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EDF Fixed tariff.... switch or wait until after April?
Hi All, confused and looking for advice please!
I fixed our household gas & electric bills last autumn - EDF Essentials 1Yr Sep24v2, which has a £75 exit fee per fuel. On the statement that came this week it was highlighted that a cheaper fixed tariff is now available EDF Essentials 1Yr Mar25v2. The details suggest that on current consumption this would reduce the monthly payment by ~£45, so over a year this is £540, less the £150 early exit fee, which seems like a good deal to me.
However, with the announcement this week of the energy cap reduction in April, do people think new cheaper deals will be released and so should I gamble and wait, or switch now??
I fixed our household gas & electric bills last autumn - EDF Essentials 1Yr Sep24v2, which has a £75 exit fee per fuel. On the statement that came this week it was highlighted that a cheaper fixed tariff is now available EDF Essentials 1Yr Mar25v2. The details suggest that on current consumption this would reduce the monthly payment by ~£45, so over a year this is £540, less the £150 early exit fee, which seems like a good deal to me.
However, with the announcement this week of the energy cap reduction in April, do people think new cheaper deals will be released and so should I gamble and wait, or switch now??
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Comments
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I'd personally wait until July. There's only one more month of winter to go and hopefully a mild March too.2
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I'm waiting til April at the earliest.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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⭐️🏅😇1 -
I have no choice but wait to until Summer when my EDF fix ends but with current modelling suggesting the next two quarters will be lower, my timing may just be perfect. If it wasn't for that and was coming out now, I would be inclined to wait.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2
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I fixed on the 1st new offer edf had a few weeks ago … and I’m happy with rate I got
I know moving through out the year how much I will be paying , I don’t like uncertainty especially in the winter , I don’t want to worry about heating my home3 -
Jcw17, bear in mind you can leave your present energy fix within 49 days of when the contract ends and you wouldn't be charged an exit fee.From this website:"You also can't be charged exit fees if you switch away within the last 49 days of your fixed-term contract"..So if your fix ends 30 September i would suggest waiting until you get within 49 days of that date.1
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