First Time Home - Confused About Energy

soundandvision

Hi all,

I am going to be a first time home renter on Monday, and have managed to get most things sorted but energy. The flat has both electricity and gas supply, and is currently with EDF.

Normally I would use some kind of price comparison website but they're not being very helpful at the moment and telling me to "stay put" - this doesn't make a lot of sense as I don't even have a tarrif/contract yet.

I've shopped around a bit and so far Ovo can do me a fixed tarrif for just over £100 working on national monthly averages. Scottish Power have come out with some crazy insane rate and EDF (the current supplier to the property) won't talk to me until I'm actually inside the flat.

I've also had a bit of a read here and ultimately, I'm completely confused.

My questions are:

Is a fixed tarrif a good idea? (its only a 12 moth term with Ovo)

Am I better going on a Standard Variable Tarrif?

[Deleted User]

A fixed tariff is unlikely to beat the current variable, but maybe you found something good. Though it's almost certainly the same as Scottish power's crazy insane rate.

Just make sure you're comparing the tariff, not the monthly DD. A DD based on other people's usage is of no use to you. 

TheMilkmansDad

when you move in, take the meter readings (photo just in case of issues down the line) and contact EDF, you are on a deemed contract with them from the start so regardless of what you want to do, getting set up with them is the 1st step.

The deemed tariff is the same (or should be!) as the SVR, there is nothing cheaper at the moment, most (if not all fixed contracts) are extortionate. Take a look at fixes later on in the year to see if there are any reasonable deals around, but for now, stick with the SVR.

Good luck with the move

The_Fat_Controller

You MUST sign up with EDF first.

DO NOT let them force you onto a fix !

After that you can start looking around.

However the Standard Variable (capped) rate with EDF is very likely to be the cheapest around at this time.

soundandvision

OK thank's guys, yes I was going to take evidence of meter readings monthly anyway as it seems good practice.

lohr500

When looking around for tariffs you need to compare the price per kWh and the daily standing charge.
Any quote that gives you an estimated monthly cost is purely an estimate and without any historical usage figures, it could be way off.

Which region are you in? This link should show you the EDF SVT's from 1st April : 

https://www.edfenergy.com/sites/default/files/r505_deemed_rate_card.pdf

Martin Lewis is now suggesting the October price cap could increase by a staggering 47% over the 1st April prices.

https://www.moneysavingexpert.com/news/2022/03/energy-price-hikes-is-now-time-to-fix/

What price per kWh and standing charge have OVO offered you within their £100 per month estimate.

Broad brush calculation and assuming similar daily fixed charges, but if the October rates do go up by 47%, then a fixed 1 year tariff starting on 1st April would need to be no more than 23.5% higher than the 1st April Standard Variable Tariff rate. 

It isn't as simple as that because the October Cap will probably impact electricity and gas prices differently. And the daily charges on fixed tariffs can be higher.

Can you get some historic info on the electricity and gas consumption from the previous tenants or landlord? 

soundandvision

I'm in North Essex, so I would say that means I need to look at South East on that table?

All I have historically so far is an EPC certificate, which just gives me 1857 kWh to heat the property (via central heating) and it also reads an Estimated yearly energy cost of £358 which seems to mean !!!!!! all to anyone.

On the quote from OVO:

Electric Unit Rate 38.66p per kWh

Gas Unit Rate 11.26p per kWh

lohr500

I would guess that South East is the correct region, but could it be Southern?

But if you take the Direct Debit per kWh rates on electricity and gas for both those regions and multiply them by 1.235, then both work out less than the OVO 1 year fix.

It really is a gamble on trying to predict what will happen with the October increase. With all the political pressure on cost of living and affordability of heating, my gut feel is that something will have to be done to soften the October blow.

If it was me, I would stick with the SVT for the time being.This seems to be the general consensus of opinion. 

jbuchanangb

Essex is in Eastern area. You can tell from the first two digits of the second line of the Supply code, such as

In this case the value is 10 which means Eastern.

Gerry1

Don't let anyone else read the meters for, always do it yourself or you could be paying for the previous occupants' use or a void period.  Make sure you know how to turn off the gas at the meter in case there is a leak.

Make sure the meter serial numbers match those on the bills.  If the electricity meter is external to the property (shared cupboard or meter room), it's a good idea to do the Meter Sanity Test as well just for peace of mind.

Also read the water meter if there is one and make sure you can turn the supply off.

soundandvision

Thanks guys these are some great tips that it feels like no one tells you about (although I have heard the one about finding the breakers (which i already know its location) and finding the stop-!!!!!! for the water)