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

Mstty

@Flipsixtyfour

QrizB

Welcome to the forum.

Flipsixtyfour said:

Is it worth switching from standard variable tariff to this fixed rate offer from British Gas? The offer is Exclusive May 23v1

That BG Exclusive May 23 v1 tariff is one that MSE believe could be worth taking; it was previously named specifically as such on the MSE site (archive here, since replaced on the page below by the slightly-more-expensive June 23 v1):

https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/

It's your money and your choice!

chezzzer

pochase said:

chezzzer said:

Hi can anyone tell me the % increase on the below 3 deals? Does ML advise to fix if lower than 25%?

Thank you 😊

My current OVO tariff is

Elec 15.59p per kWh and SC 22.39 p/day

Gas 3.11p per kWh and SC 26.04 p/day

And my DD is currently £120 p/mth

ELEC Future annual consumption   4745 kWh

GAS Future annual consumption   9128 kWh

 

Ovo new plans offered for June 2022.

Variable plan paid by Direct Debit

Elec 28.01p kWh 42.24 p/day S/Charge

Gas 7.34 p/kWh 27.22p/day S/Charge

 

Or, 1 yr fixed better energy plan

Elec 37.91p kWh 44.46 p/day S/Charge

Gas 11.03 p/kWh 27.52p/day S/Charge

 

Or, 2 yr fix & protect plan

Elec 37.38p kWh 44.46 p/day S/Charge

Gas 10.77 p/kWh 27.52p/day S/Charge

 

The 1 year fix is over 35% more expensive for electricity and over 50% more expensive for gas. The two year plan is 33.45% more expensive for electricity and 46.7% for gas. 

Both plans don't make any sense for fixing, there are fixed tariffs with other supplier that are much cheaper.

The usage data you have listed is in line with you old direct debit so seems to be usable for calculations.

Based on those your cost for the the next year on the SVT rates will be £2252 or £188 per month. That is not including further increases.

The 1 year fix would be £3068 or £256 per month.

Hello, 
my OVO offers have now changed to : 

would the SV rates still be the better option? thank you 

1yr fix smart, 1yr fixed, 2 yr fixed and then SV rate.

Mstty

chezzzer said:

pochase said:

chezzzer said:

Hi can anyone tell me the % increase on the below 3 deals? Does ML advise to fix if lower than 25%?

Thank you 😊

My current OVO tariff is

Elec 15.59p per kWh and SC 22.39 p/day

Gas 3.11p per kWh and SC 26.04 p/day

And my DD is currently £120 p/mth

ELEC Future annual consumption   4745 kWh

GAS Future annual consumption   9128 kWh

 

Ovo new plans offered for June 2022.

Variable plan paid by Direct Debit

Elec 28.01p kWh 42.24 p/day S/Charge

Gas 7.34 p/kWh 27.22p/day S/Charge

 

Or, 1 yr fixed better energy plan

Elec 37.91p kWh 44.46 p/day S/Charge

Gas 11.03 p/kWh 27.52p/day S/Charge

 

Or, 2 yr fix & protect plan

Elec 37.38p kWh 44.46 p/day S/Charge

Gas 10.77 p/kWh 27.52p/day S/Charge

 

The 1 year fix is over 35% more expensive for electricity and over 50% more expensive for gas. The two year plan is 33.45% more expensive for electricity and 46.7% for gas. 

Both plans don't make any sense for fixing, there are fixed tariffs with other supplier that are much cheaper.

The usage data you have listed is in line with you old direct debit so seems to be usable for calculations.

Based on those your cost for the the next year on the SVT rates will be £2252 or £188 per month. That is not including further increases.

The 1 year fix would be £3068 or £256 per month.

Hello, 
my OVO offers have now changed to : 

would the SV rates still be the better option? thank you 

1yr fix smart, 1yr fixed, 2 yr fixed and then SV rate.

The £230 a month one is one I would personally take now if I hadn't fixed before April this year

QrizB

chezzzer said:

My OVO offers have now changed to : 
would the SV rates still be the better option? thank you 
1yr fix smart, 1yr fixed, 2 yr fixed and then SV rate.

If I had those offers and was interested in a fix, I'd take the 1-year fix at £230/month. That's 23% above the current cap, has a good chance of being cheaper than the cap through the winter, and the exit fees of £30 per fuel aren't too bad so if prices plunge early next year you can buy yourself out of it.

Carla76

I've been offered the following tariffs by British Gas:

According to their current estimates, the estimated annual costs are;  £986 + £980.  It looks as if the Exclusive Jul 23v2 deal is a deal to consider.  The £150 exit fee however puts me off. Any advice or opinions?

MzJones

I've also just received a better offer from ovo which looks horribly better to previous fixed offers from this year but its still going to be a squeeze for me.

I'm currently on SVR (at electricity 28.17p pre kWh standing charge 45.31p - gas 6.99p kWh standing charge 25.92p)

The new offer for 1 year fixed is

Electricity 35.79p/kWh standing charge 54.10p
Gas 9.82p/kWh standing charge 27.52p monthly estimate £188 
Exit fee £30 per fuel.

As this seems the best fix I've seen in a long time I'm tempted to sign up just for peace of mind with the October hike threat (part of me wonders if this is some kind of clever marketing plan to get people signing up for over priced fuel!!) 

Any words of wisdom or advice would be greatly appreciated 

Mstty

MzJones said:

I've also just received a better offer from ovo which looks horribly better to previous fixed offers from this year but its still going to be a squeeze for me.

I'm currently on SVR (at electricity 28.17p pre kWh standing charge 45.31p - gas 6.99p kWh standing charge 25.92p)

The new offer for 1 year fixed is

Electricity 35.79p/kWh standing charge 54.10p
Gas 9.82p/kWh standing charge 27.52p monthly estimate £188 
Exit fee £30 per fuel.

As this seems the best fix I've seen in a long time I'm tempted to sign up just for peace of mind with the October hike threat (part of me wonders if this is some kind of clever marketing plan to get people signing up for over priced fuel!!) 

Any words of wisdom or advice would be greatly appreciated 

No one can really tell you for sure you just have to be comfortable with your choice. It appears reasonable but make sure you know your yearly kWh usage for elec and gas and do your own sums.

Don't forget to factor in £66.66 taken off your energy account from October for 6 months to make the £400 energy grant.

muffin_man_7

Households to get a non-repayable £400 energy grant as 'loan-not-loan' scheme scrapped

All households in England, Scotland and Wales connected to the electricity mains (about 28 million) will get a non-repayable grant to help towards the cost of energy bills from October. This £400 payment will be spread over six months – it won't be paid as a lump sum

muffin_man_7

I got this as part of an email 

Additional Charges We may apply fees if your bill is paid late or if additional action is required. £10 Late payment fee if unpaid after 14 days £20 Additional fee if still unpaid after 28 days £33.28 Pass to debt collections agency / visiting your home fee £150 if we were to apply for a warrant to fit a prepayment meter

I aways pay bill on 1st of every month