Should I go onto a new fixed rate now?

Sea_Shell

They have offered the low SC tariff, but it only saves a small amount.

Plus, knowing my luck, we'll get a bad winter and rubbish summer, so could end up costing us quite a bit more, overall.

Will look into splitting our tariffs. We've only ever done dual fuel.

GoldenOldy

yes . I use a fair bit of electricity at night. Day 3734Night 2846. Is the 40 per cent amount meaningful in some way? Thankyoy

QrizB

40% is a rough guide to when you'd be better off on E7 rather than single rate. You're at 43% which suggests E7 is the cheaper option.

From the tariff you've quoted, you look to be in the East Midlands?

With your numbers and that tariff, you'll be paying £1639 a year for electricity. On the single-rate version (24.25p/kWh, 50.31p/day) it would be £1779. So E7 saves you £140 a year.

You haven't said how you heat your home.

If you're using any of that electricity for heating, which you could instead get from your gas boiler (you do have a gas boiler?), it's likely that using gas instead of electricity would result in a lower bill overall.

Scot_39

https://forums.moneysavingexpert.com/discussion/comment/82066623#Comment_82066623

When Ofgem price the "E7" tariff cap - they call it profile class 2 multirate - they do so on the presumption of 42% night use - at least for E7 users - but have talked about reducing it to 40% - in previous if not very last review - as peoples use has changed.

The exact balance vs single rate changes - as the average E7 price can shift relatively dramatically against the single rate price in a region - when I used to track it - as much as 2.3p one year - or about 6% at the time - so the exact balance point changes. ( I say average price as Ofgem set a total price - or more accurately perhaps should say a weighted average price at the 42 vs 58 split - suppliers set their own individual day and night rates - but at 43% - your pretty much on the mark)

To put your total consumption in context - Ofgem have just revised their TDCVs lower again as of July 1st - and for profile class 2 (multirate electric) - their low use 1900 kWh= , their medium = 3400 their high (top quartile iirc) = 6100 kWh.

Your at near 6600 above that new top quartile - (but under the old 6700 kWh value from 2023) so your a heavy electric user - but not the heaviest - both day and night - but for someone also with gas - it does seem high.

If you are electric heating - and dont fancy the upheaval / or cannot afford the cost of going the full ASHP route - is current heating a mix of storage and non storage heating (plug in fires, wall mounted radiators / convection heaters etc and for water - an electric water cylinder but say a cold fed electric shower).

Do you mind say how your heating - both space and hot water / shower etc

(A cold fed electric shower can add 100s kWh per annum per person - 10min shower - 1.5kWh if daily = 550kWh pa) ?

There are other reasons - why some use 100s or 1000s of kWh more power - pets - like tropical fish ponds and acqauriums, and home medical aids - only some of which get NHS aid.

At the 12.99 vs 29.13 split - your average unit price is

2846*12.99+3734*29.13/(2846+3734) = 22.14p

- so less than the 24.25p SR quoted above (I think they are - but check both are - Octopus v2 rates as that changed recently).

Shifting your 43% mix to 53% - moving c650kWh from day to night - would drop the average price to - 20.58p. Saving about £100 per year.

If you are using mixed electric heating - that could be say using 1 more ? small modern NSH in winter rather than say a 2kW wall mounted panel / radiator heater for 6-7hrs (assuming 50% active on thermostat) - to shift just 7kWh a day over 3 months of deepest winter to night rate etc). If your using a cold fed shower regualry at peak rate - but have an off peak het hot water cylinder - then a shower upgrade could likely shift 50% more - if plumping suitable might not be hideous cost either.

But of course if your renting - home mods to shift or reduce use - might not be an option.

And given you could be looking at decent upfront costs - and pay back over several years - again maybe not worth the upheaval.

GoldenOldy

Hello again. So I am in a largish old, cold house, gas central heating, but electricty in one bit which warms the water for an immersion heater , as that is not on the gas run as it were, At a later stage of life now, and so any investment would not be recouped, and to be honest I dont have much energy to deal with that sort of thing. To be truthful even sorting rates out is a bit of a headache. Thankyou for all your full responses. They are appreciated very much.