Paying more now to fix electricity costs, good idea or not?

YORKSHIRELASS

We are on a flexible tariff with Octopus, our electricity consumption is huge, and always has been.  We don't have gas, just electricity and oil central heating.

I have looked at switching but to get a fixed deal we would have to pay more now, it works out as another £60 a year (so from £1155 to £1217 p.a.).

Martin says there is going to be a big price hike in October, but is it worth switching now and paying more in the short term, ahead of possible future price rises?  It doesnt seem to make much sense to me but I would be interested to know what others think.

QrizB

I don;t know what the unit rate for your current flexible Octopus electricity tariff you are on but Octopus Go is likely to be cheaper. It's a 12-month fix with no exit penalty.

In my postcode, Flexible Octopus is 18.55p/kWh and 22.21p/day while Go is 15.59p/kWh and 25p/day. You'll need a smart meter.

niktheguru

Agree with above post about go.

However are you sure your flexible tariff with Oxford is cheaper than all the fixes available on the market? Octopus aren't really amongst the cheapest.

YORKSHIRELASS

Thanks both.  We cant have a smart meter because of how our kitchen cupboards have been fitted around the electricity meter, so this restricts the tariffs that we can have.  I have looked on the comparison sites and I cant find anything cheaper than the Octopus tariff that we are on, so I just need to think about whether we change to a fixed tariff or not.

JJ_Egan

How much more than a variable tariff .

Again Octopus is not the cheapest , how are you comparing .

QrizB

YORKSHIRELASS said:

Thanks both.  We cant have a smart meter because of how our kitchen cupboards have been fitted around the electricity meter, so this restricts the tariffs that we can have.  I have looked on the comparison sites and I cant find anything cheaper than the Octopus tariff that we are on, so I just need to think about whether we change to a fixed tariff or not.

I'm assuming from your screen name that you're from Yorkshire?

I've just done a tariff comparison on the Which? Switch website for an address in York (I used the National Railway Museum's postcode). The site suggests there are 46 tariffs cheaper than Flexible Octopus for someone currently spending £1155 a year. These include variable and fixed tariffs from Symbio, PFP, Ecotricity, OFTM, Green, Igloo, Neon Reef and others.

Gerry1

YORKSHIRELASS said:

our electricity consumption is huge, and always has been. 

What's your annual consumption in kWh?  As you have oil, it shouldn't be excessive.    Any oil filled radiators, panel heaters, towel rails, underfloor heating anywhere?  Immersion heater left on?

I have looked on the comparison sites and I cant find anything cheaper than the Octopus tariff that we are on

Sounds like you haven't used Citizens Advice and 'Which? Switch', although the cheapest suppliers might be ones such as Symbio and you'd need to read the relevant feedback threads on MSE and CA.

[Deleted User]

YORKSHIRELASS said:

Thanks both.  We cant have a smart meter because of how our kitchen cupboards have been fitted around the electricity meter, so this restricts the tariffs that we can have.  I have looked on the comparison sites and I cant find anything cheaper than the Octopus tariff that we are on, so I just need to think about whether we change to a fixed tariff or not.

What are you going to do when your supplier sends you an End-of-Life letter? In such a situation, the supplier has a legal right of entry to change your meters. Sorry for the thread drift.

niktheguru

Dolor said:

YORKSHIRELASS said:

Thanks both.  We cant have a smart meter because of how our kitchen cupboards have been fitted around the electricity meter, so this restricts the tariffs that we can have.  I have looked on the comparison sites and I cant find anything cheaper than the Octopus tariff that we are on, so I just need to think about whether we change to a fixed tariff or not.

What are you going to do when your supplier sends you an End-of-Life letter? In such a situation, the supplier has a legal right of entry to change your meters. Sorry for the thread drift.

Well, then she'll have to destroy some of the cupboard supposedly and get the new meters fitted or relocated.....its fair enough for her to defer this though, maybe she only recently did the kitchen so doens't want to destroy it just yet!

As others have said, i definitely think you've done the comparisons wrong. Theres no way your octopus flexible tariff is the cheapest out there.

YORKSHIRELASS

Thanks all

I will go back to the comparison sites and look again, although some cheaper supplies do insist on a smart meter and there is no easy way of moving the electric meter, the kitchen is only 3 years old.  If we ever get to the point where there is no option then we will have to put in a new kitchen and move the meter, but I am reluctant to do this at the moment.

I have never really understood why our electric is so much, we do have an electric towel rail, but don't use it very often.  We have an electric shower but no immersion heater, no electric heaters, and my son recently moved out so now only two adults in a 3 bed semi.

I will do some more research.

Gerry1

Get rid of the electric shower, that's a big culprit.  Use water heated by the oil boiler, add a pump if the pressure is insufficient.