First home, prepayment meter question

Henno

Hi all,

Just looking for some advice please.

I've just purchased my first home and it has prepayment meters.  I didn't particularly want to keep these as I believe they are more expensive than direct debit.

I've been following Martin Lewis regarding the energy crisis lately and the 'do nothing' in this current climate message, however wouldn't it be cheaper for me to switch the prepayment meters to direct debit?

Also is this even possible to change the meters if I don't take a fixed deal? (Obviously I don't want to fix in at this particular point!).

I'm starting to think I also should 'do nothing' even if it is slightly more than direct debit. Am I right in thinking this?

Thanks in advance.

slipthru

It depends what you are paying per kwh on prepayment vs what it would cost on a standard variable rate of your provider. I managed to get my old electric pre payment meter swapped for a non smart meter by British gas for free. 

MWT

'Do nothing' in this case still requires you to open an account with the existing supplier and get a new 'key' or whatever is required to top up the meter, do not under any circumstances just keep using one the previous occupants may have given you or you could find you are paying off their debts each time you use it.

Once you've got your account set up, post again and let us know who the supplier is and what rates they are charging...

Currently the pre-pay tariffs are often very close to the cheapest you can get on a credit meter so there may be no rush to change immediately...

Henno

Thanks for the replies.

I have already sent for new card and key so they should be with me soon.  I have received an email detailing the tariff:

Electricity:

Unit rate: 19.79p
Standing charge: 28.75p

Gas:

Unit rate: 3.88p
Standing charge: 35.13

Obviously both variable and the company is Boost (part of OVO)

Thanks

Astria

The units rate are not bad at all but the standing charges are a little expensive. If you intend to use a lot of energy over winter it might well be the best idea to stay put. You could possibly save upto £3/month by switching to a variable tariff (s/c more typical 26p, so 10p/day saving), might be better off waiting until February next year and seeing what is about then.