New fixed deal

Bronia80

I signed up for this new fixed deal today as my current deal ends on Monday the 7th February, it has no exit fees aswell, does it look worth it? 

QrizB

Bronia80 said:

I signed up for this new fixed deal today as my current deal ends on Monday the 7th February, it has no exit fees aswell, does it look worth it? 

Honestly? No, probably not.

Are there any exit fees? It might be worth keeping until the autumn as the daily standing charges are lower than the new capped ones and you will be using less energy so the high unit rates (4p over the cap for electricity, 1.5p for gas) will be less of an issue.

london21

Comparing my current bulb energy rates to the ones you posted, the increase is huge. 
Vari-Fair electricity: 19.77p/kWh Gas: 3.99p/kWh

Bronia80

No there are no exit fees, I’m so confused what to do. 

Mew15z

Join the club

PennineAcute

To compare caps, you have to get a total of 2900 kWh elec and 120000 kWh gas and 365 days of SC and  it works out at £2174.57 - which is around £200 more expensive than the cap in April.  From 1.4.22 to 30.9.22 it will be cheaper to stay on variable rates compared to this tariff.

Come October and the new cap, who knows?  Forcast is another 20% increase.  20% of 2000 is 400, so £2400. 

Only you can make the decision.

Bronia80

So even though the standing charges on this new fixed offer are cheaper than what they will be in April, I will still be better off on the variable tariff?  

QrizB

Bronia80 said:

So even though the standing charges on this new fixed offer are cheaper than what they will be in April, I will still be better off on the variable tariff?  

Yes. If prices don't increase significantly in October, it looks like that.

• Electricity: you use 2914kWh/yr. On your fixed tariff that would cost £1031, on the cap it would cost about £991.
• Gas: You use 6291kWk/yr. On your fixed tariff that would cost £647, on the cap it would cost about £563.

So in total you'll be paying £1678 (£140/month) rather than £1554 (£130/month).

savers_united

Unless you get a fixed offer that is below the new cap then I would be waiting until after April and use what is left (8 weeks) of the current cap.

We could have a cold spell this time of year and you end up paying double for your Gas.

Alot can happen between April and the October cap, I am still optimistic that a couple of lower fixes will pop up in that time, but with a higher SC on the electricity you do really need to look at your own use over the warmer months to see what fits best. 

dander

that looks like Octopus - and I was wrestling with this yesterday, but I found an email from Greg, sent a couple of days ago where it says Octopus plan to raise prices gradually, so won't be slamming up to new cap prices immediately in April. Given the huge difference between the price today and the price on the fix, I think there will be quite a number of months to come where people on the fix will be paying significantly more than those on the variable. 
I think a lot will depend on how scared you are of what will happen in October, because you at least get certainty with a fix, and it's the costs next winter that matter more than the cost this summer really.

Agusya

QrizB said:

Bronia80 said:

So even though the standing charges on this new fixed offer are cheaper than what they will be in April, I will still be better off on the variable tariff?  

Yes. If prices don't increase significantly in October, it looks like that.

• Electricity: you use 2914kWh/yr. On your fixed tariff that would cost £1031, on the cap it would cost about £991.
• Gas: You use 6291kWk/yr. On your fixed tariff that would cost £647, on the cap it would cost about £563.

So in total you'll be paying £1678 (£140/month) rather than £1554 (£130/month).

How do you calculate this ? Gas 12,808 kWh/yr Electricity 1,166 kWh/yr this is my annual use