What percentage of people do you think understand the price cap and standard variable rate

marky7019

320% price increase on our DD and we owe £1200 letter from Scottish Power today - ouch!!!!

Mstty

marky7019 said:

320% price increase on our DD and we owe £1200 letter from Scottish Power today - ouch!!!!

Wowsers

Do you want any help breaking it down to usage kWh used and your options from 1st April or are you all clued up with Standard variable tariffs etc.

Petriix

I think that the situation isn't helped by the way everyone keeps referring to prices increasing by 54% - as if everyone was already on the price cap last year. Anyone with any sense was regularly switching from cheap fix to cheap fix every year. People have gone from paying 12p and 2.4p to 30p and 7p - that's more like a 180% increase before you even factor in the increased standing charges. God knows what that will become in October.

Mstty

Petriix said:

I think that the situation isn't helped by the way everyone keeps referring to prices increasing by 54% - as if everyone was already on the price cap last year. Anyone with any sense was regularly switching from cheap fix to cheap fix every year. People have gone from paying 12p and 2.4p to 30p and 7p - that's more like a 180% increase before you even factor in the increased standing charges. God knows what that will become in October.

That's very true and even people like Martin Lewis on their TV slots haven't explained that well enough.

No doubt we have had some good times I mean we were by no means energy efficient and because of competition ran a 4 bed house (electricity only we don't need gas or oil) £65-£75 per month for the past few years.

So the fact the new SVT coming in tomorrow doesn't overly bother us at £177.75 a month but will come to a bug shock for many especially if they are pushed towards expensive fixed rate contracts and don't know enough about SVT and to just let their existing contract drop to that capped rate.

k_man

Petriix said:

I think that the situation isn't helped by the way everyone keeps referring to prices increasing by 54% - as if everyone was already on the price cap last year. Anyone with any sense was regularly switching from cheap fix to cheap fix every year. People have gone from paying 12p and 2.4p to 30p and 7p - that's more like a 180% increase before you even factor in the increased standing charges. God knows what that will become in October.

I fear even the 180% increase term may confuse many, who don't realize that means bills are going to 3x what they were (not 1.8x)

Mstty

k_man said:

Petriix said:

I think that the situation isn't helped by the way everyone keeps referring to prices increasing by 54% - as if everyone was already on the price cap last year. Anyone with any sense was regularly switching from cheap fix to cheap fix every year. People have gone from paying 12p and 2.4p to 30p and 7p - that's more like a 180% increase before you even factor in the increased standing charges. God knows what that will become in October.

I fear even the 180% increase term may confuse many, who don't realize that means bills are going to 3x what they were (not 1.8x)

Very true

There is a distinct lack of simple language and explanation around the whole energy sector that confuses soo many people so they don't bother getting into the nuts and bolts.

k_man

Mstty said:

k_man said:

Petriix said:

I think that the situation isn't helped by the way everyone keeps referring to prices increasing by 54% - as if everyone was already on the price cap last year. Anyone with any sense was regularly switching from cheap fix to cheap fix every year. People have gone from paying 12p and 2.4p to 30p and 7p - that's more like a 180% increase before you even factor in the increased standing charges. God knows what that will become in October.

I fear even the 180% increase term may confuse many, who don't realize that means bills are going to 3x what they were (not 1.8x)

Very true

There is a distinct lack of simple language and explanation around the whole energy sector that confuses soo many people so they don't bother getting into the nuts and bolts.

Unfortunately that is because it is not simple.
And I suspect many don't read beyond the headline/ social media and look at what detail there is.

wild666

Petriix said:

I think that the situation isn't helped by the way everyone keeps referring to prices increasing by 54% - as if everyone was already on the price cap last year. Anyone with any sense was regularly switching from cheap fix to cheap fix every year. People have gone from paying 12p and 2.4p to 30p and 7p - that's more like a 180% increase before you even factor in the increased standing charges. God knows what that will become in October.

I was paying 10.4p for electric and 2.1p for gas in Jan 2018 but from tomorrow 1/4/22 I will be paying 28.53p for electric and 7.28p for gas my SC was £11.42 per month combined now it's nearly £24 per month before I use any gas or electric per month 

Northern_Wanderer

I couldn't answer if people understand the price cap or not. What I would say is that most of the people I speak to have no clue about their energy bills, estimates and customer reads, unit rates, annual usage. Got no clue how much it costs them other than the DD each month.

One said their DD was going up by £12 in total for G&E and hasn't done any sums. I honestly don't see how that will be enough of an increase to cover usage now unless they have been over paying by about 50% for a long time. I have tried many times with this discussion with them. I just can't be assed anymore but I know they will come and moan at me when they face a huge DD hike at some point in the near future.

Sea_Shell

Northern_Wanderer said:

. I have tried many times with this discussion with them. I just can't be assed anymore but I know they will come and moan at me when they face a huge DD hike at some point in the near future.

I see you've met my family!! 😉