Deciding to switch - it's giving me a headache...

kevquinn

Comparison sites look like they help, and initially it looks like the decision to switch is a no-brainer.

In my case, switching from first:utility iSave 1 according to the comparison sites will save me £446 over the next 12 months if I switch to separate gas and electricity billing from other suppliers (bg for gas, npower for electrics).

However this doesn't include the duel fuel discount from first:utility (£240), nor the loyalty bonus (£110) I will be due in the next 12 months based on 7.5% of my previous 12 months payments, nor the £20 extra bonus I should be able to get for supplying monthly meter readings online. BG and npower discounts are included in the site's predictions.

So now the saving looks like £76, not such a big deal, although still to be considered. The new contracts however have exit charges, so I could end up liable for combined charges of £50 if they hike their ates such that switching would end up costing me in the end (so now the difference could be considered to be as little as £26).

On that basis, it looks like switching isn't a particularly valuable exercise, and I should probably stay put.

However, first:utility have recently announced a substantial hike in pricing, and this isn't reflected in the comparison sites. If I add in the missing hike from first:utility, this adds some £404 to the prediction for the next 12 months, which means there would be a substantial saving of £480, clearly worthwhile after all!

But then I'm thinking, if the comparison sites don't yet have first:utilities new rates, how likely is it that the other suppliers are also in the process of rate hikes that the comparison sites don't know about yet? Is there any way I can find out?

Aargh! my head is exploding...

penrhyn

All of the 'big six' have recently increased their prices, so if they give a better deal than FU switch.

Krafty

kevquinn wrote: »

Comparison sites look like they help, and initially it looks like the decision to switch is a no-brainer.

In my case, switching from first:utility iSave 1 according to the comparison sites will save me £446 over the next 12 months if I switch to separate gas and electricity billing from other suppliers (bg for gas, npower for electrics).

However this doesn't include the duel fuel discount from first:utility (£240), nor the loyalty bonus (£110) I will be due in the next 12 months based on 7.5% of my previous 12 months payments, nor the £20 extra bonus I should be able to get for supplying monthly meter readings online. BG and npower discounts are included in the site's predictions.

So now the saving looks like £76, not such a big deal, although still to be considered. The new contracts however have exit charges, so I could end up liable for combined charges of £50 if they hike their ates such that switching would end up costing me in the end (so now the difference could be considered to be as little as £26).

On that basis, it looks like switching isn't a particularly valuable exercise, and I should probably stay put.

However, first:utility have recently announced a substantial hike in pricing, and this isn't reflected in the comparison sites. If I add in the missing hike from first:utility, this adds some £404 to the prediction for the next 12 months, which means there would be a substantial saving of £480, clearly worthwhile after all!

But then I'm thinking, if the comparison sites don't yet have first:utilities new rates, how likely is it that the other suppliers are also in the process of rate hikes that the comparison sites don't know about yet? Is there any way I can find out?

Aargh! my head is exploding...

I just went through the exact same process having been with FU for 15 months. I ended up on BG Websaver 11.. yes there is a £30 charge (for each) if you leave before June 2012.. but I decided the likelihood of BG hiking their tariffs to cancel out the £400+ savings was most unlikely.

In June 2012... I'll look again.

HTH

K

P.S. My combined bill was predicted as £1400 rising to £1800 post FU's rate hike! I've already cut my electricity usage by a third this last month by just smartening up on my usage profile/pattern!