British Gas Current to New Tariff

baileym

Hi

I expect this question has been asked a lot and while I have trawled through the various forum posts, Martins videos and advice I just wanted to get people’s opinions about what they have done.

My current British Gas Tariff is due to end on the 30th of April (Energy Plus Protection Apr 2022).

I am being offered a new tariff which is the Loyalty May 23v1 and is a fixed rate at the new higher price (we know there is no such thing as loyalty though).

When my current tariff ends, I will be put on their standard variable tariff which is currently cheaper than the loyalty tariff although my concern is that if I stay on this and with Martins predicted (not guaranteed) potential rise later in the year by possibly another 26% is it worth taking the hit and opting in for the so-called loyalty tariff.

I have shopped around and for me OVO was slightly cheaper although my biggest concern is that with so many energy firms going out of business, I would rather stay with a company that in theory should not go bust.

I was wondering if anyone else is in the same boat and what your thoughts are.

Obviously, I appreciate they are only views, but I would welcome them.

Regards

Mstty

Hi there,

You are just about to hit 6 months of low usage for most people so any fix with close to current price capped rates is worth considering.

Without knowing how much energy you use in kWh and the rates of the fix they are offering you along with any exit fees that fix might include it's tough to answer your question 

BUFF

baileym said:

I have shopped around and for me OVO was slightly cheaper although my biggest concern is that with so many energy firms going out of business, I would rather stay with a company that in theory should not go bust.

OVO has 5 million customers.
Bulb had 1.5 million & was deemed too large to be allowed to fail  & was put into special administration...

akaWooders

Hi baileym,

I am in a similar situation with a BG tariff expiring this month. I answered a question from another forum member about the Loyalty April 23 v1 tariff that preceded the May v1 tariff you asking about. Here is my answer, that also mentions the May v1 tariff, copied from that thread.

"the fixed rate tariff referred to is the Loyalty April 2023 v1, I was informed today that this tariff was closed yesterday (6 April). The pricing for this tariff (in Southend, Essex) was:

Gas - 9.552p per kWh

Standing charge - 34.069ppd

Electricity - 32.516p per kWh

Standing charge - 43.398ppd

I only found out about this tariff yesterday when I enquired about replacing my current fixed tariff expiring at the end of this month. I had been considering this tariff as the annual cost would have been 20.49% higher than the SVR quote from BGas, based on Gas of 11704kwh and Electricity of 2901kwh.

Sadly the tariff that replaced the April 2023 is the Loyalty May 2023 v1 with pricing,

Gas - 10.553p per kWh

Standing charge - 34.069ppd

Electricity - 34.93p per kWh

Standing charge - 44.767ppd

This tariff is 30% higher than the SVR, so too high for my consideration at the present time.

I was advised that these fixed price tariffs are not available for long so I will keep an eye on the wholesale prices and the current offer on BG's website, hopefully, for something cheaper in the summer."

The consensus on the forum seems to be that if one can obtain a fix at up to 20% higher than the SVR it's worth going for. At 30% above it's debatable.

I hope this helps.