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

pickapennyup

thanks all
yes i agree ive gone for it so atleast i know im fixed at a reasonable rate for a year from August i guess ive been used to a low fixed rate the last year and also need to remember i will have a good amount in my account through the coming Autumn and Winter to start

fotrebor

Hello folks! As everyone else I've just start to come to terms at the future bill situation. I am currently on a variable plan with British Gas, and looking at their website they can only offer me the "Fixed Aug 23v2" quote, which from looking around MSE's forums shouldn't be too convenient.

However, given that our energy usage is pretty low, running the numbers actually seems to suggest that it might be worth doing given the predicted hikes? Would appreciate if anyone here could help me to run the numbers better and understand whether it's worth bothering or just sticking with variable.

British Gas estimates a £227.39 increase per-year given our current usages. Specifically:

Estimated annual energy usage: 1715 kWh

Estimated annual gas usage: 809.04 kWh

Offer details:

Exit fee: £100.00 / fuel

Gas tariff costs
Estimated cost: £14.11 / month, £169.35 / year
Standard unit rate: 12.763p / kWh
Standing charge: 25.576p / day*

Electricity tariff costs
Estimated cost: £69.02 / month, £828.22 / year
Standard unit rate: 43.502p / kWh

Standing charge 22.278p / day*

Appreciate any insight here. Thank you all, and have a lovely day!

lzyrdpnd

Hello,

I recently fixed from Welcome to BG to Loyalty Jul 23v1 as I calculated that to be cheaper. But as I'm not a math wiz (even with some much appreciated help from @pochese), I am now not sure whether I did my calculations right, as 31.86% seems too good to be true?!

I got all the numbers from my meter readings and bills from 1 Jul 2021 until 30 Jun 2022. I didn't really include my summer use (1 Jul - 30 Sept) as I didn't think it had that much impact on overall price. I also disregarded April 2023 cap prediction.

Anyway, here are the numbers, so if anyone would be kind enough to check those and let me know, I would be very obliged.

Keith_F

fotrebor said:

Hello folks! As everyone else I've just start to come to terms at the future bill situation. I am currently on a variable plan with British Gas, and looking at their website they can only offer me the "Fixed Aug 23v2" quote, which from looking around MSE's forums shouldn't be too convenient.

However, given that our energy usage is pretty low, running the numbers actually seems to suggest that it might be worth doing given the predicted hikes? Would appreciate if anyone here could help me to run the numbers better and understand whether it's worth bothering or just sticking with variable.

British Gas estimates a £227.39 increase per-year given our current usages. Specifically:

Estimated annual energy usage: 1715 kWh

Estimated annual gas usage: 809.04 kWh

Offer details:

Exit fee: £100.00 / fuel

Gas tariff costs
Estimated cost: £14.11 / month, £169.35 / year
Standard unit rate: 12.763p / kWh
Standing charge: 25.576p / day*

Electricity tariff costs
Estimated cost: £69.02 / month, £828.22 / year
Standard unit rate: 43.502p / kWh

Standing charge 22.278p / day*

Appreciate any insight here. Thank you all, and have a lovely day!

The £100 per fuel exit fee would worry me on those prices. If by any chance prices drop in the new year it’s expensive to leave.

lzyrdpnd

lzyrdpnd said:

Hello,

I recently fixed from Welcome to BG to Loyalty Jul 23v1 as I calculated that to be cheaper. But as I'm not a math wiz (even with some much appreciated help from @pochese), I am now not sure whether I did my calculations right, as 31.86% seems too good to be true?!

I got all the numbers from my meter readings and bills from 1 Jul 2021 until 30 Jun 2022. I didn't really include my summer use (1 Jul - 30 Sept) as I didn't think it had that much impact on overall price. I also disregarded April 2023 cap prediction.

Anyway, here are the numbers, so if anyone would be kind enough to check those and let me know, I would be very obliged.

I'm so sorry, I meant @pochase !! I can't edit my post to reflect that though -.-

BUFF

fotrebor, BG typically allows to change to another of their tariffs without penalty (you are, of course, starting a new contract & term) so that is worth a check.
The standing charge for electricity strikes me as unusually low in the current market - is that correct?

pearl123

Loyal Octopus - no exit fee. 

Elec
Daily standing charge 41.39p /day
Unit rate 43.19p /kWh

Gas
Daily standing charge 27.22p /day
Unit rate 11.70p /kWh

The electricity charges seem very high. 

pochase

@lzyrdpnd
What works in your favour is that you have a low energy usage per year and that the standing charge on the fixed tariff is lower. 

The additional cost for July to September is £27.19 for higher unit rates - £6.54 = £20.65 higher cost for the three months.

Mstty

pearl123 said:

Loyal Octopus - no exit fee. 

Elec
Daily standing charge 41.39p /day
Unit rate 43.19p /kWh

Gas
Daily standing charge 27.22p /day
Unit rate 11.70p /kWh

The electricity charges seem very high. 

Have you looked at Agile Octopus for electricity capped at 35p kWh and Tracker v3 for gas capped at 11p kWh?

lzyrdpnd

pochase said:

@lzyrdpnd
What works in your favour is that you have a low energy usage per year and that the standing charge on the fixed tariff is lower. 

The additional cost for July to September is £27.19 for higher unit rates - £6.54 = £20.65 higher cost for the three months.

Agreed, it's just winter months that my energy consumption goes through the roof... But my landlord is making some improvements before winter so fingers crossed!

Still, this fix just seems like a right thing to do I suppose.