Advice on if I should fix..going round in circles

Jojo998877

If anyone could take a few minutes to offer their opinion I'd appreciate it.  I am doubting my thinking as Im not great with these things.

Current fixed ends in 18 days.  Price jump dramatically, Eon are offering me a variable, which I assume will then go up by 54% in April and possibly more in October.  Then I am offered also a fixed for 12 months.

My fixed deal on offer is:

E: 26.63 / 39.49 sc
G: 6.66 / 42.31 sc

Apart from the Gas standing charge, áll the other rates are lower than what the new capped rates would be from April ..Is that correct?
( Capped E:  28.34/45.34sc  Capped G: 7.37 / 27.22sc)...am I missing something? 

I am in London, pay by DD an have a smart meter.
Thanks

facade

You need to calculate your costs from your usage.

The calculation is (standing charge x 365) + (annual usage x unit rate) .

However, electric is  1.71p a unit cheaper, the standing charge is less: fixed = winner! (Assuming the new variable hits the cap)

gas is 0.71p cheaper, but the standing charge is 15.09p more a day , so if you use more than  21.25 kWh of gas a day (7,750 kWh a year) fixed is cheaper, any less than this and the cap is cheaper.

Also, no-one knows what the October cap will be, and it is in the interests of suppliers to frighten us into taking expensive fixed deals now by suggesting it will shoot up-  it might come down.......

QrizB

As facade says, on the face of it that deal looks quite attractive.

Are there any exit fees? If you found a cheaper fix in 3-4 months, what would it cost to switch?

Jojo998877

Ok thanks...Yes I calculated the usage, the fix is around £150 cheaper a year..My gas useage is 10328..  So a gamble on 6 months... 

facade

It seems a "good" fix, based on what we know today.

If I'd been offered it I've have snatched it, the 6.66p for gas would save me hundreds over the fix I've gone for, even if the October cap stays the same.

Jojo998877

QrizB said:

As facade says, on the face of it that deal looks quite attractive.

Are there any exit fees? If you found a cheaper fix in 3-4 months, what would it cost to switch?

12 month fix with no exit fees.  

stokegal

Is this Eon next online v10?

I’ve been offered that and when crunching the number is appears to be cheaper for me to fix too