Fixed tariff ending in March – current options?

shoe_dog

Currently with E.ON and on their Next Online v11 fixed tariff paying the following rates (in London):

Electricity unit rate 29.63p per kWh
Electricity standing charge 32.14p per day
Gas unit rate 7.52p per kWh
Gas standing charge 27.22p per day

I pay about £106 a month including the current Government Support Scheme but with this ending in March along with my tariff i'm set for a big jump in costs.
What are the best deals out there right now and should i be signing up asap or do i need to wait?

Thanks.

GingerTim

There are currently no fixed tariffs, I'm afraid, so you will roll on to the standard variable tariff in March. Then it's a case of waiting to see what happens in the energy market.

Astria

Do you have any savings?

The best thing to do at the moment is battery storage - charge it up during the night and use it in the day. Payback times at the moment are approx 6 years for typical usage, which may come down in April if prices rise.

If you still have cash left over then also consider solar panels, but battery first (or at the same time).

jbuchanangb

E.ON's standard variable rate is called Next Flex. E.ON's bills show the OFGEM price cap rates, and then apply the EPG discount so that you pay EPG rates. The current rates will apply until 31 March, then from 1 April the new Price Cap and EPG rates will apply. I am on Next Online v15 until 1 July, which is above the EPG rates, so I get a discount down to the current EPG rates. I suppose on 1 April my discount will be reduced for the new EPG rates.

oldagetraveller1

My Eon fix ends next month and after looking around all the available variable tariffs are very similar to Eon's Flex. As GingerTim writes, there are no fixes at he moment.

I have therefore "renewed" at their invitation.

The bit that I am not too happy about is the increase in monthly DD which doesn't take into account of the near £500 my account is in credit. All their computer has done is divide the expected annual cost by twelve!

I queried this with them and received a word salad response which made no sense whatsoever.

Battery storage, solar panels - how much is that going to cost initially? To many it is not a viable or affordable option.

Why not add a wind swept generator to the roof too?

bristolleedsfan

oldagetraveller1 said:

The bit that I am not too happy about is the increase in monthly DD which doesn't take into account of the near £500 my account is in credit. All their computer has done is divide the expected annual cost by twelve!

I queried this with them and received a word salad response which made no sense whatsoever.

Did the response not mention that you can ask for credit to be refunded to you at any time?

DeeQS

I'm £925 in credit on EON, paying £185 a month. They estimated my payments should be £205. I spoke to them and asked them to take the credit into account and recalculate and they adjusted the DD to £130 so they can do it.

Mstty

Astria said:

Do you have any savings?

The best thing to do at the moment is battery storage - charge it up during the night and use it in the day. Payback times at the moment are approx 6 years for typical usage, which may come down in April if prices rise.

If you still have cash left over then also consider solar panels, but battery first (or at the same time).

I would like to know the equipment needed,cost and payback period for this.

Now that we are in for a long period of high energy prices and what the break even point of the overnight rate is.

matelodave

Mstty said:

Astria said:

Do you have any savings?

The best thing to do at the moment is battery storage - charge it up during the night and use it in the day. Payback times at the moment are approx 6 years for typical usage, which may come down in April if prices rise.

If you still have cash left over then also consider solar panels, but battery first (or at the same time).

I would like to know the equipment needed,cost and payback period for this.

Now that we are in for a long period of high energy prices and what the break even point of the overnight rate is.

It depends how good your crystal ball is. If the cost of energy comes down then it likely that the payback period will increase, however if it keeps going up then it will decrease. 

A bit like having a heatpump, not all that long ago it seemed like a pretty good idea when leccy wasn't as expensive as it is now and according to stuff that I read in the press, having an electric car isn't quite as cost effective as it might have been a year or so ago.

Mstty

matelodave said:

Mstty said:

Astria said:

Do you have any savings?

The best thing to do at the moment is battery storage - charge it up during the night and use it in the day. Payback times at the moment are approx 6 years for typical usage, which may come down in April if prices rise.

If you still have cash left over then also consider solar panels, but battery first (or at the same time).

I would like to know the equipment needed,cost and payback period for this.

Now that we are in for a long period of high energy prices and what the break even point of the overnight rate is.

It depends how good your crystal ball is. If the cost of energy comes down then it likely that the payback period will increase, however if it keeps going up then it will decrease. 

A bit like having a heatpump, not all that long ago it seemed like a pretty good idea when leccy wasn't as expensive as it is now and according to stuff that I read in the press, having an electric car isn't quite as cost effective as it might have been a year or so ago.

I think in this instance the equipment outlay means 5-8 years plus payback even at 7.5p kwh overnight cheap cheap rate but I was hoping @Astria could prove me wrong and add some actual facts to their comment above when telling someone that if they have savings to invest in battery storage.

If you have insight into the battery cost, infrastructure to charge and run the house and warranties please let me know I can run a few calculations. That's what I asked for and am after👍

oldagetraveller1

bristolleedsfan said:

oldagetraveller1 said:

The bit that I am not too happy about is the increase in monthly DD which doesn't take into account of the near £500 my account is in credit. All their computer has done is divide the expected annual cost by twelve!

I queried this with them and received a word salad response which made no sense whatsoever.

Did the response not mention that you can ask for credit to be refunded to you at any time?

It most certainly didn't. As I wrote it was just a word salad with poor grammar. Rambling on about Gov. (taxpayers') rebate and that my credit had been accounted for. I suspect a generic copy and paste reply. The figures are so precise too - DD £159.41/month. Annual estimated cost £1912.92 or £159.41 x 12!

Once the new tariff has started I could apply for a DD reduction, no doubt computer will say no.

Are they obliged to refund the credit (my money, not their's) on application?