Comparison on Fixed vs Standard Variable costs

DJB343

Afternoon all,

I'm sorry if this comes across as a little dumb but I would love to get some clarification before I make the move to Standard Variable with British Gas.  I'm so used to jumping onto a new cheap fixed deal every year, that I tend to not pay too much attention to the unit rates.

So my fixed has come to a end and obviously been whacked with a much higher fixed tariff until 31st July 2023.

Fixed Tariff

Exclusive Energy Jul 2023v2

Cost - £186.41 per

Gas

Standard unit rate -	7.462p pe kWh
Standing charge -	17.083p per day *

Electric

Standard unit rate	- 33.423p per kWh
Standing charge -	22.760p per day *

Exit Fee's £75

------------------------------

Stardard Variable

Gas

 Standard unit rate - 4.187 p per kWh

 Standing Charge -  26.123 p per day 

Electric

Standard unit rate - 20.773 p perkWh

Standing charge - 23.307p per day

No exit fees

---------------------------

So my hunch is that I should go with the Standard Variable for the time being before we hear more news on the situation, but would like to get other people opinions if possible.

Thanks for reading, and look forward to your replies.

JJ_Egan

Agree SV why pay much more now and be locked in if prices do drop .

MuckChucker

Yeah, same boat - posted a pic of my "offer" in the Overwhelmed thread

I'll stick SVR and see what happens

Astria

It's a gamble whichever you decide, 33p/unit may be cheap by April so paying now to get cheaper rates then might be OK.

But if you are currently using high amounts of energy it may be cheaper to jump onto SVR now but you may pay more in April.

I very much doubt prices will come down as providers are making loses at the moment and they'll want to get back into profit.

DJB343

First off - apologies for the formatting, not really sure what happened there haha

But, thanks all for the replies - really appreciate you taking the time out to answer. 

Looks like SV is the way for the moment being

Cheers all

wild666

Astria said:

It's a gamble whichever you decide, 33p/unit may be cheap by April so paying now to get cheaper rates then might be OK.

But if you are currently using high amounts of energy it may be cheaper to jump onto SVR now but you may pay more in April.

I very much doubt prices will come down as providers are making loses at the moment and they'll want to get back into profit.

All providers that are giving the energy away at a loss will keep their rates high to claw back the money they have lost, that's if the SVR is higher than a fixed rate in April. Personally I don't see any fixed rates being below the SVR for some time as companies try to claw back what they lost from Oct to March this year.