Fixed or Variable rate

Options
EDF variable rate if I change tariff is £147 compared to current DD of £299 fixed rate.

Advice please as I am confused !! Thanks
«1

Comments

  • BUFF
    BUFF Posts: 2,185 Forumite
    Photogenic First Post Name Dropper First Anniversary
    Options
    can you please provide information of what exact tariff you are on & your actual annual energy usage?
  • chriscawley
    Options
    Electricity day unit rate: 38.74p per kWh
    Electricity night unit rate: 20.36p per kWh
    Daily standing charge: 51.71p per day 

    Fix Total Service Apr24v2 (E7)

    Annual use 7164 kwh
  • MWT
    MWT Posts: 9,286 Forumite
    First Anniversary First Post Name Dropper
    Options
    Electricity day unit rate: 38.74p per kWh
    Electricity night unit rate: 20.36p per kWh
    Daily standing charge: 51.71p per day 

    Fix Total Service Apr24v2 (E7)

    Annual use 7164 kwh
    ... and the split between day/night?

  • Astria
    Astria Posts: 1,448 Forumite
    First Anniversary First Post Name Dropper
    Options
    Electricity day unit rate: 38.74p per kWh
    Electricity night unit rate: 20.36p per kWh
    Daily standing charge: 51.71p per day 

    Fix Total Service Apr24v2 (E7)

    Annual use 7164 kwh
    How much of your annual use is day time and how much is night time?

  • chriscawley
    Options
    74% night time
  • [Deleted User]
    Options
    EDF variable rate if I change tariff is £147 compared to current DD of £299 fixed rate.

    Advice please as I am confused !! Thanks
    Just remember that’s an estimate of yearly usage spread out of course, not showing that one tariff is half the price of the other.
  • EssexHebridean
    EssexHebridean Posts: 21,482 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Options
    74% night time
    My gut feeling is that yes, a change to the SVR will work out substantially cheaper for you as the night rate is so much lower.  I suspect someone will be along with the actual maths in a short while though! 
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • PennineAcute
    PennineAcute Posts: 1,161 Forumite
    First Post First Anniversary Name Dropper
    edited 6 October 2022 at 3:01PM
    Options
    Assuming your estimate of 7164 kWh is realistic, then

    Total night usage = 7164 * 0.74 = 5301
    Total day usage = 7164 - 5301 = 1863

    Total standing charge = 365 * 0.5171 = 188.74
    Total night cost = 0.2036 * 5301 = 1079.28
    Total day cost = 0.3874 * 1863 = 721.73

    Overall total = 1989.75

    Month cost = 1989.75 / 12 = 165.81


    What are your current rates?
  • chriscawley
    Options
    Electricity day unit rate: 38.74p per kWh     42.75 new rate
    Electricity night unit rate: 20.36p per kWh   14.82   "      "
    Daily standing charge: 51.71p per day        52.74   "      "
  • PennineAcute
    PennineAcute Posts: 1,161 Forumite
    First Post First Anniversary Name Dropper
    edited 6 October 2022 at 3:18PM
    Options
    Total night cost = 5301 * 0.1482 = 785.61
    Total day cost = 1863 * 0.4275 = 796.43
    Daily Standing charge = 365 * .5274 = 192.51

    Overall total = 1774.51

    Monthly cost = 147.87

    You would be £17.94 better off a month.  This, of course, would change negatively if you day usage increased.


Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards