New Energy Price Cap

CSI_Yorkshire

lloydf said:

brewerdave said:

I had it confirmed by EDF C/Services last week that my 2 year tariff fix for gas will be "re-imposed" from 1st July AND that they won't waive the £100 leaving fee even if I switch to their SVT. However I'm waiting until July to jump ship just in case they relent - even with the £100 fee,  I'll be better off overall by mid November on current cap predictions.

I am in the same boat as you and also have just got an EV so am looing at switching to a EV tariff either with EDF or elsewhere if needed. Can I ask how you are working out if you would be better off even with the £100 exit fees per fuel? Sorry if I sound stupid but math isn't my strong point lol.

Work out how much you would spend on your present tariff for however much energy you think you will use.

Work out how much the same amount of energy would cost on the variable rate (or whichever other tariff you are thinking about).

See if the second one is more than £100 cheaper.

brewerdave

lloydf said:

brewerdave said:

I had it confirmed by EDF C/Services last week that my 2 year tariff fix for gas will be "re-imposed" from 1st July AND that they won't waive the £100 leaving fee even if I switch to their SVT. However I'm waiting until July to jump ship just in case they relent - even with the £100 fee,  I'll be better off overall by mid November on current cap predictions.

I am in the same boat as you and also have just got an EV so am looing at switching to a EV tariff either with EDF or elsewhere if needed. Can I ask how you are working out if you would be better off even with the £100 exit fees per fuel? Sorry if I sound stupid but math isn't my strong point lol.

The exit fee is only on gas ,so I assumed the same average consumption as the last two years (I have spreadsheets of consumption going back a long time ) and used the proposed cap for July 1st and expected cap for October 1st to work out how many days it would take for my current fixed gas tariff plus £100 , to exceed the same usage under the caps. Came out as ~ 10th November.

lloydf

brewerdave said:

lloydf said:

brewerdave said:

I had it confirmed by EDF C/Services last week that my 2 year tariff fix for gas will be "re-imposed" from 1st July AND that they won't waive the £100 leaving fee even if I switch to their SVT. However I'm waiting until July to jump ship just in case they relent - even with the £100 fee,  I'll be better off overall by mid November on current cap predictions.

I am in the same boat as you and also have just got an EV so am looing at switching to a EV tariff either with EDF or elsewhere if needed. Can I ask how you are working out if you would be better off even with the £100 exit fees per fuel? Sorry if I sound stupid but math isn't my strong point lol.

The exit fee is only on gas ,so I assumed the same average consumption as the last two years (I have spreadsheets of consumption going back a long time ) and used the proposed cap for July 1st and expected cap for October 1st to work out how many days it would take for my current fixed gas tariff plus £100 , to exceed the same usage under the caps. Came out as ~ 10th November.

Unfortunately I have an exit fee for gas and electric but am beginning to think it is still worth swapping to British Gas as the EV savings are massive. Thanks for the help.

Ialwaysgetdone

Hi, I'm on standard rate because it's cheaper than a fixed rate for me. Should I put my meter readings in before July 1st 2023 or after that date, i.e. is the price going up or down? I can't keep up with it all  Thanks in advance.

Gerry1

Ialwaysgetdone said:

Should I put my meter readings in before July 1st 2023 or after that date, i.e. is the price going up or down?

For the most accurate bill, submit a reading taken late on 30 June, otherwise your supplier will have to use an estimate.  However, don't be tempted to submit an incorrect reading or date in an attempt to pay less because that would be fraud.

Alnat1

It's a good idea to submit a reading every month to keep your energy account up to date. 

EssexHebridean

Ialwaysgetdone said:

Hi, I'm on standard rate because it's cheaper than a fixed rate for me. Should I put my meter readings in before July 1st 2023 or after that date, i.e. is the price going up or down? I can't keep up with it all  Thanks in advance.

Best bet for a price change is to submit your readings the day before, or the morning of the change - although that can sometimes be challenging due to volume of traffic through the supplier's websites. Octopus allow you to input a reading slightly later and clarify when inputting when the reading was taken - other suppliers  may do the same. Not sure why you are asking about  prices going up on down impacting on when you input the readings though. 

Scot_39

Ialwaysgetdone said:

Hi, I'm on standard rate because it's cheaper than a fixed rate for me. Should I put my meter readings in before July 1st 2023 or after that date, i.e. is the price going up or down? I can't keep up with it all  Thanks in advance.

If coming off the EPG SVT rates - gas is iirc c27% cheaper (10.3 to 7.5p) - electric is c10% cheaper (33-30p etc).

Most suppliers will accept a reading - e.g iirc EOn site suggests anytime in previous 5 days - to produce a more accurate version on the next billing split.  But now Smart I don't bother - it normally just works. I just check the split reading numbers on first bill after (for me 6th/7th of month) to catch any issues.

But other suppliers were saying +/- few days during some of the other changes - to stop their support lines and servers being overpowered.

Some only accept a reading on the day entered - others allow you to give reading and date etc.  So see what your supplier says.

Sometime late on 30th probably the most accurate - but probably better to avoid the rush - getting a close to date reading to fine tune any split estimation on a long billing cycle - far better than failing to do on the exact day.

Ialwaysgetdone

EssexHebridean said:

Ialwaysgetdone said:

Hi, I'm on standard rate because it's cheaper than a fixed rate for me. Should I put my meter readings in before July 1st 2023 or after that date, i.e. is the price going up or down? I can't keep up with it all  Thanks in advance.

Not sure why you are asking about  prices going up on down impacting on when you input the readings though. 

It was just that last year or was it the year before, I can't remember exactly but Martin Lewis advised us to enter their meter readings before the date that the energy prices were going to rocket (can't remember if it was end of April or October or both) otherwise you would be charged for all your energy used since the previous bill at the new higher rate rather than at the old rate. So as July 1st is the date when the prices are changing again, I wasn't sure whether to read it before or after that date. If the price is dropping then I assume it would be best not to do it before that date and if it's going up then it would be best to do it before the date. I won't get an estimate on July 1st because the bill is every 3 months and not due yet. I can enter readings at any time though and get an instant bill from the previous reading to the most recent. 

CSI_Yorkshire

Ialwaysgetdone said:

EssexHebridean said:

Ialwaysgetdone said:

Hi, I'm on standard rate because it's cheaper than a fixed rate for me. Should I put my meter readings in before July 1st 2023 or after that date, i.e. is the price going up or down? I can't keep up with it all  Thanks in advance.

Not sure why you are asking about  prices going up on down impacting on when you input the readings though. 

It was just that last year or was it the year before, I can't remember exactly but Martin Lewis advised us to enter their meter readings before the date that the energy prices were going to rocket (can't remember if it was end of April or October or both) otherwise you would be charged for all your energy used since the previous bill at the new higher rate rather than at the old rate. . 

No, he advised that tariff changes getting uploaded into key prepayment meters might sometimes do that.

For everyone else it does not and has not ever been billed that way.

You're talking about entering meter readings, so you're in the "everyone else".