Eon Renewal Fix

DebbyInDebt

Hello,

Im coming to end of an 18 month fix with Eon Next that ends on 10th March.

Ive been offered the below 12 month fix, which I feel might be worth it given that I wont switch to this tarrif until just before the next hike in April? But im still unsure if its worth it, based on Martin adivisng the best thing for most people is to do nothing

Electricity

Unit rate: Day: 26.98 p/kWh Night: 26.98 p/kWh (Including VAT). 

Standing charge: 40.20 p/day (Including VAT)

Gas

Unit rate: 5.53 p/kWh (Including VAT). 

Standing charge: 42.31 p/day (Including VAT)

I

QrizB

DebbyInDebt said:

Ive been offered the below 12 month fix, which I feel might be worth it given that I wont switch to this tarrif until just before the next hike in April? But im still unsure if its worth it, based on Martin adivisng the best thing for most people is to do nothing
Electricity

Unit rate: Day: 26.98 p/kWh Night: 26.98 p/kWh (Including VAT). 

Standing charge: 40.20 p/day (Including VAT)

Gas

Unit rate: 5.53 p/kWh (Including VAT). 

Standing charge: 42.31 p/day (Including VAT)

That fix does seem to satisfy Martin's stated criteria of being no more than 40% more expensive than the current standard variable tariff (for an average 2900/12000 user it's 36% more expensive):

If you're offered a fix that's no more than 40% costlier than your current price-capped tariff, it's worth considering – especially if you value budgeting certainty.

The gas rate in particular is much better than any other fix I've seen recently.

Xbigman

Whats the split between your gas and electricity usage? If you use a lot of gas then it looks a good deal if you use a lot of electricity its not so good.


Darren 

DebbyInDebt

My average electricity usage is 6.99 Kwh per day
Estimated annual usage 1965 Kwh

My average gas usage is 55.02 kwh per day.
Estimated annual usage 6470 kwh.

My gas was a lot higher than they estimated on the readings, working frol home means having heating on a lot during the day

Boris_Blank

I just went for a renewal deal with EON-Next as I am ending my current HUB Protect deal in the next couple of weeks and suspect that the current fixed tarriff deals will get pulled shortly or increase in price.

The current Variable Tarriff is Elec - 20.83 p/kWh plus 27.37p Standing charge, Gas - 4.01 p/kWh plus 26.12p Standing charge.

And yes, I'm a high user......!

Electricity (Usage of approx 5100 per annum)

Next Online v9 12 month Fixed

26.95 p/kWh 43.58 p/day (All rates inc. VAT)

Gas   (Usage of approx 30000 per annum)

Next Online v9 12 month Fixed

Starting on 14/02/2022

5.49 p/kWh 42.31 p/day (All rates inc. VAT)

DebbyInDebt

Theres no exit fee either which makes it a bit of a no brainer?

CKhalvashi

DebbyInDebt said:

Theres no exit fee either which makes it a bit of a no brainer?

I'd tend to agree with this too.

The potential for a cap above this would potentially make it prudent to switch to a fixed deal now, especially as the cap could be higher. Being able to back out onto a SVT if requested should negate any potential downside for the OP, even if the charges are higher for a few months in the middle.

I'd therefore consider a tariff such as this to be somewhere in the middle ground of risk in what is ultimately the cheapest over the next year, especially as the cap could or could not rise in October depending on the situation of the UK.

savers_united

The higher SC for Gas will be a killer between March & October when most use very little gas, especially if October price cap increase does not transpire and prices come down with better fixes being offered, you would have paid alot of SC for little use, this kind of tariff going into winter would be alot more attractive especially with no exit fees. 

SMcGill

I was looking at the same fix but when I apply the rates to the annual usage that EonNext have used to calculate the monthly cost my figures come out much lower than theirs.

Based on 30 days SC, the new rates and the usage they forecast EonNext have quoted me a DD of £230 but my maths showed it should be £204.

Anyone else had the same experience? I called EonNext to discuss this but customer service said they can’t alter the amount.

rogerc446

savers_united said:

The higher SC for Gas will be a killer between March & October when most use very little gas, especially if October price cap increase does not transpire and prices come down with better fixes being offered, you would have paid alot of SC for little use, this kind of tariff going into winter would be alot more attractive especially with no exit fees. 

Looking at the numbers for the East, the cutoff for a monthly saving based on 30 days seems to be approx 290 kwh/month
This is based on expected price cap of (approx) sc: 26.11, ur: 7.2 against sc: 42.31, ur: 5.53.  As someone who has a hot water tank and heats the hot water twice a day for an hour (family of 4) which is the main usage of gas during hot weather, this equates to approx 300-360kwh/month during the summer months., so still worth it. 

I presume you need to ring up to get this tariff, since it doesn't appear when you 'request a quote' (only when you look at current tariffs!) - I only get the 2 year v17

bristolleedsfan

rogerc446 said:

savers_united said:

The higher SC for Gas will be a killer between March & October when most use very little gas, especially if October price cap increase does not transpire and prices come down with better fixes being offered, you would have paid alot of SC for little use, this kind of tariff going into winter would be alot more attractive especially with no exit fees. 

I presume you need to ring up to get this tariff, since it doesn't appear when you 'request a quote' (only when you look at current tariffs!) - I only get the 2 year v17

It is existing customer tariff