EonNext Next Pledge Tracker 12m V1

Peppa537

StevieMA said:

Out of interest, when you switched to the tracker deal, can you still see the other available deals, fixed, nextflex, etc that Eon are offering on their app? Is there still an option to switch to them?  Just wondering how easy it is to potentially swap to another deal as offered by Eon before committing. 

None are showing for me, although I don't switch to the tracker until tomorrow. When I logged into my online account on their website it said to give them a call if I wanted to switch. Whether this will change or not I'm not sure. Should be easy enough to switch one way or another though. 

Hazzabee

Very tempted by this offer however it seems to put me on higher rates than Next Flex is currently charging following the cap reduction in July.

Next Flex day/night unit rates on most recent bill 1-22 July:
38.52p/13.34p
Standing charge=45.052p/day

Next Pledge Tracker 12m v1 day/night unit rate quote in account:
39.85p/13.41p
Standing charge=47.3p/day

Consequently if I switch it will bump my direct debit up by a couple of quid.

Can anyone explain? Why is the new tracker rate not cheaper???

Scot_39

You sure both sets include the 5% vat ?

As 45.052x 1.05 = 47.3p.

So maybe savings cone from vat inclusive comparisons at
38.52x1.05 = 40.446p vs 39.85p
13.34x1.05 = 14.007 vs 13.41p

Not at home to check the tariff section of bill rates - but on other parts of EOn bills like the monthly cost tables where they do

the unit rates x units used = £××.××

 the prices are all ex vat and vat added later to total.

Hazzabee

Scot_39 said:

You sure both sets include the 5% vat?

Ah yes of course. Thanks. Switched.

fazeuk

The 5% VAT caught me out too. Thanks. But, if the rates are lower, and they estimate the same usage, why will they charged more after the switch?? My charge will increase by £6 a month!

[Deleted User]

CSI_Yorkshire said:

Catch is that it will still go up if the price cap does - not really a 'catch', just more of a 'thing'.

Why were you expecting a catch?  There have been years and years of tariffs that were lower than the price cap (or what the price cap would have been had it existed at the time).

The catch maybe wasn't explained properly.
Every 3 months the price cap is set.
The last one was set July 1st 2023
The next ones are October 1st 2023
January 1st 2024

On October 1st, the price cap is predicted to drop 5 to 6 % from the current July 1st set price cap.
But eon next conditions say they won't track the price cap until the January 1st price cap change.

So does that mean if you sign up to it now that it won't track the 5 to 6% drop on October 1st.

It will only track the January price cap which is predicted to then rise back up 5% to 6% to the same price as now..
Either eon next have made a mistake in their terms and somehow forgot there is a price cap change on October 1st which they need to track at £50 lower than the price cap or they are conveniently not passing on the 5 to 6 % lower price from October 1st to December 31st.

fazeuk

jeb77 said:

But eon next conditions say they won't track the price cap until the January 1st price cap change.

Where did you see this - I've just switched and can't find this anywhere.  All I got from them was this... 

"This tariff comes with 100% renewable electricity and guarantees that your prices will always be £50 a year lower than Ofgem’s price cap (for an average dual fuel customer). You’ll see the £50 saving as reduced unit rates split across both electricity and gas (£25 saving per fuel). We’ll automatically update your prices every three months in line with the price cap and give you two weeks notice of any price change. If the government’s energy price guarantee returns we'll move you back to our standard variable tariff - you’ll need to contact us if you want to stay on Next Pledge. You’ll need to pay by monthly Direct Debit and manage your account online and you also agree to have a smart meter installed where eligible. There are no exit fees with this tariff."

[Deleted User]

fazeuk said:

jeb77 said:

But eon next conditions say they won't track the price cap until the January 1st price cap change.

Where did you see this - I've just switched and can't find this anywhere.  All I got from them was this... 

"This tariff comes with 100% renewable electricity and guarantees that your prices will always be £50 a year lower than Ofgem’s price cap (for an average dual fuel customer). You’ll see the £50 saving as reduced unit rates split across both electricity and gas (£25 saving per fuel). We’ll automatically update your prices every three months in line with the price cap and give you two weeks notice of any price change. If the government’s energy price guarantee returns we'll move you back to our standard variable tariff - you’ll need to contact us if you want to stay on Next Pledge. You’ll need to pay by monthly Direct Debit and manage your account online and you also agree to have a smart meter installed where eligible. There are no exit fees with this tariff."

It was in the terms on their website today. But they have now removed the statement terms so maybe they have realised they made a mistake saying it wont track until January 1st as there is a price cap change to track on October the 1st.
Mse does say this "This means if the Price Cap falls in October, then Next Pledge will also fall. (2)" 
So im assuming eon next got there terms wrong and have now removed that erroneous statement.

Scot_39

fazeuk said:

The 5% VAT caught me out too. Thanks. But, if the rates are lower, and they estimate the same usage, why will they charged more after the switch?? My charge will increase by £6 a month!

The £6 - assuming you mean the monthly annualised DD - is just an estimate of future costs - it can contain variations for several reasons - higher usage allowance, potentially the credit or debit snapshot in billling /credit cycle and potentially some margin for price increases or falls in future months (in reality these are hidden from you on a fix - but they will have been baked into the fixed rates on offer).

In reality - for most £6 is not a large fraction of their average bill - so wouldn't necessarily think of it as a deal breaker.

If it turns out to be too high - it may be possible to reclaim credit next summer.

The things that matter are unit and SC rates - and fee / exit terms - if you think you might want to.

The DD is only an estimate - you could use more or less energy or the same - end up in credit / debit - but what you actually "pay" in the end - is based on the rates and SC.

There are now traditional style price for term fixes, this tracker offer - and there was a kind of hybrid - fixed energy wholesale cost components - but tracking / passthough on energy policy style changes (like say another step in standing charges by Ofgem) at different suppliers.  With different fees and exit conditions to avoid such fees.

And they are changing rapidly with some.

And if anti Smart - check for smart conditions - some insist have - some insist fit if sign up etc.

Be careful if offered more than one option - you understand the differences.

We still see occassional posts from customers who thought they were buying a fix (to be fair the company agreed thay hadn't been clear ) - that was actually in detail essentially a cap tracker - complaining their rates had gone up mid term - but it too had fix in the title.

 

XDA

The rates don’t seem any cheaper for me than another EON tariff:

(Prices include VAT)

Next Pledge Tracker 12m V1

Unit rate

28.80p per kWh

Standing charge

61.67 p per day

Unit rate

7.26p per kWh

Standing charge

29.11p per day

Next Secure Fixed 12m V1

Unit rate

28.37p per kWh

Standing charge

61.67 p per day

Unit rate

7.15p per kWh

Standing charge

29.11p per day

Are they saying my unit prices for Next Pledge Tracker will be lower than what they state above as it tracks below the price cap? What exactly would be unit costs be?