First Time Buyer - Gas & Electricity Advice

geml17

I'm a first time buyer moving into a 2 bed, 2nd floor flat (energy band next week. The current owner lives there with her child and her partner, I will be moving in myself. They are currently on the price cap, no smart meter and have the same provider (OVO) for gas and electricity. 

I know I need to take a meter reading the day I get the keys, but i'm not sure how to best navigate gas and electricity going forward i.e. I will use a lot less energy than they do, but I don't know if providers will take account of this when I go looking for the best deal by putting in the address. Am I better to wait a few months and then look to change tariff, or do it straight away as I can get a cheaper fix (still around £140 per month for both when i put it into a comparison website)? 

I would like to get a smart meter, am I better doing this on day 1 or wait a couple of months when there's a better idea of my usage, and just accept i'll likely pay more for the first few months? 

Any advice would be appreciated 

MWT

Take your meter reading on day 1 and call OVO to set up your account, but do not let them put you on a fixed tariff unless it has no exit fees.

Then you can look around and see if there is a provider that can give you a better deal, even if it is just through a referral bonus (octopus £50 for example - just message any current Octopus customer for a code).

 

Robin9

Yes you are correct in taking meter reads when you move in. You must contact the existing supplier. 

The comparison sites will ask you if you know your actual annual consumption -  do not go down the line if it asks you the number of bedrooms etc.   For electric 2000 kWh is a good guess;   gas perhaps 5000 kWh.

I would sit tight then and monitor what you use.  Read your meters monthly.  Look closely at your bills 


PS   Don't forget the water meter.

WiserMiser

Consider Monthly Variable Direct Debit; unfortunately not all suppliers offer this, but Octopus do.  It does mean higher bills in winter and lower in summer, but as long as you send monthly readings it does mean that you don't have credit building up or getting a shock if/when they say you've been using more than expected hence your DD will rocket.

You'll also get a better idea of what energy really costs and how best to economise.

After a year you'll have accurate usage figures and can consider locking into a fixed rate.  Remember that only the rates are fixed, use more and you'll pay more.

t0rt0ise

I'd get a smart meter as soon as possible. Then look at the time of use tariffs. I'm saving heaps with Octopus Agile tariff. Do some research and choose. You can always change your mind. I certainly wouldn't wait a year or even months, just get stuck in.