cheap energy deal coming to end - what now - help!

countryhouse39

Hi - we are an electricity only house - we use a GSHP for heating and hot water. We are currently on the cheapest deal available i think - Extra energy's bright fixed price Jan 2017, which comes to an end at the end of January. I am looking to see what we should do now and extra energy themselves say their' santa saver' is the best thing for me, but with our usuage it comes out at much more expensive than their variable rate would for our annual usage (approx 17500kwh). Can anyone advise on what i should do? due to our relatively high usage is there a deal that has a low kwh rate, regardless of daily rate? I think that might work out cheaper for our situation... i dont seem to be able to sort results by this on any comparision sites. Would you fix anyway, even though its more expensive than the variable, or should I wait...?
thanks!

System

Electricity prices are on the rise. With your level of consumption, I would have thought that any comparison would give you a low kWh price. Only you can decide whether to go variable or fixed. Personally, I would fix.

victor2

You know your annual usage - put it into a comparison site and see what it suggests.
As above, variable or fixed tariffs are a personal choice. I have used fixed ones for the last several years, usually ones with reputable suppliers with a preference towards those with no exit penalty.

System

Having just run a comparison, I see the OP's problem. The difference in price between variable and fixed is huge - over £327 per year more to fix for my postcode compared to a rolling tariff. I would have to think very hard and look at when the cheapest supplier last raised its variable prices.

countryhouse39

thanks for replies. Comparison sites all show that we will be paying more than we currently are... The variable rate from extraenegery (9.49p per kwh, 51.5p per day) is the cheapest option at the moment...but obviously its variable... works out at approx £1880 for the year IF it doesnt go up...but the santa saver ( 13.7p/kwh, 14.1p per day) from extra energy works out at approx £2500 for the year... which is a lot more...

System

I found the Coop fixed at 11.89p per kWh.

countryhouse39

i should add, we are in Scotland - East lothian

countryhouse39

Hi Hengus - I have checked and checked and sadly i cant get the co-op rate you found. The 2 best co-op deals are for either existing customers only, or for duel fuel, neither of which we are.
The best fixed rate availbale to us seems to be M&S fixed for 24 months, but its still about 350 quid more a year than the variable rate on extraenergy if prices stay the same, but im concious that in the next 2 years they will probably rise... would you fix at this price or wait and see...? I know that only I can decide, but what would you do if you were me..?! thanks

System

countryhouse39 wrote: »

Hi Hengus - I have checked and checked and sadly i cant get the co-op rate you found. The 2 best co-op deals are for either existing customers only, or for duel fuel, neither of which we are.
The best fixed rate availbale to us seems to be M&S fixed for 24 months, but its still about 350 quid more a year than the variable rate on extraenergy if prices stay the same, but im concious that in the next 2 years they will probably rise... would you fix at this price or wait and see...? I know that only I can decide, but what would you do if you were me..?! thanks

You may well be right. Tariffs, and therefore best deals, do vary with postcode. I cannot really answer your 'fixed or not fixed' question given the large difference in price between a fixed and a variable deal. For me, with your usage, it would be about £50 a month difference. If it was, say, £10 a month then I would probably go for a longer term.

[Deleted User]

@countryhouse39
If the Extra Energy tariff is then Variable Price v1 then there is no exit fee on that tariff so if they put the price up by too much then you can easily change supplier again.

countryhouse39

thanks all - @gsmlnx - i think that might be what we will do - seeing how the difference is so much.. im scared though that prices might rocket, but hopefully not too much!
On this subject, i realise that our usage is higher than standard as we are electricity only (we dont have gas out here), but i was wondering if anyone can tell me whether we are massively high usage for our size of house - we are a 5 bedroom 3 reception room house, with a home office and we both work from home all the time, so someone is in all the time. In winter our usage is about 2000kwh a month, summer minimum is 600kwh... (All our heating and hot water is electric via a ground source heat pump.) family of 4.
thanks