Switch dilemma

SquigglyBrains

Hi, I'm looking for a bit of advice, please. I'm currently on a SO Energy 'So Yam Two Year' Fixed Tarrif, which is due to end March 2027. However, I'm getting an electric car at the end of this month and was planning to switch to their EV Home Charging tarrif to get cheaper electric at night (6.5p/Kw) for charging the car.

With the uncertain outlook for energy costs over the next few months, I'm now wondering if I should switch, or, would I be better off sticking on the fixed tarrif I'm on for the time being?

Thanks in advance.

vic_sf49

Depends on usage now. Usage when you get the car. Any exit fees.

Time to do some maths.

Bigphil1474

As above, see what difference it would make to your bills. Definitely spread sheet time. You could share you usage figures if known.

The simple equation would be to work out the cost of charging your EV at your current unit rate and compare the cost to the reduced unit rate, then work out what your non EV usage (say last 12 months) would have cost had you been on the EV tariff rate, then take one from the other to work out which is cheapest. Also depends on your EV usage as you may not need to charge every day.

Obviously, there is room to save a bit more with a cheap overnight rate by planning more usage overnight at the cheap rates, like setting dishwasher and washing machine on overnight, so it can be a little bit more complicated, but it's a start. Can you charge at a workplace for free?

Check whether there are any exit fees, as often there isn't if you are just changing to a different tariff with same supplier.

bristolleedsfan

https://forums.moneysavingexpert.com/discussion/6658964/switch-dilemma

SquigglyBrains

Thanks for your responses everyone. It looks like SO have made my decision for me!

Definately going to run some figures just in case it comes back.

I'm also going to see if the MSE Cheap Energy Club now incorporates EV tarrifs/cars questions. It might save me a headache :)