Energy - Totally confused

RobM99

 "Oven in several times a night"   Eeek!   Could be a lot of wasted watts there.

Tigsmom

I never have an estimated bill. I take a reading every month, submit it and pay for what we use. That’s why I’m reluctant to pay more for a direct debit. I’ve done that before and the supplier had to pay me £400 back after my money being in their account creating interest for them for 6 months. Now I transfer money into my savings account each month and take from that to pay my bill. The remainder creates interest for me (albeit not much with current rates) but is also there if I need to access it in an emergency. I’ve never paid my bills late and always pay in full the day I get the bill. 

Tigsmom

RobM99 said:

 "Oven in several times a night"   Eeek!   Could be a lot of wasted watts there.

Yes I realise that. Hoping the air fryer will go some way to making that better. At least there’s no energy being used to heat it up to temperature each time and cooking times will reduce. I have cut right back on using the dryer too as I could see the difference that was making to my bills 😱

Robin9

Re DD -  you are turning your back on a big saving (7% ?)

Does your supplier do a monthly variable DD tariff ?   You pay for what you use -   comes with a warning of low(ish) bills at this time of year but Winter ones are likely to be horrendous as you are not building up  buffer  - but overall better that turning your back on DD

The_Fat_Controller

If you pay by DD then you will likely save around 6%

I have a Smart Meter and pay by DD Whole Amount Monthly, the meter does its thing, I get a bill around the 22nd of every month in my online account and EDF take that amount around 12 days later.

EDF count this way of paying as DD tariff so I get the discount.

If you can cope with variability over the seasons that could be the way to go if your supplier offers the same as I have.

Evan3020

That is the energy company paying you 7% interest on your money effectively.

Tigsmom

Evan3020 said:

That is the energy company paying you 7% interest on your money effectively.

I get your point. I just don’t think we can afford to be paying double what our bills are in DD just on the chance that they will double in the future. I’m with British Gas duel fuel so will have to see if they have a variable DD.

Evan3020

You will never pay more than what you have used?

Evan3020

I am currently £400 in credit and i hope they don't cut my payments as i like being in credit.
I will be £550 in credit by October when the rises kick in.
Currently using £40 a month inc standing charge and paying £132.

HampshireH

Tigsmom said:

Evan3020 said:

That is the energy company paying you 7% interest on your money effectively.

I get your point. I just don’t think we can afford to be paying double what our bills are in DD just on the chance that they will double in the future. I’m with British Gas duel fuel so will have to see if they have a variable DD.

Variable DD. You pay for what you use like now. But you send a reading get a bill and the payment leaves your bank on a DD.

I'm the same never wanted to pay monthly DD as hadn't heard of the variable option. I always paid quarterly DD. New supplier now on variable monthly.