise you to contact the supplier you were with on the qualifying date to check they still have your contact details and to ask how and when you will be paid the rebate.

Thank you for the link. This is the one that applies to me... so it confirms what I was thinking. 

Broader Group

If you are eligible to receive the WHD rebate with your current supplier and are thinking about changing suppliers, you may wish to check that the supplier you are considering moving to also participates in the WHD scheme and that you are eligible under their scheme.

If you are successful in applying for a Broader Group rebate with one energy supplier, then we would suggest you wait until you have received the rebate before switching to a new supplier. If you received a Broader Group rebate from your old supplier, you should not assume that you will be entitled to receive a Broader Group rebate from your new supplier.