Storage heaters payback time

nabznab1

Hi all

I have a 2 bed maisonette (first floor) with economy 7 and need to install 2 x storage heaters in the property. The property is fully electric and does have an immersion water heater as well. 

I already have one storage heater on the ground floor, just inside the main door. 

I did have 2 old existing storage heaters which I stupidly got rid of some time ago. However, I found I can get 2 refurbished ones (3.5 Kw in living room and 2.5kw in hallway) for about £1100. 

Just wanted to know is there any way to tell approx payback time on this? And is this worth it? 

I’m very new to this and this will be the first flat I’m moving into so learning as I’m going along. 

I also need advice on electricity tariffs- still deciding between a 1 year fix or variable one. Martin Lewis has suggested October rates are likely to increase upto 65% so a fix of less than this amount is worthwhile. Not sure if you guys have other opinions?

Current variable tariff is:

Day 29.49 KWh

Night 20.00 kWh 

Fixed 1 yr 

Day 41.88

Night 30.50

Would appreciate some advice.
many thanks 

Ultrasonic

Payback time compared to what?

Mstty

You have an open thread and lots of good advice coming in, why didn't you update there?

https://forums.moneysavingexpert.com/discussion/6373157/storage-heaters-and-economy-7/p1

nabznab1

Ultrasonic said:

Payback time compared to what?

Compared to if I made do with the current setup which is 2 wall mounted electric heaters! 

pochase

I think he means break even.

At the current SVT it will take 11578KWh of night rate instead of day rate. However long that will take to reach this.

Starting in October the above figure will change.

nabznab1

Mstty said:

You have an open thread and lots of good advice coming in, why didn't you update there?

https://forums.moneysavingexpert.com/discussion/6373157/storage-heaters-and-economy-7/p1

Apologies I thought it was a different type of question. I’ll close this one. 

Ultrasonic

pochase said:

I think he means break even.

Sure but it wasn't clear relative to what. It now is 🙂.

nabznab1

how do I close this thread?

markin

When i last worked it out for someone last year, the break even was around 2-3 years.

The 67% Rise you quoted is for dual fuel, Electric is a far bigger rise.

nabznab1

markin said:

When i last worked it out for someone last year, the break even was around 2-3 years.

The 67% Rise you quoted is for dual fuel, Electric is a far bigger rise.

So does that mean the eco 7 fixed tariff I’ve quoted is def worth considering as it’s difference between the variable rate is well below 67%? Also if it the break even was 2-3 years a year ago, am I to assume it’ll be much longer now with increasing electricity cost?

markin

I think that is a good fix, wait for others to comment on it though.

If you get the total meter reads for day/night and the date on the meter you can work out the historic use, You want night to be at least 30%, The hot water alone may not be worth it if you were to rewire the heaters to use them in the day.