Current cheap fix ends 27th April - check my maths?

Thomo2710

Hi all,

My current cheap 1yr fix with So Energy finishes 27th April.

Their cheapest fix currenty is So Guava with rates of:

E: 35.20kwh, 25.08sc

G: 9.84kwh, 26.11sc

Would somebody be as kind to cross reference my maths and confirm im better off moving on the price cap please?

Calculated from May 2022 to May 2023, assuming Oct cap increase of 20%

My usage for the last 12 months:

E: 2714kwh

G: 7969kwh

So Guava 1yr fix

2714 x 35.20 = £955.32

365 x 25.08 = £91.54

TOTAL ELEC = £1046.86

7969 x 9.84 = £784.14

365 x 26.11 = £95.30

TOTAL GAS = £879.44

+ 5 vat =

TOTAL  £2022.61

Price Cap

2714 x 28.34 = £769.14

365 x 45.34 = £164.39

TOTAL ELEC = £933.53

7969 x 7.37 = £587.31

365 x 27.22 = £99.35

TOTAL GAS = £686.66

TOTAL EXC VAT = 1620.19

TOTAL INC VAT = 1701.19

6 months until Oct inc VAT = £850.59

+Oct PC 20% assumed

6 months until May 2023 inc vat = £1020.71

TOTAL PRICE CAP = £1871.30

So i should be approx £200 better off by "Do Nothing" ?

Thanks

schnegge_london

I do agree to your maths, even incorporated another 20% of price increase in October the rates you have been offered are too high. 

The only "plus" you get by fixing on this, is a lower standing charge for electricity (which will rise to around 45p at the new price cap) - but this will be "only" around 73 per year, which will be eaten up by the higher rates. 
A lower standing charge only pays off, if you are a really really low user. 

So I would follow Martin's advice and do nothing here. It will likely pay off for you.

twizzel

My only suggestion is to make sure you haven't added VAT twice. I believe the MSE Energy Club data shows rates that already include VAT.
I made this same mistake myself.

Andrea15

I had a look at So Guava some time ago and found it So Expensive. My fix is ending at the end of march and I am going to move on So Grape which is way (nearly 20%) cheaper than Guava. I was lucky enough that I was offered So Grape just in time and I had decided I would have rejected So Guava if I "missed the boat".
Besides, being a 1 yr fix makes it even less worth considering.

BTW, your consumption is very low indeed. Are you in a one bed or are never at home?

Thomo2710

Andrea15 said:

BTW, your consumption is very low indeed. Are you in a one bed or are never at home?

I have no idea, 4 bed house (2015 build so efficient) 3 kids. I work from home. Mrs is home with 2 kids most of day all day every day. TV is on 20 hours a day. Heating is set to a temp and the thermostats just kick in when it needs 24 hours a day.

I thought they were low too, but then again compared to my old house 3 bed 60s semi which was just a naturally cold house, the usgae isnt a million miles away (leccy bit more as working from home now, gas less as newer boiler and house is insulated to heck)

Kids are well drilled to sit in the dark and put jumpers on when they are cold though

worrywart_3

The two year so guava has lower rates than the one year,
I am also with so energy and weighing up whether to go with the two year. It depends what we think will happen in April 2023, if the Russia situation gets worse it may be a good move but that’s all a
gamble

Robert1351

I’m currently on So Flex and working on 3106 kWh p.a. 

Until April I’m paying 20.59 p/kWh and 25.08 sc.
This amounts to £61 per month.
Telephone canvassing from So Energy has just offered me So Guava from April which I have accepted with a 14 day cooling off period. This changes my payments from £61 per month to £99 per month for two years from April. This is more than £8 per month higher than the expected price cap of £90.50 (ish). Although it might protect against future price cap increases from October and beyond there is no way of telling if it would be worthwhile or by how much. I feel inclined to cancel the option I have taken unless anyone can convince me otherwise. We are electricity only as there is no gas where we live.

Andrea15

Robert1351 said:

I’m currently on So Flex and working on 3106 kWh p.a. 

Until April I’m paying 20.59 p/kWh and 25.08 sc.
This amounts to £61 per month.
Telephone canvassing from So Energy has just offered me So Guava from April which I have accepted with a 14 day cooling off period. This changes my payments from £61 per month to £99 per month for two years from April. This is more than £8 per month higher than the expected price cap of £90.50 (ish). Although it might protect against future price cap increases from October and beyond there is no way of telling if it would be worthwhile or by how much. I feel inclined to cancel the option I have taken unless anyone can convince me otherwise. We are electricity only as there is no gas where we live.

Isn't Guava E: 35.20kwh, 25.08sc?
If so, it is about 20% dearer than the April cap. That seems to me like an awful lot, but let's see what the experts have to say.

For comparison, I am getting So Grape which is 

Unit Rates	30.6 p/kWh
Standing Charge	24.86 p/day,  having missed out on "So Fennel" which was better still.

To check how much you would pay on a standard variable charge try a comparison website with a random supplier and see what they advise.

brewerdave

Even with a "modern" 4 bed house, if you are working from home ,your wife is at home and you have 3 kids, I would be suspicious of those consumption figures.
Where did you get them from ? Is it based on real meter reads 12 months apart ???

worrywart_3

Andrea15 said:

Robert1351 said:

I’m currently on So Flex and working on 3106 kWh p.a. 

Until April I’m paying 20.59 p/kWh and 25.08 sc.
This amounts to £61 per month.
Telephone canvassing from So Energy has just offered me So Guava from April which I have accepted with a 14 day cooling off period. This changes my payments from £61 per month to £99 per month for two years from April. This is more than £8 per month higher than the expected price cap of £90.50 (ish). Although it might protect against future price cap increases from October and beyond there is no way of telling if it would be worthwhile or by how much. I feel inclined to cancel the option I have taken unless anyone can convince me otherwise. We are electricity only as there is no gas where we live.

Isn't Guava E: 35.20kwh, 25.08sc?
If so, it is about 20% dearer than the April cap. That seems to me like an awful lot, but let's see what the experts have to say.

For comparison, I am getting So Grape which is 

Unit Rates	30.6 p/kWh
Standing Charge	24.86 p/day,  having missed out on "So Fennel" which was better still.

To check how much you would pay on a standard variable charge try a comparison website with a random supplier and see what they advise.

The two year fix is cheaper than the one year. I’m also in a dilemma whether to take it or fo
on flex, I take it so grape is no longer available 

Andrea15

worrywart_3 said:

The two year fix is cheaper than the one year. I’m also in a dilemma whether to take it or fo
on flex, I take it so grape is no longer available 

Alas, probably not (just like So fennel wasn't available for me).
But then, what is the rate for the 2yr fix?