Electricity rate per kWh increase over 300%

pochase

I think @Markin was referring more to the usage, not the rates. Your night usage is very low to be on E7.

Unfortunately the SVT for E7 is the on tariff where there are big difference between suppliers. The suppliers are allowed to make up their own rates based on the unit split between day and night, as long as the totals for the unit goes is within the cap limits.

SO there are companies which will have a 30/70 and others a 60/40 split they base their rates on. Your night usage is 23.53% extremely low and you might be better off with single rate.

The other issue is that we have an idea how the new SVT for single rate electricity might look, but no real idea for E7, especially as the supplier might decide to use a different percentage split for the next SVT.

The current SVT for Outfox the market does not really great for your usage split - 20.67p/32.16p for the eastern region. If you go from the predicted 48% increase for electricity rates you might end up with 40p/48p, but still cheaper than the fix offered to you.

Here are the SVT rates for EDF, one of the suppliers who will still accept you as a customer  on SVT if you call them.

https://www.edfenergy.com/sites/default/files/r1299.pdf

The E7 tariff for Eastern looks much better with 13.4p/35.28p for high night use, but not really for you.

Best looks to me the fixed tariff suggested by @QrizB with Green Energy, the day rate is not by much more expensive than the predicted single rate SVT, and night rate is really good.

MWT

VerybigG said:

I don’t understand why there’s no standing charge on the electricity only tariff...

If they know that most of their customers tend to use more than the 'typical' user which Ofgem base the cap on, then doing what they have done results in them making more money on any customer that uses more than 3100kWh a year.

The SVT offered by any other supplier with a standing charge will be cheaper if you know you will use more than 3100kWh a year...

VerybigG

Thanks again. I’ve done the maths re economy 7 v single rate and I agree that with only about 25% night usage the benefit is marginal. So maybe I’ll be better off on a single tariff. I’ve looked at Green Energy and it’s a bit more expensive than the OFTM SVT. Anyway thanks for everyone’s input. I’m a lot wiser now and will get my terminology sorted. 

VerybigG

Thanks MWT for the explanation. I certainly will use more than 3100 kWh in a year however frugal I can become. 

pochase

VerybigG said:

Thanks again. I’ve done the maths re economy 7 v single rate and I agree that with only about 25% night usage the benefit is marginal. So maybe I’ll be better off on a single tariff. I’ve looked at Green Energy and it’s a bit more expensive than the OFTM SVT. Anyway thanks for everyone’s input. I’m a lot wiser now and will get my terminology sorted. 

Don't forget Green is a fixed rate. It is more expensive for the next three months, after that it looks like that will change with a increase of the cap by more than 50% predicted/

QrizB

VerybigG said:

I’ve got Fischer electric radiators which, now I’m retired, are on much more.

That goes a long way to explaining the high daytime usage; it's one of the most expensive ways to heat a home, something like £1000/yr more when compared to E7 storage heaters.

Calculations here in this lengthy thread:
https://forums.moneysavingexpert.com/discussion/comment/78557202/#Comment_78557202

VerybigG

Thanks again. I’m stuck with the Fischer radiators now. Yes I take your point re Green Energy. October cap going up by 50% plus 😵‍💫

VerybigG

Hello helpful people. I’ve been in touch with Octopus just now and been offered a day rate of 30.36p and night rate of 26.13p and standing charge of 42.06p. I asked if that included the 5%VAT and he said yes but I’m not sure. I can’t check on Octopus website because they just say to ring up. Also their single rate is 28p. Outfox the Market offering 35.18 day and 23.06 night and £0 standing charge or 32.99p single tariff. So it would be really useful to know whether those octopus rates include VAT. 

Spoonie_Turtle

VerybigG said:

Hello helpful people. I’ve been in touch with Octopus just now and been offered a day rate of 30.36p and night rate of 26.13p and standing charge of 42.06p. I asked if that included the 5%VAT and he said yes but I’m not sure. I can’t check on Octopus website because they just say to ring up. Also their single rate is 28p. Outfox the Market offering 35.18 day and 23.06 night and £0 standing charge or 32.99p single tariff. So it would be really useful to know whether those octopus rates include VAT. 

You actually can check by putting your postcode in here (don't click 'Get a quote', just scroll down)  https://octopus.energy/tariffs/

pochase

Rates quoted on a web site are always including VAT. Same should be the case for rates quote do the phone and it was confirmed by the agent.

More important for you is how much of your usage are you using at night.

Are you sure that Outfox the Market is offering you a switch? I was under the impression they are not allowed to take on new customers.

https://www.ofgem.gov.uk/publications/foxglove-energy-supply-ltd-provisional-order-july-2022