Fixed tariffs vs current price cap

Lou-Lou_6

I’ve been following what Martin Lewis has been saying about not changing to a new fixed deal and to move onto the standard rate, which is lower. 

His most recent advice seems to be to only fix if the deal is 50% (or less) of an increase to the current price cap.  

My question is, how do I calculate this? Is it as simple as my supplier’s  standard rate being the price cap and comparing the unit prices of that with those of the fix deal being offered? Or could the the standard rates of my supplier actually be less than the price cap? In which case, how do I calculate how much more the fix deal is in relation to the price cap? 🥴😄

Thanks in advance.

QrizB

Currently, every supplier's standard rate is at (or very close to) tthe cap.

Here's a recent thread that explains how to compare:

https://forums.moneysavingexpert.com/discussion/6330010/how-do-you-calculate-the-comparison-between-your-current-tarrif-and-the-price-cap

MoneyMon555

If you are with Octopus they wouldn't give me the price cap rate for over 2 weeks in order to do exactly what you are trying to do above (ie compare the fix deal vs price cap.)

If you are with Octopus, and they will not provide price caps rate, then complain.

The fixed rates are always visible of their web site though.

MWT

MoneyMon555 said:

If you are with Octopus they wouldn't give me the price cap rate for over 2 weeks in order to do exactly what you are trying to do above (ie compare the fix deal vs price cap.)

If you are with Octopus, and they will not provide price caps rate, then complain.

The fixed rates are always visible of their web site though.

Not sure if I've understood you correctly, but the standard capped variable tariff rates are clearly visible on the website tariff list...

https://octopus.energy/tariffs/

Ignore the quote option and just put in your post code...

facade

MWT said:

MoneyMon555 said:

If you are with Octopus they wouldn't give me the price cap rate for over 2 weeks in order to do exactly what you are trying to do above (ie compare the fix deal vs price cap.)

If you are with Octopus, and they will not provide price caps rate, then complain.

The fixed rates are always visible of their web site though.

Not sure if I've understood you correctly, but the standard capped variable tariff rates are clearly visible on the website tariff list...

https://octopus.energy/tariffs/

Ignore the quote option and just put in your post code...

I've spent some time figuring the caps out, with pointers from other posters, and I suspect that MoneyMon555 has been on the OFGEM site, where they give a line about the cap varying between region and supplier*, and to contact your supplier to find out what it is.

For my region, Octopus SVT rates are so close to the caps that it makes no difference.

*This is true, as they only have to keep the overall bill for one specific usage case below/at the cap figure, they can tweak the standing charge and unit rates so long as the total is correct for that one case.

Lou-Lou_6

QrizB said:

Currently, every supplier's standard rate is at (or very close to) tthe cap.

Here's a recent thread that explains how to compare:

https://forums.moneysavingexpert.com/discussion/6330010/how-do-you-calculate-the-comparison-between-your-current-tarrif-and-the-price-cap

Thank you, that’s very helpful. My energy supplier’s (SO Energy) SRT is less than the cap, but only slightly (4.05p gas, 20.86p electric).

Their fix deal is quite a bit higher than 50% increase above the price cap rates that you mentioned on the other post (8.5p gas, 33.11p electric), so I guess I’ll be sticking with the SRT for now!

Thanks all for your help, appreciated.