EDF Fix Total Service Jul24v3 - have I made a mistake?

itzmee

I switched from standard variable with EDF to this tariff when Martin made his announcement about predicted cap rises on Friday, but I'm not sure if I have made the right decision.  I am still in the cooling off period so could still cancel.  My energy usage will also change shortly as we are changing from a gas hob to an electric induction hob, so the only gas used will be a combi-boiler for water/heating.  Also my son, who likes to have at least one long shower a day and run his electric fan all night, will be moving out soon, so we will be saving even more!

EDF new costs on this tariff are:

Electricity unit rate: 41.55p per kWh
Daily standing charge: 48.13p per day

Gas unit rate: 13.059p per kWh
Daily standing charge: 27.22p per day 

£300 exit fee (£150 each)

Is this a reasonable fix to change to from the variable rate.  For context there are 4 (soon to be 3) adults in a 3 bedroom house, approx current usage 13,000 khw gas and 5550 electric.

Also I am waiting for EDF to confirm that I can have the offer of £150 credit applied to my account for fixing direct, as it didn't give me the option to select this (as per Martin's update last week).  I called them to ask if I could have it applied and they asked for my email details offering this, but when I pointed out I got the code from this site they offered to refer this to their billing team, but it might take 45 working days for an update.  I pointed out that I only had 14 days cooling off period, so I'm waiting for the advisor to come back to me.  

Any help would be gratefully received.

BUFF

The rates look to be lower than those extrapolated for SVT from Cornwell Insights predictions.
My main issues with it would be:
it has very high exit penalties (if you get the £150 credit for the code that is ameliorated to an extent)
it's a 2 year fix which gives a lot of time for things to change & you could possibly be left paying over the odds for a while
it's EDF who I find frustrating (but your mileage may vary)

Have you looked at Green Energy UK's Sparkling tariff (which has it's own caveats)?

itzmee

BUFF said:

Have you looked at Green Energy UK's Sparkling tariff (which has it's own caveats)?

I have just run a quote and got the following figures and compared them with the EDF fix rates

                                                            Green Sparkling                       EDF                   

Gas

Standing Charge (p/day) (p/supply) -  -         31.31p                                27.22p

Unit Rate (p/kWh) - 11.75p                            11.75p                                13.059p

Electric

Standing Charge (p/day) (p/supply) -           48.12p                                  48.13p

Unit Rate (p/kWh) -                                       38.20p                                 41.55p

Tariff Ends On - 30th September 2023

Termination Fee -                                           No exit fees                        £300 - £150 each 

Discounts And Additional Charges - None

Unit rates are lower but gas standing charge is higher with Green Energy, and I like the no exit fee.  Does this sound a better option compared to variable rate?

jrawle

itzmee said:

I switched from standard variable with EDF to this tariff when Martin made his announcement about predicted cap rises on Friday, but I'm not sure if I have made the right decision.  I am still in the cooling off period so could still cancel.  My energy usage will also change shortly as we are changing from a gas hob to an electric induction hob, so the only gas used will be a combi-boiler for water/heating.  Also my son, who likes to have at least one long shower a day and run his electric fan all night, will be moving out soon, so we will be saving even more!

I was considering the previous version of this tariff, but decided against it. However, then the updated predictions and price rise warnings appeared, and I ended up going for Jul24v3. I was kicking myself for not going for the earlier tariff, which was quite a bit cheaper. Then today I discovered they have increased the prices again, by an even bigger jump, so v3 actually looks quite good now.

The £150 was credited to my account on the same day all the info about the new tariff appeared on my account. I was impressed by this; I had expected it to be after the cooling off period at least.

The only difference for me is I'm gas only with EDF (due to the SOLR process) so the £150 would cover the exit fee if prices fall significantly before June 2024.

folacks

Ah I'm in a similar predicament.

Moved to a new place in April. 4 bed. 3 adults and a toddler.

Mix ofnelec and gas (electric shower unfortunately). We are on standard tariff but need offered one of the total service long-term..not sure what to do.

folacks

folacks said:

Ah I'm in a similar predicament.

Moved to a new place in April. 4 bed. 3 adults and a toddler.

Mix ofnelec and gas (electric shower unfortunately). We are on standard tariff but need offered one of the total service long-term..not sure what to do.

I decided to fix and lock in the tariff. What I have done though is ensure I get billed monthly and asked for a whole month direct debit..also used the offer code from MS website.

Mstty

Deals that were looking over price in June and early July are now looking good to beat the price cap in October👍

folacks

itzmee said:

I switched from standard variable with EDF to this tariff when Martin made his announcement about predicted cap rises on Friday, but I'm not sure if I have made the right decision.  I am still in the cooling off period so could still cancel.  My energy usage will also change shortly as we are changing from a gas hob to an electric induction hob, so the only gas used will be a combi-boiler for water/heating.  Also my son, who likes to have at least one long shower a day and run his electric fan all night, will be moving out soon, so we will be saving even more!

EDF new costs on this tariff are:

Electricity unit rate: 41.55p per kWh
Daily standing charge: 48.13p per day

Gas unit rate: 13.059p per kWh
Daily standing charge: 27.22p per day 

£300 exit fee (£150 each)

Is this a reasonable fix to change to from the variable rate.  For context there are 4 (soon to be 3) adults in a 3 bedroom house, approx current usage 13,000 khw gas and 5550 electric.

Also I am waiting for EDF to confirm that I can have the offer of £150 credit applied to my account for fixing direct, as it didn't give me the option to select this (as per Martin's update last week).  I called them to ask if I could have it applied and they asked for my email details offering this, but when I pointed out I got the code from this site they offered to refer this to their billing team, but it might take 45 working days for an update.  I pointed out that I only had 14 days cooling off period, so I'm waiting for the advisor to come back to me.  

Any help would be gratefully received.

Did you get the credit added?
When I switched I used the code on the website and it was accepted. Luckily I took a screenshot. Still waiting for the credit (yes I know it says it can take up to 30 days after the cooling period) but I also know many people seemed to have received it instantly.

pochase

Did you get an email with the offer of the £150 or did you just used the code?

Several people were saying that it only worked immediately for those who were offered the £150. So you might need to wait and see if they give you the £150.

In any case with the unit rates you got you are a big winner anyway now.

SarahB16

folacks said:

itzmee said:

I switched from standard variable with EDF to this tariff when Martin made his announcement about predicted cap rises on Friday, but I'm not sure if I have made the right decision.  I am still in the cooling off period so could still cancel.  My energy usage will also change shortly as we are changing from a gas hob to an electric induction hob, so the only gas used will be a combi-boiler for water/heating.  Also my son, who likes to have at least one long shower a day and run his electric fan all night, will be moving out soon, so we will be saving even more!

EDF new costs on this tariff are:

Electricity unit rate: 41.55p per kWh
Daily standing charge: 48.13p per day

Gas unit rate: 13.059p per kWh
Daily standing charge: 27.22p per day 

£300 exit fee (£150 each)

Is this a reasonable fix to change to from the variable rate.  For context there are 4 (soon to be 3) adults in a 3 bedroom house, approx current usage 13,000 khw gas and 5550 electric.

Also I am waiting for EDF to confirm that I can have the offer of £150 credit applied to my account for fixing direct, as it didn't give me the option to select this (as per Martin's update last week).  I called them to ask if I could have it applied and they asked for my email details offering this, but when I pointed out I got the code from this site they offered to refer this to their billing team, but it might take 45 working days for an update.  I pointed out that I only had 14 days cooling off period, so I'm waiting for the advisor to come back to me.  

Any help would be gratefully received.

Did you get the credit added?
When I switched I used the code on the website and it was accepted. Luckily I took a screenshot. Still waiting for the credit (yes I know it says it can take up to 30 days after the cooling period) but I also know many people seemed to have received it instantly.

If you don't mind me asking were you previously an existing EDF customer and were you previously on a fixed or variable rate tariff with them?  

brewerdave

I wasn't sent a code by email back in June - tried the one being promulgated on here but wouldn't accept it on the website, phoned up when I was assured by the Customer Service agent that I qualified - followed up when the credit didn't appear and was told it would be referred to a special offers team - still haven't had anything and not holding out much hope now !!