First Utility Fixed Price until June 2018

andrew.fenner

Hello

I have been offered a fixed price by First Utility to 2018 for my gas and elec, £96 instead of the £111 I currently pay. Anyone got any thoughts on whether now is a good time to fix?

You also get a thermostat fitted but not sure if that is just to lure you in.

Cheers

molerat

£96 v £111 is irrelevant, how much is the actual annual cost old to new ? Prices seem to be on the up at the moment, is there an exit fee ? How do their prices sit alongside everyone else ?

D_M_E

As FU are offering the tariff, I assume you are already with them for your energy supply.

1. If they have made you the offer, MAKE SURE if you want the offered tariff that they will NOT apply their £30 per fuel exit fees to your current tariff.

2. As the electricity tariff rates per unit are more expensive for the 2018 fix, why are they proposing a REDUCTION in your monthly payments?

3. You need to look at your usage - do you use a lot of gas and electricity - gas would probably be cheaper, but if you use more than about 1400Kwh electricity per year then the electric would likely cost more, though if you are on dual fuel with FU the total bill could be cheaper.

4. If you do decide to take up their offer, you have 14 days to change your mind and revert back to your previous tariff.

You could be better off using a comparison site and see if you can save money and don't forget to look at the actual tariff rates and compare those to what you are currently paying and also compare them to the fix you have been offered, not the headline savings that the comparison sites say you will make

Also, don't forget to allow for the fact that FU will charge you £30 if you switch to another company BEFORE the 49 day window - if you switch more than 49 days from the end of your current tariff they WILL charge, but if you are less than 49 days from your tariff end then they are not allowed to charge.

footyguy

andrew.fenner wrote: »

Hello

I have been offered a fixed price by First Utility to 2018 for my gas and elec, £96 instead of the £111 I currently pay. Anyone got any thoughts on whether now is a good time to fix?

You also get a thermostat fitted but not sure if that is just to lure you in.

Cheers

Consult a comparison site to find the best deal(s) for you.

Consider seperate suppliers for gas & electricity, as that often =saves you even more.

Most best deals are currently a fixed price tariff. These may have an early exit fee applicable if you decide to leave early, but for most where that applies, it it typically about £25-£30 per fuel. You can usually offset this by about £15 per fuel in cashback when you switch supplier.

If you are on a fixed price tariff that would incur an early exit fee, and you are not going to save over £15 on the remainder of the term, I probably would suggest you don't bother.

I would suggest fixing is probably a good idea anyway, as prices are rising, probably at lkeast in part due to the fact Centrica is closing their UK gas storage facility for safety reasons, a facility that can store 72% of UK gas.
http://www.bbc.co.uk/news/business-36604520

It is planned to remain closed until 03 August 2016