Time to fix?

mne2

I'm on ScottishPower's standard online product - should I be changing to their Fixed Price Energy online?

catwoman73

Have you put your usage into a comparison site to see what the difference is in the price between the two? Would you paying a premium for the fixed tarrif?

When did you sign up for the standard online product and what does it say about an end date. These days they usually say something like 'guarranteed to be x% cheaper than our standard product until a specified date'.

If this is the case, you can be fairly sure that the product you're on will increase in price shortly after the end date. Also, are there any penalties if you leave this tarrif before the end date?

It seems to be the case these days that, unless you want to be paying over the odds, that you need to be shopping around for gas and electric at least once per year, just like you should be doing for your insurances etc. There is usually cashback available from Moneysupermarket etc, which also makes shopping around worthwhile.

If its the April 2014 fixed product that you're looking at, that means the price is fixed for two winters, which is when you use most of your energy. It also has no cancellation penalties, so you can change again if prices drop, which seems unlikely as they appear to be on an upward trend again.

So, while I can't say which of the tarrifs you specify would be best for you, I hope I've helped with the decision making process. It is quite likely that SP will announce price increases before the end of the year, which could add about £100 per year to your existing tarrif. They could also pull that April 2014 fixed product and replace it with one that is more expensive, so if it was me and the penalty to change was small, cashback was available, and the new fixed price was no more than 50-100 per year more than what I am currently paying, I would probably switch for the peace of mind.

HTH

Pincher

Fix in the summer when the price is low.

For medium usage:

Online Fix April 2014 is available NOW at £1,123.

If you had fixed in August, you would be paying Online Fix November 2013 at £1,030, all set for this winter.

Now it's like fixing your mortgage at 7%. For people who can't be bothered, April 2014 will fix you up for two winters. So there you go.

macman

Yes, but about two months ago. when they were still cheap.

mne2

catwoman73 wrote: »

Have you put your usage into a comparison site to see what the difference is in the price between the two? Would you paying a premium for the fixed tarrif?

When did you sign up for the standard online product and what does it say about an end date. These days they usually say something like 'guarranteed to be x% cheaper than our standard product until a specified date'.

If this is the case, you can be fairly sure that the product you're on will increase in price shortly after the end date. Also, are there any penalties if you leave this tarrif before the end date?

It seems to be the case these days that, unless you want to be paying over the odds, that you need to be shopping around for gas and electric at least once per year, just like you should be doing for your insurances etc. There is usually cashback available from Moneysupermarket etc, which also makes shopping around worthwhile.

If its the April 2014 fixed product that you're looking at, that means the price is fixed for two winters, which is when you use most of your energy. It also has no cancellation penalties, so you can change again if prices drop, which seems unlikely as they appear to be on an upward trend again.

So, while I can't say which of the tarrifs you specify would be best for you, I hope I've helped with the decision making process. It is quite likely that SP will announce price increases before the end of the year, which could add about £100 per year to your existing tarrif. They could also pull that April 2014 fixed product and replace it with one that is more expensive, so if it was me and the penalty to change was small, cashback was available, and the new fixed price was no more than 50-100 per year more than what I am currently paying, I would probably switch for the peace of mind.

HTH

Thanks for that. I'm on the normal standard tariff after coming out of a fixed deal so there are no tie-ins.

There are several deals around that seem to be very similar and whilst the fixed ScottishPower deal is slightly more expensive it seems to make sense to fix now. Online i'm being offered Fixed until October 2014.