EDF - worth going for the fix?

LCFC_Foxile

Hi all,

Looking for some guidance, as I'm sure many others are too.

- Was previously on Utility Point, now on EDF's Welcome Variable tariff paying £109/month (have been with them around 4 months)

- Based on the last 2 years, my annual electricity usage is 3850kw/h & gas is 1062 kw/h

- EDF are offering me Online Long-Term + BoilerCare Gold for £219/month until Feb '24 (this is based on the winter months when my usage has obviously been higher)

- However, as a 'new' customer on this tariff, I reckon I'd be paying c.£132/month, & EDF have also said that I can set my monthly payment to this as I'm roughly aware of my usage

Is it worth taking up EDF's fixed offer on this basis?

Cheers in advance!

schnegge_london

Hey, 

you need to look at the rates, not at the direct debit. 
The direct debit is based on your estimated usage.

And trust me I learned a lot over the last months, especially with EDF. We moved houses in October, and as I was with EDF before, I decided to stay with them. When I looked online I was offered a tariff with a DD of around 70 a month, which I thought: oh, that sounds fair. 
Then when we moved in and when I started to see my smart meter running and running I realized that I will never spend only 70 a month, especially since I live in an all electric flat. When I then went online and checked if I can change tariff, I realized I opted-in for an expensive fix (even over the new April price cap!) and would have paid a fortune for that. Online I could switch then to the SVT. 

When I check now the only fix they offer me is 5p per kWH above the price cap - so no way I go and fix it. 

So if you know your usage: do your own maths!
You can find the new allowed maximum rates from April on the moneysavingexpert website (or at ofgem) and then calculate where you will land with the offered fix and on the SVT. 

And always keep in mind: those companies are offering you these to make money, definitely not out of generosity! 
They have to let you go on the SVT, but as you will see, no company is currently marketing their SVT, because even with the new price hike, they have to sell energy below the wholesale price, that is not what a company wants to do  

As Martin says there might some edge cases where you will be offered a fair fix, but most of the households will be better off with the SVT. 

Hope that helps

Verdigris

And boiler insurance plans are a waste of money. Just put some money aside for servicing/breakdowns. If you put a regular monthly amount into Premium Bonds, you can easily access the money, if needed, and you might win a prize!

schnegge_london

You can find the new rate caps here (there might be some variations per region, but they are a good indicator)
https://www.moneysavingexpert.com/utilities/what-are-the-price-cap-unit-rates-/

So if you take your usage you can expect
Electricity Standing charge: 365 x 45.34p = 165
Electricity Usage: 3850 Kwh x 28.34p = 1091

Gas Standing Charge: 365 x 27,22p = 99
Gas Usage 1062 KwH x 7,37p = 78

And also what I forget: for sure they will tell you they can set your direct debit to 132 - because it is just an estimate. 
After a certain time, they check that against your current usage. 

It's that easy: If you go for a higher kWh rate with a fix, you will reach that more easily  
So check the details of the offer and compare them with the SVT...

LCFC_Foxile

Verdigris said:

And boiler insurance plans are a waste of money. Just put some money aside for servicing/breakdowns. If you put a regular monthly amount into Premium Bonds, you can easily access the money, if needed, and you might win a prize!

Thanks for this - I wouldn't normally go for this, but there was no difference in price between this & the tariff without.

LCFC_Foxile

schnegge_london said:

You can find the new rate caps here (there might be some variations per region, but they are a good indicator)
https://www.moneysavingexpert.com/utilities/what-are-the-price-cap-unit-rates-/

So if you take your usage you can expect
Electricity Standing charge: 365 x 45.34p = 165
Electricity Usage: 3850 Kwh x 28.34p = 1091

Gas Standing Charge: 365 x 27,22p = 99
Gas Usage 1062 KwH x 7,37p = 78

And also what I forget: for sure they will tell you they can set your direct debit to 132 - because it is just an estimate. 
After a certain time, they check that against your current usage. 

It's that easy: If you go for a higher kWh rate with a fix, you will reach that more easily  
So check the details of the offer and compare them with the SVT...

This is really useful. Other than adding on 5% for VAT, are there any other add-ons to enable me to calculate what my monthly/annual costs will be under the new rate caps?

schnegge_london

Oh yes, sorry this is plus VAT

Also they might have offered you a lower standing charge, as the one for electricity hiked quite a lot. 
But as you seem to heat with electricity (as your electricity use is higher than gas), I would calculate that very well... 
Usually a lower rate per Kwh pays off more, if you're not a low low user... 

I think that should be it, other than the boiler care, but as the other member above said, not sure if this is worth it. 

bristolleedsfan

LCFC_Foxile said:

Hi all,

Looking for some guidance, as I'm sure many others are too.

- Was previously on Utility Point, now on EDF's Welcome Variable tariff paying £109/month (have been with them around 4 months)

- Based on the last 2 years, my annual electricity usage is 3850kw/h & gas is 1062 kw/h

- EDF are offering me Online Long-Term + BoilerCare Gold for £219/month until Feb '24 (this is based on the winter months when my usage has obviously been higher)

- However, as a 'new' customer on this tariff, I reckon I'd be paying c.£132/month, & EDF have also said that I can set my monthly payment to this as I'm roughly aware of my usage

Is it worth taking up EDF's fixed offer on this basis?

Cheers in advance!

What are the standing charge, kwh rates and exit fees for Online Long-Term + BoilerCare Gold ????

schnegge_london

Since I'm with EDF I see this for the fix you mentioned 

Electricity standing charge: 365 x 24 p = 87,60
Electricity usage 3850 x 33.94p = 1306

Gas standing charge: 365 x 26.11p = 73
Gas usage: 1062 x  8.844 = 89,63

This is including VAT= 1556

For the SVT you have to add 5% VAT on the numbers above = 1504

So it is indeed close, but you will be slightly better off with the SVT.

You will save on the standing charge, but the price for the electricity usage will be over 200 pounds more. 
And remember that this is the variable part, depending on your usage - let it be a cold winter and this might go up. 
So it is close for you, so think about if the boiler care is worth that money, as this seems to be the only add-on. 
And the question is, if you want that peace of mind to have the prices secured until 2024.

LCFC_Foxile

bristolleedsfan said:

LCFC_Foxile said:

Hi all,

Looking for some guidance, as I'm sure many others are too.

- Was previously on Utility Point, now on EDF's Welcome Variable tariff paying £109/month (have been with them around 4 months)

- Based on the last 2 years, my annual electricity usage is 3850kw/h & gas is 1062 kw/h

- EDF are offering me Online Long-Term + BoilerCare Gold for £219/month until Feb '24 (this is based on the winter months when my usage has obviously been higher)

- However, as a 'new' customer on this tariff, I reckon I'd be paying c.£132/month, & EDF have also said that I can set my monthly payment to this as I'm roughly aware of my usage

Is it worth taking up EDF's fixed offer on this basis?

Cheers in advance!

What are the standing charge, kwh rates and exit fees for Online Long-Term + BoilerCare Gold ????

Tariff details	This tariffEasy Online+BoilerCareGold Feb24v2
Fixed until	29 February 2024
Payment type	Budget Direct Debit (Monthly)
Yearly Estimate	£1,578.77
Electricity
Yearly Estimate	£1389.24
Daily standing charge	24.10p per day
Unit rate	33.80p per kWh
Exit fees	£100.00
Gas
Yearly Estimate	£189.53
Daily standing charge	26.11p per day
Unit rate	8.876p per kWh
Exit fees	£100.00

bristolleedsfan

schnegge_london said:

You can find the new rate caps here (there might be some variations per region, but they are a good indicator)
https://www.moneysavingexpert.com/utilities/what-are-the-price-cap-unit-rates-/

So if you take your usage you can expect
Electricity Standing charge: 365 x 45.34p = 165
Electricity Usage: 3850 Kwh x 28.34p = 1091

Gas Standing Charge: 365 x 27,22p = 99
Gas Usage 1062 KwH x 7,37p = 78

Those rates posted I would expect to include VAT, they are however average rates thus subject to regional variations.