What rates are you being offered by your provider at the moment?

Doc_N

Mstty said:

What are you doing about your gas usage of 33,000 kWh a year. Probably a good bit of reduction on the 4500kwh of elec as well?

That will be the easiest way to bring down your energy bill @Doc_N

Newish house, fully insulated to modern standards and designed/located by the architect to maximise energy efficiency.  High ceilings increasing the volume to heat, leave aside the floor area!  Not a lot more we can do without spoiling the house.

Sometimes you just have to accept that some houses cost more to heat than others.  My old bedsit in London was cheap to heat, but that was in the days of paraffin heaters!

Mstty

Doc_N said:

Mstty said:

What are you doing about your gas usage of 33,000 kWh a year. Probably a good bit of reduction on the 4500kwh of elec as well?

That will be the easiest way to bring down your energy bill @Doc_N

Newish house, fully insulated to modern standards and designed/located by the architect to maximise energy efficiency.  High ceilings increasing the volume to heat, leave aside the floor area!  Not a lot more we can do without spoiling the house.

Sometimes you just have to accept that some houses cost more to heat than others.  My old bedsit in London was cheap to heat, but that was in the days of paraffin heaters!

How would you spoil the house? I was thinking with 33,000kwh knocking down the thermostat down 2 degrees to save circa 20%👍 

pochase

Doc_N said:

I'm sticking with the variable rate for the foreseeable future - simply because the British Gas one year fix (see post above) is £795 per month, as against a likely £593 per month capped rate from 1 October (and £326 now).

Taking into account the period of three months 'overpayment between' 1 October and 31 December, this seems like a very bad deal, given that we don't yet know the size of the increases in January and April, we don't know whether the new government will freeze the existing price cap to buy votes (they have a track record of buying votes, and things look very bad for them at the moment) and there's always the possibility that the Russian war might end much sooner than expected.  If that happens prices will plummet.

There's also the point that this is effectively gambling on prices, but with the energy companies holding all the cards. They set the prices, and you can be very sure that they're setting them in the full expectation of winning rather than losing the bet! 

Including the 30 suppliers that went bust lately? 

I am relatively happy with my bet on a fixed tariff. Yes the supplier will not lose on my fix, because they will hedge for it, but I will be paying less than 2/3 of October cap prices, so I don't feel like I am a loser.

Doc_N

Mstty said:

Doc_N said:

Mstty said:

What are you doing about your gas usage of 33,000 kWh a year. Probably a good bit of reduction on the 4500kwh of elec as well?

That will be the easiest way to bring down your energy bill @Doc_N

Newish house, fully insulated to modern standards and designed/located by the architect to maximise energy efficiency.  High ceilings increasing the volume to heat, leave aside the floor area!  Not a lot more we can do without spoiling the house.

Sometimes you just have to accept that some houses cost more to heat than others.  My old bedsit in London was cheap to heat, but that was in the days of paraffin heaters!

How would you spoil the house? I was thinking with 33,000kwh knocking down the thermostat down 2 degrees to save circa 20%👍 

We could do that, of course, and if push comes to shove we would - 4 degrees would save even more!  Just a question of how much you choose to tolerate.

As regards spoiling the house, I was thinking in terms of creating false (lower) ceilings but we like it the way it was designed, and there are issues such as condensation to consider.

I can live with the usage, I can even live with the increases, but as with everything else I don't propose to pay more than I have to - like the rest of us!  

spot1034

Metalingus84 said:

sungold66 said:

Metalingus84 said:

sungold66 said:

Our current tariff with EON Next ends on Oct 6th and we've been offered one new tariff that looks good, quoted at £196 per month/£2359 year (about double what we're paying now),  but its flexible which is very scary and I guess could go up to anything.

Daily standing charge	43.39p	27.22p
Unit rate	28.46p per kWh	7.48p per kWh
Assumed annual usage	5,616kWh	6,730kWh

The second offer is Next Onlinev19 which will be 3 times what we're paying now £390 month,/ £4680 year  but its fixed

Daily standing charge	43.39p	27.22p
Unit rate	60.51p per kWh	15.23p per kWh
Assumed annual usage	5,616kWh	6,730kWh

Im really torn between the cheaper but very risky flexible one or the the fixed but basically unaffordable one. What if we go for the higher fixed tariff and then the prices go up less that expected. Is there any way of knowing how much rates are likely to increase by or what the most they can go up is before 0ct 1st.?

Any suggestions would be much appreciated

We had this email today. My understanding is the variable one would likely change in October anyway and shoot up to similar to the fixed they are offering. 
Me and the wife and have sat down and worked out lots of figures. 
Online suggests our avg bill on a variable rate would be £4 cheaper each month than the fixed from October. 
We are tempted to lock in the fixed deal due to expected rises next year.

My only concern is if the Government decide to do anything with locking in the price cap for earlier this year once the leadership contest ends. But, at least its £0 exit fees so I guess it won't matter. I know Martin Lewis on the blog thinks thos is unlikely tho.

Thanks for responding and for doing the maths so I don't get another headache! My feeling was to go for the fixed just for the security. My other worry is that they swap and change the tariffs available all the time and if we gamble on the lower flexible rate and it shoots up the next best fixed tariff on offer now might not still be available.

It's a difficult choice isn't it. It looks like the v19 prices are slightly higher than what is predicted for October, but then the forecast for Jan and April look worse again, so fixing may work out better. We just don't know, especially if more help and support is offered how that would effect people on fixed term deals (if they take away green levy % we may miss out if on fixed?)
Who knows. We keep agreeing on fixed and then change our mind a few minutes later!

On the green levy point, my guess would be that provision would have to be made for those on fixes to benefit from its removal. It's a wholly exceptional situation - normally you and the supplier effectively gamble on whether the amount of the green levy will change and which way it will move - i.e. to whose advantage. If the levy is removed completely with the express intention that consumers will no longer pay it, I think that will have to be taken into account regardless of what sort of tariff the consumer has. I'd guess that this would be in the form of a credit of a fixed amount (which might well be the way they do it for all users) rather than having to alter every tariff.

ffc58

pickapennyup said:

ive just started a new 2yr fixed today and my new rate is more than double what i was paying for the last year
electric

new fixFixed term ends 16/08/2024

41.03 p/kWh 43.39 p/day

(All rates inc. VAT)

Gas

Next Loyalty 24M Fixed Rate - June 2022 Issue 2

Fixed term ends 16/08/2024

10.52 p/kWh 27.22 p/day

(All rates inc. VAT)

so my now DD is £210 a month although im concerned whether this will cover use

this was agreed approx 4 weeks ago and i cant believe how much some fix's have gone up,hope all those looking manage to find a good deal

Who is this with ? Sounds very reasonable to what i am being offered.

pochase

You saw that this is a two months old tariff? 4 to 5 increased cap predictions in between.

He most likely signed on in June/July and only started it now when the old fixed tariff finished.

Leew89

I've taken the EON Next Online v19 (12 month fix), effective from 02/10/22.

Electricity:
59.42 p/kWh 48.53 p/day

Gas:
15.03 p/kWh 27.22 p/day

Currently paying:

Electricity:
19.21 p/kWh 18.33 p/day

Gas:
3.77 p/kWh 17.63 p/day

Given the predictions for January and April and the fact it doesn't have an exit charge it seems a no-brainer.

hollie.weimeraner

I've just jumped ship with Sainsbury which comes to an end in Sept (currently paying 18.5p per kwh and jumped to Octopus. SVR with an intention to jump onto Octopus Go as soon as the switch goes through (tomorrow) which is fixed for 12 months.  I'll lose a month of 18.5 but hopefully will gain, especially if SVR goes up to 50p

Unit rate (04:30 - 00:30):

38.82p/ kWh

Unit rate (00:30 - 04:30):

7.50p/ kWh

Standing Charge:

48.26p/ day

Prices include VAT.

Metalingus84

Leew89 said:

I've taken the EON Next Online v19 (12 month fix), effective from 02/10/22.

Electricity:
59.42 p/kWh 48.53 p/day

Gas:
15.03 p/kWh 27.22 p/day

Currently paying:

Electricity:
19.21 p/kWh 18.33 p/day

Gas:
3.77 p/kWh 17.63 p/day

Given the predictions for January and April and the fact it doesn't have an exit charge it seems a no-brainer.

We agreed this one as well this morning after 24 hours deliberating... feels it gives us some certainty in these uncertain times.