Am I reading this correctly?

poppasmurf_bewdley

I'm an EDF customer on electricity only with Economy 7, on a fixed price deal until next April, which I'm very happy with.

But as I'm concerned with what's going to happen when my fix ends in April, I've been doing some checking on what I can expect to be paying. 

I have night storage heaters and my present usage is 70% night rate and 30% day.

Am I right in saying that if I change from paying by direct debit every month to a prepayment meter (I have a smart meter) the cost for the night rate will 8.60p per unit (I'm in the Midlands) instead of 32.76p on standard rate. Below is the EDF rate card I lifted from another thread. If that's right, then it's a no brainer to go over to pre payment. I realise the day rate will be higher though, but the savings would more than compensate. I cannot believe there is such a difference in price. What's the reason for it?   

[Deleted User]

Prepayment on a smart meter is the PAYG option, not the prepayment option (that's for key/coin meters).

The EdF Direct Debit night rate for the Midlands is 14.42p.

What you are comparing at the moment is Key Meter Prepayment (single rate) with Key Meter Prepayment (Economy 7).  I don't think you meant to make that comparison.

As for why EdF have chosen to make a big differential between day/night rates - we don't know, but it seems that's the market sector they traditionally target.

MWT

poppasmurf_bewdley said:

Am I right in saying that if I change from paying by direct debit every month to a prepayment meter (I have a smart meter) the cost for the night rate will 8.60p per unit (I'm in the Midlands) instead of 32.76p on standard rate.

You are comparing the wrong parts of that table...

Firstly 'Prepayment' is for the older key meters, the smart prepay meters are called 'PAYG' by EDF.

This is your table...

... but yes, you may well want to ask about PAYG, as it would be 8.6p night rate vs 14.42p on DD

Here is the whole table...

https://www.edfenergy.com/sites/default/files/government_energy_price_guarantee_prices._standard_variable_deemed_and_welcome._credit_meters.pdf

victor2

No, you are not reading it correctly! You are comparing the E7 night rate with the standard rate without E7.

Look at the E7 rates you are paying on DD and then see if EDF have said what they will be in October if you are on their standard variable rate. Prepayment meters are generally a bit more expensive than credit meters, but with the new government imposed cap, there may be no, or little difference.

[Deleted User]

victor2 said:

 Prepayment meters are generally a bit more expensive than credit meters

This is no longer anywhere near as true as it once was, and that was the same even with the pre-EPG October cap.

QrizB

poppasmurf_bewdley said:

I'm an EDF customer on electricity only with Economy 7, on a fixed price deal until next April, which I'm very happy with.
I have night storage heaters and my present usage is 70% night rate and 30% day.
Am I right in saying that if I change from paying by direct debit every month to a prepayment meter (I have a smart meter) the cost for the night rate will 8.60p per unit (I'm in the Midlands) instead of 32.76p on standard rate.

No, you're not right. You're already on E7 so you'd need to compare the DD E7 rates with the PAYG E7 rates.

From here:

https://www.edfenergy.com/sites/default/files/government_energy_price_guarantee_prices._standard_variable_deemed_and_welcome._credit_meters.pdf

On smart PAYG you'll be paying 8.60p/kWh off-peak instead of 14.42p/kWh, but 45.94p/kWh peak instead of 43.03p/kWh, plus an additional 2.91p/day SC.

If you use 70% off-peak, it's probably still worth trying to change.

poppasmurf_bewdley

I'm getting confused with this.  How does Smart PAYG work as opposed to Cash/Cheque or Direct Debit?  

[Deleted User]

poppasmurf_bewdley said:

I'm getting confused with this.  How does Smart PAYG work as opposed to Cash/Cheque or Direct Debit?  

Like top-ups for a PAYG mobile phone.

philipbin

The above shows a 70% 30% split based on 4000 units per annum and it shows that there is a saving to be made with PAYG/Prepayment.

By the way the rates for PAYG and Prepayment are the same for the MIdlands.

@poppasmurf_bewdley if you let me know the number of units you use per annum I'll do one for you

poppasmurf_bewdley

philipbin said:

The above shows a 70% 30% split based on 4000 units per annum and it shows that there is a saving to be made with PAYG/Prepayment.

By the way the rates for PAYG and Prepayment are the same for the MIdlands.

@poppasmurf_bewdley if you let me know the number of units you use per annum I'll do one for you

Thanks.  The six months October -March last, I used 2378 night units and 916 day units. Over the summer I use 50-50% about 7 units a day on average but it varies due to holidays, etc.  

philipbin

Check my maths

I get 6 months at 7 units a day as 1274 units, 50% is 637

2378+637=3015

916+637=1553

This gives:

A saving of £112