Fixed or variable - another thread

chrisglynn77

Hi all - 

I'm currently on an Octopus variable tariff, with a unit rate of 20.02 p per kWh and a standing charge 25.08 p per day

I'm being offered a new flexible tariff at 27.86 p per kWh and 47.86 p per day

This would see an estimated annual cost change from £704.88 to £1028.10  from April 22, but of course I'm aware that the price is definitely going to rise again in October

My alternative is a fixed rate with unit rate of 40.89 p per kWh with a standing charge of 25.08 p per day.

This would entail an estimated annual cost of 1344.17

My latest estimated annual usage is 3171.8 kWh and my peak monthly usage last year was 321.0 kWh

Should I take a punt on the new variable rate and switch to a fixed rate if things go nuts April-October (albeit at the risk of this climbing higher)?

I'm rubbish at this type of thing so any advice/insights are welcome.

Thanks to all in advance.

Cheers - 

Chris

QrizB

chrisglynn77 said:

Should I take a punt on the new variable rate and switch to a fixed rate if things go nuts April-October (albeit at the risk of this climbing higher)?

The choice, as they say, is yours.

If you feel lucky, stick on the variable rate. If you'd prefer to know your atariff for the next year, take the fix.

One good thing about Octopus fixed rates is that there are generally no exit fees; if Octopus come out with a cheaper fix at any time, or if another supplier offers one, you can switch to it penalty-free.

chrisglynn77

QrizB said:

chrisglynn77 said:

Should I take a punt on the new variable rate and switch to a fixed rate if things go nuts April-October (albeit at the risk of this climbing higher)?

The choice, as they say, is yours.

If you feel lucky, stick on the variable rate. If you'd prefer to know your atariff for the next year, take the fix.

One good thing about Octopus fixed rates is that there are generally no exit fees; if Octopus come out with a cheaper fix at any time, or if another supplier offers one, you can switch to it penalty-free.

Cheers QrizB - I think you’ve summed it up perfectly. Just need to be brave enough to ride my luck now. 👍