Variable to fixed Direct Debit

dealyboy

danrv said:

dealyboy said:

danrv said:

Hi
I've changed from paying my electricity bill quarterly on receipt of bill to variable DD.
The bill from Eon Next says I could save £116 or £153 a year by switching tariffs. 
The latter is a fixed type and wondering if it's a good idea to swap.
Is fixed DD always better?
My property's electric only so do need the best or cheapest option.
Any help appreciated.

Hi OP ...
I'm a bit confused as to what you're asking ... the title suggests it's payment method but the post suggests tariff type.

Yes, it's both really. Started out as payment method as per title. I guess the tariff type is relevant too as that would have a part in possibly bringing the bills down.

January bill is £199.73 which is partly why I'm asking about fixed DD so I pay an even amount throughout the year.
Bills in the warmer months are around a third of that so it all balances out.

Thanks dan ...
... I'll leave the E10 to the expert @Scot_39.

Payment method: It sounds as though the fixed DD is the one for you and I understand your reasoning; it is preferred by all suppliers as they can allow a credit to build up to their advantage.

Tariff type: fixed vs. standard variable it depends on certainty vs. opportunity. For me it was a close call having been on the SVT prior to Jan 1st, but it was the fact that my usage is heavily biased towards winter and to off-peak at that, which was the clincher.
My off-peak costs at the fix rate would be lower on Next Fixed 12M v6 E7 (exit fee £75) than on the SVT or on Next Pledge Tracker 12M v3 E7 (exit fee £25). From April thru November it's highly likely that the Ofgem price cap will fall significantly to the benefit of SVT tariffs and Next Pledge Tracker 12M v3 E7, however my usage is a lot lighter (probably about 30% per month).
One thing to bear in mind is that the exit fee is waived 6 weeks before the end of a 12M period and it is possible from (what I read) to transfer to another fix with E.ON Next without penalty, presumably keeping the exit fee.
This all depends on what E.ON allow on E10 and whether E7 is viable for you.

danrv

dealyboy said:

danrv said:

dealyboy said:

danrv said:

Hi
I've changed from paying my electricity bill quarterly on receipt of bill to variable DD.
The bill from Eon Next says I could save £116 or £153 a year by switching tariffs. 
The latter is a fixed type and wondering if it's a good idea to swap.
Is fixed DD always better?
My property's electric only so do need the best or cheapest option.
Any help appreciated.

Hi OP ...
I'm a bit confused as to what you're asking ... the title suggests it's payment method but the post suggests tariff type.

Yes, it's both really. Started out as payment method as per title. I guess the tariff type is relevant too as that would have a part in possibly bringing the bills down.

January bill is £199.73 which is partly why I'm asking about fixed DD so I pay an even amount throughout the year.
Bills in the warmer months are around a third of that so it all balances out..

This all depends on what E.ON allow on E10 and whether E7 is viable for you.

Yes. I need to do some sums I think to work out the ratio of peak/off peak use over a year.
Then decide if my version of E10 in one ten hour block is best for my use.

Originally, off peak kicked in at 10.00pm and then out at 8.00am for the warm air heater.
Now I benefit from the wonky off peak hours and cheap rate during the day due to the timer being last reset in 1998.

Once useage ratio is worked out, I can decide if an Economy dual rate tariff is needed. 
Then after that, which payment plan is best.

Scot_39

E10 in a 10 hour block - forgotten how variable E10 can be.

There are some on these fixed ToU tariffs who do benefit from the "timer drift" issue on old systems - although technically think anything over 2 hours is actionable if "wanted" it fixed.

My off peak is spread through the day - 12midnight-5am, 1-4pm and 8-10pm - all fixed in GMT year round.  Think it suits my heaters better - so pay the non trivial price penalty - rather than spending £1000s on upgrades.

Swipe

dealyboy said:

danrv said:

dealyboy said:

danrv said:

Hi
I've changed from paying my electricity bill quarterly on receipt of bill to variable DD.
The bill from Eon Next says I could save £116 or £153 a year by switching tariffs. 
The latter is a fixed type and wondering if it's a good idea to swap.
Is fixed DD always better?

tariff type.

Yes, it's both really. Started out as payment method as per title. I guess the tariff type is relevant too as that would have a part in possibly bringing the bills down.

January bill is £199.73 which is partly why I'm asking about fixed DD so I pay an even amount throughout the year.
Bills in the warmer months are around a third of that so it all balances out.

Thanks dan ...
... I'll leave the E10 to the expert @Scot_39.

Payment method: It sounds as though the fixed DD is the one for you and I understand your reasoning; it is preferred by all suppliers as they can allow a credit to build up to their advantage.

Tariff type: fixed vs. standard variable it depends on certainty vs. opportunity. For me it was a close call having been on the SVT prior to Jan 1st, but it was the fact that my usage is heavily biased towards winter and to off-peak at that, which was the clincher.
My off-peak costs at the fix rate would be lower on Next Fixed 12M v6 E7 (exit fee £75) than on the SVT or on Next Pledge Tracker 12M v3 E7 (exit fee £25). From April thru November it's highly likely that the Ofgem price cap will fall significantly to the benefit of SVT tariffs and Next Pledge Tracker 12M v3 E7, however my usage is a lot lighter (probably about 30% per month).My property's electric only so do need the best or cheapest option.
Any help appreciated.

Hi OP ...
I'm a bit confused as to what you're asking ... the title suggests it's payment method but the post suggests 

One thing to bear in mind is that the exit fee is waived 6 weeks before the end of a 12M period and it is possible from (what I read) to transfer to another fix with E.ON Next without penalty, presumably keeping the exit fee.
This all depends on what E.ON allow on E10 and whether E7 is viable for you.

Hi dealyboy, I specifically asked about internal transfers and exit fees during my numerous calls with the E.On Next energy specialists and the lady looked it up  for me and confirmed that unfortunately a switch from 12M V6 to another E.On Next tariff would indeed still incur an exit fee until 6 weeks before the end date

danrv

Usage for 2023 is:
Day  2043.1 kWh
Night  1495.4 kWh

I think that makes it approximately 73/27 split day/night.

Gerry1

danrv said:

Usage for 2023 is:
Day  2043.1 kWh
Night  1495.4 kWh

I think that makes it approximately 73/27 split day/night.

I don't...

dealyboy

danrv said:

Usage for 2023 is:
Day  2043.1 kWh
Night  1495.4 kWh

I think that makes it approximately 73/27 split day/night.

... I make that 1495.4 / 3538.5 (night / total) = 42.26% night. If so that is borderline night vs. day usage for E7 cost effectiveness ... https://www.moneysavingexpert.com/utilities/economy-7/#cutcosts.

QrizB

danrv said:

Usage for 2023 is:

• Day  2043.1 kWh
• Night  1495.4 kWh

I think that makes it approximately 73/27 split day/night.

That's 3538.5kWh total, 58% day, 42% night. The exact % split that Ofgem assumes for an E7 customer, and the % at which a single-rate tariff is a very similar price to E10.

danrv

QrizB said:

danrv said:

Usage for 2023 is:

• Day  2043.1 kWh
• Night  1495.4 kWh

I think that makes it approximately 73/27 split day/night.

That's 3538.5kWh total, 58% day, 42% night. The exact % split that Ofgem assumes for an E7 customer, and the % at which a single-rate tariff is a very similar price to E10.

Thanks for the calculation. I didn't work it out properly.
It may be that I could find a competitive single rate tariff with another supplier but prices will change whoever I'm with. Have always been with Eon.

I know that if I came off E10, I wouldn't be able to get it back.
Not sure if the old electro mechanical timer would be needed if on single rate.

dealyboy

... however from what you said here ... https://forums.moneysavingexpert.com/discussion/comment/80540817/#Comment_80540817, is your night use (i.e. off-peak) actually for 7am - 5pm? If so it's unlikely the night vs. day figures you have will be useful.

Assuming I'm right ...

For an E7 hours usage percentage you would need to know (unlikely) the energy used in the 7 hours off-peak, which is dependent on your area/region, typically 7 consecutive hours between 10:00pm and 08:30am. I would suggest it's highly likely that that off-peak usage will be lower than 42%.

If you were to stay with your current meter (and the timeshift) on E7 the percentage for 7 hours out of the 10 you have on E10 again will likely be below 42% usage, but single rate SVT could be an option. Fixed tariffs would require a smart meter and your timeshift would be eradicated.