How about a capped Rate?

JennyW_2

I'm with SE and the prices have just gone up. I've been online chatting with them and the best they can offer is a capped rate to the new prices.

It costs £12 per year and this stops prices going any higher for the next 2 years. They also credit £50 to my bill.

If I'm going to be on the new rates anyway, is it a good idea to just then cap them?

Wywth

JennyW wrote: »

I'm with SE and the prices have just gone up. I've been online chatting with them and the best they can offer is a capped rate to the new prices.

It costs £12 per year and this stops prices going any higher for the next 2 years. They also credit £50 to my bill.

If I'm going to be on the new rates anyway, is it a good idea to just then cap them?

That sounds good. What do they call that tariff?
How does it compare for you when using a comparison site?

jalexa

JennyW wrote: »

If I'm going to be on the new rates anyway, is it a good idea to just then cap them?

I'm not saying you should move away if you are comfortable with Southern Electric however I would strongly advise you check all your options using a comparison website.

As Wywth suggests, make sure you find out the name of the tariff Southern Electric suggest for you.

JennyW_2

Wywth wrote: »

That sounds good. What do they call that tariff?
How does it compare for you when using a comparison site?

it doesn't appear on any comparison sites and appears on their home page

http://www.southern-electric.co.uk/GasAndElectricity/2yrCappedPrice/

i just don't know what to do :wall:

Wywth

JennyW wrote: »

it doesn't appear on any comparison sites and appears on their home page

http://www.southern-electric.co.uk/GasAndElectricity/2yrCappedPrice/

i just don't know what to do :wall:

Energyhelpline has it - other comparison sites may also show it.
You may need to look down a long way as it seems quite expensive, but this may vary by region and usage.
An alternative would be to put this as your current tariff and see how others compare to it.

ETA: I don't see why you are being charged an additional £12 per year. There is a £6 per year per fuel discount for agreeing to paperless billing, so maybe that is related?

Don't know anything about the £50 cashback - that may be a goodwill gesture thay have offered you if you were to stay with them? There is a £50 early exit fee (24 months)

You could possibly get £40 cashback from Simply Switch using MSE link for switching supplier, or perhaps even more from a proper cashback site depending on the supplier you choose to go for. But don't base your decision on the possibility of cashback.

jalexa

JennyW wrote: »

i just don't know what to do :wall:

Only you can decide. Currently the lowest cost fix is Scottish Power January 2014. That is about 11% cheaper for 15 months (with no exit charges) compared with your proposed Southern Electric longer 24 month fix (with £50 early termination charges).

Though I don't expect to see prices come down, the "no exit charges" on the Scottish Power tariff effectively makes it both fixed and capped because if market rates reduce you would be free to switch at no cost.

One other comment, the SP tariff was SP's response to Edf Blue, specifically the no early termination charge. Edf Blue is now gone, leaving SP isolated and "cheap looking" at the the top of the table. Don't hang about if you think that SP tariff might be for you.

molerat

For me SE is showing as the most expensive capped tariff out there.

OGR

I am with SE and today got the email telling me about the price rise. Although my standing charge is actually going down I have just agreed to switch to the Scottish Power January 2014 tariff as I am worried we will have another cold winter.

I live in SE London and we are a low user of both Gas and Electric but Scottish using my past 9 month figures worked out that I would save £131 per year switching so it was well worth it.

The problem I have had and the reason it took me so long to switch was the confusion with the standing charge vs variable rate. In the Winter I use about £65/month gas but in the summer I only use about £10-£15/month of which £9 is made up of a standing charge. Infact since my last bill at the end of June I have only been using about 4-5 imperial units of gas per month! I very much expect my July to September bill to be mostly standing charge! When I used 28 units between April-June my bill was only £58 but £27 of it was my standing charge. Trying to work out if I would have been better off over a year on a variable tarriff just got complicated and I am sorry to say I gave up and missed out on the EDF blue tariff.

Our electric stays constant about about 7kWh per day (according to SE) but saying that my daughter started full time school today and the wife may be going back to work soon so it may go down more.

The only annoying thing will be the all the summer credit I have built up on my Gas account to cover me in the winter will be refunded to me and I am not sure if Scottish will let me put a a chunk on account to cover the winter. Will have to try hard not to spend it.

JennyW_2

OGR wrote: »

I am with SE and today got the email telling me about the price rise. Although my standing charge is actually going down I have just agreed to switch to the Scottish Power January 2014 tariff as I am worried we will have another cold winter.

I live in SE London and we are a low user of both Gas and Electric but Scottish using my past 9 month figures worked out that I would save £131 per year switching so it was well worth it.

The problem I have had and the reason it took me so long to switch was the confusion with the standing charge vs variable rate. In the Winter I use about £65/month gas but in the summer I only use about £10-£15/month of which £9 is made up of a standing charge. Infact since my last bill at the end of June I have only been using about 4-5 imperial units of gas per month! I very much expect my July to September bill to be mostly standing charge! When I used 28 units between April-June my bill was only £58 but £27 of it was my standing charge. Trying to work out if I would have been better off over a year on a variable tarriff just got complicated and I am sorry to say I gave up and missed out on the EDF blue tariff.

Our electric stays constant about about 7kWh per day (according to SE) but saying that my daughter started full time school today and the wife may be going back to work soon so it may go down more.

The only annoying thing will be the all the summer credit I have built up on my Gas account to cover me in the winter will be refunded to me and I am not sure if Scottish will let me put a a chunk on account to cover the winter. Will have to try hard not to spend it.

My situ sounds similar to you. I too have credit for gas so was assuming I could deposit the lump sum if I were to move? (have always been able to in the past). Perhaps I shoukd ask SP if I can