Stick with Octopus Fixed or move onto Flexible (Variable)

Bobby_Peel

Hi,

I'm coming to the end of my fixed deal with Octopus and not sure to stick with the new deal they've offered me or switch to a variable.

Annual Usage
Electricity	2610
Gas	18000

As you can see from the table below, I've worked out my annual cost shall be £3204.69 on the fixed deal but the variable shall be £2304.84.

So my fixed deal is 36% higher than the variable, so if I've got this right, even if the prices increase by 36% in October I should break even or be better off as I've had the deal for 7 months already?

Thanks

Ultrasonic

A complication is that you presumably use the majority of your gas during the October through March period. If you really want to try to get into the impact of particular percentage rises in October you'd want to try to factor this in. Ultimately you still won't be able to be certain what is best to do though sadly.

Bobby_Peel

Ultrasonic said:

A complication is that you presumably use the majority of your gas during the October through March period. If you really want to try to get into the impact of particular percentage rises in October you'd want to try to factor this in. Ultimately you still won't be able to be certain what is best to do though sadly.

That's true, I've got the breakdown of what I've used each month so I'll use that to see how it works out. Thanks

Bobby_Peel

Done the calcs and if I'm right, variable still wins. Done it on the current prices and usage then again adding 20% to the amount per kWh from October onwards, or should I add it to the standing charge too?

QrizB

Bobby_Peel said:

Done the calcs and if I'm right, variable still wins. Done it on the current prices and usage then again adding 20% to the amount per kWh from October onwards, or should I add it to the standing charge too?

Adding 20% to the SC in October will add around £25 to your bill. That's not going to change the conclusion.

bristolleedsfan

Octopus are reducing standing charge this cap period by £24 for all electricity customers on flexible tariff ( existing Octopus customers only)

MWT

Right now, the March fixed tariffs have been withdrawn and prices are back down to the February levels, not sure why, but worth checking if you just fixed in the last day or two or if you didn't fix but wanted the February price level...

Aego

I'm on Octopus Flexible April 2019v1 presently. Give regular monthly readings online. Estimated annual electric usage 1333.3 For gas 10132
I notice today the two fixed offers on my account have dropped since the other day. My head is scrambled, should I stay on Flexible or take the fixed £138 a month offer. Currently paying £76 a month. I live on my own in a 3 bed house.

wild666

Stay on the SVR or drop onto it if you're coming off a fixed tariff.

Aego

Thanks.. Is the svr (flexible) not increasing by 54% thereabouts April 1st??

MWT

Aego said:

Thanks.. Is the svr (flexible) not increasing by 54% thereabouts April 1st??

Yes, it is, but the fixes currently available will all be above that rate, the risk factor is the October price rise, so you need to decide if paying more over the period up to the end of September is worth it or not for the certainty of what you will be paying from October for the following 6 months...

Also keep in mind that the 54% figure is based on a typical use consuming 2900kWh electricity (single rate tariff)  and 12,000kWh of gas. if your consumption is different then your increase could be more or less.