Is it worth switching to this tariff?

[georgeyboy12345]

My energy provider has been in contact offering me this tariff, I'm wondering if it's worth switching?

4.5p overnight between midnight-5am
23.8p peak rate
35p daily standing charge

For comparison my current rate is 18p and a 30p daily standing charge.

I have an Audi A3 etron PHEV, currently I guess it's costing me about £1.60 to charge it, if I charge overnight, it'll be 40p to charge up. If I charge on the higher rate, it'll be around £2.14. I have a smart charger, etc, so I should be able to schedule the charges, etc.

I have crunched the numbers myself in Excel based on current usage, and it looks like I'll save around £100 a year, but I'm wondering if there is more to it? I don't really like the idea of increased peak rate and daily charge. I also have some kind of gut feeling that I'll commit to this and somehow end up worse off from something I haven't considered. Am I being silly? Has anyone done similar and regretted it? On the face of it is seems a no-brainer, but I'm suspicious.

[georgeyboy12345]

Amateurish said:

When does your current rate end? How long is the new rate fixed for?

Both of these rates are significantly cheaper than anything currently available.

Both end March 2024 and the gas cost is the same too, so no difference there.

I know it's cheaper, but that is kind of irrelevant for me.

[georgeyboy12345]

Jugosaurus said:

Can you also do things like put on the washing machine and dishwasher in the cheap rates over night? That all helps

I could do that, but the question is would I want to? I kind of like the freedom of being able to run these things whenever I want and not think about it. I wouldn't enjoy having the washing machine on a spin cycle overnight while I'm trying to sleep, having to load the washer before bed, etc.

[georgeyboy12345]

yes, I know it's very cheap. But which of the two is the better deal for me?

It doesn't really matter who it's with as you won't be able to get these tariffs any more, they are for existing customers only.

Edited by georgeyboy12345 on Wednesday 20th July 21:51

[georgeyboy12345]

It’s EDF. I switched to their go electric fixed contract in October last year, directly against the advice that Martin Lewis was dishing out at the time, which was to stay on the price cap. I figured everyone would do this so it’d be a bad idea. So I get these rates until March 2024. Hopefully they will have fallen by then but I’m not holding my breath. I think I’ll try to buy a new hydrogen ready boiler before then and maybe crunch some numbers on whether it will be worth installing solar panels.

[georgeyboy12345]

imdeman87 said:

Can't believe you're even asking whether this is a good deal. Snap it up, before they realise it's a mistake??

Your peak rate is cheaper than the current standard variable tariff set by OFGEM. Electricity is likely to be 40+p per kwh come 1st Oct....so your peak rate will be very cheap by then. That's not including the savings you''ll make with the off-peak rates.

Fix until spring 2024 and enjoy your £400 grant that you'll get in Oct too.

Yeah but the tariff I'm already on is a good deal at 18p/kwh and 30p/day. Both are fixed until March 2024. So which is better?

[georgeyboy12345]

Blue Oval84 said:

georgeyboy12345 said:

It’s EDF. I switched to their go electric fixed contract in October last year, directly against the advice that Martin Lewis was dishing out at the time, which was to stay on the price cap. I figured everyone would do this so it’d be a bad idea. So I get these rates until March 2024. Hopefully they will have fallen by then but I’m not holding my breath. I think I’ll try to buy a new hydrogen ready boiler before then and maybe crunch some numbers on whether it will be worth installing solar panels.

Ah I see, I'm quite familiar with the GoElectric tariff and I think what you've been offered is a "rate change" not a tariff change, there's a subtle difference

Basically when you sign up to GoElectric you lock in all three pricing structures (flat rate, 98 hour off-peak and 35 hour off-peak). You can move between them at any time during the tariff, for example, if you get a smart meter months after you sign up, it means you don't need ot move to more expensive off-peak rates, you get the ones that were in place when you joined.

It's very hard to advise you but if you've done the maths and think you could move enough consumption to save, then it's worth a go, if you don't find it working for you after a few months then you can always switch back, or try the 98 version where it's off-peak each weeknight and also from Friday night through to Monday morning, much more flex to use appliances in those hours etc.

ETA - it turns out you did quite well to ignore Martin Lewis and fix when you did!

Aha, so there is always the option to switch back to their flat rate? That’s really useful info, thanks! Yes, I am considering switching to the GoElectric 35 rate (not tariff!). I’ll have a closer look at those two other options.

Edited by georgeyboy12345 on Friday 22 July 13:48

[georgeyboy12345]

Think I'm going to just stick to the tariff/rate I'm on right now. I like having the flexibility of plugging in the car whenever I like, rather than having to plug it in overnight. Writing it now sounds silly and somewhat illogical, but that's what I feel.