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iberdrola (Energy Wallet)

iberdrola (Energy Wallet)

Postby Nikon » Thu May 16, 2019 7:24 pm

advice on this please. is it worth signing up and will it save any €€€€. has anyone else. using this. or is it like the saying goes. if its to good to be true its usually rubbish.
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Re: iberdrola (Energy Wallet)

Postby Ireneinveraray » Fri May 17, 2019 12:54 am

Do you mean the night/day tariff for cheaper electricity?
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Re: iberdrola (Energy Wallet)

Postby PeteKnight » Fri May 17, 2019 7:23 am

It appears to be a pre-payment scheme that allows you to save a small amount on your energy costs by bulk-buying up front.
It’s cheaper because it puts your cash in Iberdrola’s bank account and allows them to gain the benefit from it, and because it allows them to to purchase in bulk from their suppliers.

I guess it depends on your personal finances and whether you prefer to budget by paying for things in advance.
I’d say that if you’re earning interest on your money rather than having it sat in a no interest account then you’re probably better-off sticking with regular monthly electric bills.
If you have the capital up front and don’t tend to pot it in an account where it earns interest then the Wallet may save you a little bit of money.

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Re: iberdrola (Energy Wallet)

Postby PGA » Fri May 17, 2019 8:03 am

I like the concept of it and it would be helpful to use your acquired energy across multiple homes - only issue being its not clear whether you can in the UK as Iberdrola only have the partnership arrangement rather than operating as a standalone. I might ask the question of them the next time I pass their office, however. If anyone here raises the query I would be interested to know the answer.
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