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.

[Amateurish]

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.

[Jugosaurus]

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

[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.

[annodomini2]

In the current climate that's very cheap

[Merry]

I'd have took that without a second thought. Who is it with?

[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

[so called]

Had my renewal quote today and it’s double what you’ve quoted for the peak rate and standing charge.
My 5 hours night rate will increase from 5.5 to 8.25.

[Pica-Pica]

You have a spreadsheet, a simple calculation will tell you.

[gmaz]

It may be worth investing in home battery storage at that price.

[SDK]

georgeyboy12345 said:

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.

Just load them whenever you normally would and use the timers to delay the start or finish.

[Blue Oval84]

It sounds like it's a very good deal, and if you reckon you'll move enough consumption to off-peak to make it worthwhile then it's probably worthwhile.

For what it's worth the flat rate electricity price cap will be well over 40p/kWh soon

I know it's an exclusive tariff but I'd still be very interested to hear which company it is offering that, if you're willing to tell

[OutInTheShed]

Merry said:

I'd have took that without a second thought. Who is it with?

And will they go bust?

[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.

[imdeman87]

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.

[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?

[Pica-Pica]

georgeyboy12345 said:

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?

What is you day kWH usage, and your (potential) kWh night time charge usage? I have a spread sheet on all the available rates, including EV rates, but it is not up to date (I don’t even have an EV). If you can do a spreadsheet, then it is straight-forward to check out, and do some sensitivity analyses (what ifs).
At my first glance, I would say your current rate looks good enough.

[imdeman87]

georgeyboy12345 said:

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?

If you move your car charging to off-peak hours then that's £1.20 saved per charge which should offset the increased charge during peak hours. How often do you charge your car at home? Are you likely to go all electric with your car in the near future? That would mean even bigger savings.

It will ultimately depend on your household circumstances.

Personally, I would take the new deal.

[Pica-Pica]

I have worked out that the offered rate becomes cheaper if you use a night charge of more than 1680 kWh per annum, and day time usage is 3600 kWh per annum. Your usage may differ. It’s a simple calculation.