Help understanding SEG please

LateStarter

Hello, I've just had 5kW of solar panels installed. My current energy supply is a fixed deal with EDF until September 30th of this year.

It seems the best SEG rate I can have is 12p from Scottish Power - EDF's rate is awful, and all the higher ones require you to be a customer. Now for the questions:

• Does anyone have any experince with Scottish Power? How are they with payments? Are you locked into their SEG?
• How easy is it to move from one SEG provider to another? If for example, I move to Octopus in October?
• Obviously I don't know what I don't know, so I'd appreciate any advice.

Thanks

LS

Screwdriva

Switching to Octopus is very easy once you are out of contract, and can be done online entirely.

I recommend the Flux Solar import/ export tariff till the month of October, after which it may make more economic sense to go with the Agile incoming/ Outgoing Fixed 15p SEG tariff. 

Slinky

I'm with Octopus, Agile incoming, Fixed export at 15p, but ended up reading this thread for a while, and judging by what I've read here, I wouldn't touch SP with the mucky end of a barge pole.  Trying to get your system registered is difficult (a doddle with Octopus) and getting paid takes months (Octopus credit directly to your account as soon as your registration is complete).

https://forums.moneysavingexpert.com/discussion/6371751/scottish-power-and-seg/p1

LateStarter

Slinky said:

I'm with Octopus, Agile incoming, Fixed export at 15p, but ended up reading this thread for a while, and judging by what I've read here, I wouldn't touch SP with the mucky end of a barge pole.  Trying to get your system registered is difficult (a doddle with Octopus) and getting paid takes months (Octopus credit directly to your account as soon as your registration is complete).

https://forums.moneysavingexpert.com/discussion/6371751/scottish-power-and-seg/p1

That's enough to scare me away! I guess 4p in the hand is better than 12p I'd be chasing and might never get.

LateStarter

Screwdriva said:

Switching to Octopus is very easy once you are out of contract, and can be done online entirely.

I recommend the Flux Solar import/ export tariff till the month of October, after which it may make more economic sense to go with the Agile incoming/ Outgoing Fixed 15p SEG tariff. 

Hi mate, as I plan to stay on EDF (19p per kWh) until October, I don't think I can get Flux rates. It's just the basic SEG at 4.1p.

Slinky

Can you exit your EDF fix for a fee? It might be worth considering paying to leave if you can get 11p extra per kwh you generate across the summer.  That 19p fixed rate is more expensive than Agile current rates, and comparable with Tracker at the moment.

ETA have you got batteries? Topping up overnight in cheap slots and exporting at 15p during the day with any excess helps bring my bills down.

LateStarter

Slinky said:

Can you exit your EDF fix for a fee? It might be worth considering paying to leave if you can get 11p extra per kwh you generate across the summer.  That 19p fixed rate is more expensive than Agile current rates, and comparable with Tracker at the moment.

ETA have you got batteries? Topping up overnight in cheap slots and exporting at 15p during the day with any excess helps bring my bills down.

I'm not sure it's worth paying the fees to exit EDF - my current standing charge is about 40p (gas and electric), 90p  on Octopus, so that's an extra £90 or so in extra standing charges alone for the 6 months until October. I'll have to put it all in a spreadsheet to compare, I guess.

And no, no batteries here.

Slinky

Yes I guess that's a significant factor, you'd need be exporting about 4-5 kwh a day to cover the increased SC.

Officer_Dibble

Don't EDF offer 5.6p/kWh for existing customers, the EDF Export Variable Value Tariff? Still pretty useless, but probably the best you can get before you switch from them.

Screwdriva

LateStarter said

I'm not sure it's worth paying the fees to exit EDF - my current standing charge is about 40p (gas and electric), 90p  on Octopus, so that's an extra £90 or so in extra standing charges alone for the 6 months until October. I'll have to put it all in a spreadsheet to compare, I guess.

I’d take a good look at the gas tracker tariff for the spreadsheet, a smart gas tariff unique to Octopus. < £4.5p per kWh for the last several months and a standing charge under 30p. 

I expect it will end up making fiscal sense to switch right away vs. wait till Q4 2024, especially when you factor in the Flux export tariff of ~18p per kWh over the summer & how well your system will generate! 

LateStarter

Interesting idea, can I move just my electricity to Octopus?