To fix or flex that is the question

Nex0

Hi

I’m really struggling to get my head around all the offers despite there being the lack of many like many are I’m sure so I was after some advice, if possible, please.

Currently we don’t have a smart meter and we are on economy 7.

Ideally, we don’t want a smart meter or to leave economy 7 but if their price difference is too big then it only makes sense to finally make the move

This is my current tariff and my yearly usage and my region is east midlands.

After a quick look on the forums, I noticed people mentioning this provider and tarrif which is Green Energy and the Sparkling Tariff

In my head already this is telling me it’s the best option to go far as I don’t need a smart meter and I can still have economy 7.

I have never heard of the provider but it seems they have been around over 20 years and all the energy companies that will go under have already and there are no exit fees which is great compared to a lot currently like Scottish power.

Compared to what octopus are currently offering me this is significantly cheaper.

I also noticed mentioned the octopus Agile and Tracker tariffs but to switch to those means we lose economy 7 and we would need a smart meter.

I was quoted today the current capped price for the tracker being 11p per kw/h with the standing charge being 15.08p which both are subject to change.

And for the Agile its 35p per kWh which is fixed and 21p for the standing charge.

Now maths was never my strong point and I’m struggling to work out roughly how much that would work out a year compared to the green energy deal bearing in mind its also not a fixed price.

If there isn’t much difference, I guess it makes sense to switch and lock in as well as keep the economy 7 and avoid the smart meter?

Thanks in advance.

QrizB

Nex0 said:

If those numbers are accurate, you're only using 21% of your electricity on the night rate. It's unlikely that being on E7 makes much difference to your bill and it could even be costing you more than single-rate electricity would.

Comparing the Green Energy UK offer with the equivalent Octopus one, GEUK are going to be much cheaper.

I was quoted today the current capped price for the tracker being 11p per kw/h with the standing charge being 15.08p which both are subject to change.
And for the Agile its 35p per kWh which is fixed and 21p for the standing charge.

I'm sure the standing charge on gas Tracker is now 27.22p/day.

I don't know how GEUK worked out your gas price as £1864/yr and particularly electric as £1097/yr since using your annual usage figures and their tariff info I get different numbers.

Nex0

Thanks for the reply and apologies I got the entered the day and night rates back to front on the green enrgy quote.

Here is the revised one which is more epensive but still cheaper then octopus.

BUFF

When does your current 24month fix run out?

Nex0

BUFF said:

When does your current 24month fix run out?

End of this month sadly.

QrizB

Nex0 said:

Thanks for the reply and apologies I got the entered the day and night rates back to front on the green enrgy quote.

Here is the revised one which is more epensive but still cheaper then octopus.

That's more like what I was calculating, thank you!

Green Energy UK are quite obviously cheaper than Octopus's conventonal fixed tariff. However Agile and Tracker could work out cheaper than GEUK provided Octopus stick to their current self-imposed caps on those tariffs. Based on your numbers and the current Agile & Tracker caps, I get:

• Agile electricity and Tracker gas: up to £2874/yr
  
• Tracker electricity and gas: up to £3026/yr
  
• GEUK Sparkling: £3235/yr
  
• Loyal Octopus: £3870/yr
  

Note that sparkling is a 15-month fix with no exit fees, while the others are only for 12 months. No-one knows what energy prices will be like in July to September next year but the extra three months might be enough to sway you towards GEUK.

Nex0

Thanks for the reply those figures are really helpful and I didnt spot that the Green Energy Tarrif was 15 months either.

I wish I could go away and sleep on it but sadly thats not an option.

My head is telling me its hard not to imagine the octopus prices changing in october when the price cap goes up.

And the fact of not having to have a smart meter and keeping economy 7 with no exit fees is nice with green energy.

Do you know if I can pick a starting date if I do decide to switch or is that not an option?

QrizB

Nex0 said:

Do you know if I can pick a starting date if I do decide to switch or is that not an option?

Sorry, no, I don't.

You do get a 14-day cooling off period, if you change your mind.

spot1034

QrizB said:

Nex0 said:

If those numbers are accurate, you're only using 21% of your electricity on the night rate. It's unlikely that being on E7 makes much difference to your bill and it could even be costing you more than single-rate electricity would.

Comparing the Green Energy UK offer with the equivalent Octopus one, GEUK are going to be much cheaper.

This won't help the OP but I have noticed that both of Eon Next's present fixes (one of which is apparently available to all but is way over the price of the other which is for existing customers) have E7 rates where both the day and night rate undercut the price for those with a single rate meter. You should be able to find them here www.eonnext.com/tariff-search

For my region, Next Online v16 (only for existing customers) has a single rate of  46.13p with SC 37.92. For E7 the prices are Day - 45.84p and Night - 29.54p with a SC of 38p - the difference in standing charge amounts to less than one night unit a year! 

The more expensive tariff - Next 1 Year v15 (direct debit option)  has single rate 65.95p with the same 37.92p SC whereas the E7 rates are day 59.93p and night 43,23p with 38p standing charge. 

So both these tariffs are beneficial to E7 customers even if their night usage is miniscule.

Nex0

QrizB said:

Based on your numbers and the current Agile & Tracker caps, I get:

• Agile electricity and Tracker gas: up to £2874/yr
  
• Tracker electricity and gas: up to £3026/yr
  

Sorry I have another question regarding these tarrifs.

Im sure I did see somewhere on the board that a version of these tarrifs had the max cap per unit fixed for 12 months.

Is that correct and if so what versions of the tarrif were they please assuiming you know.

Thank you.

Alnat1

It's V3 and you get 12 months from the day the tariff starts.