To not understand this whole Energy palaver

K1977

I am useless with maths and figures and I'm hearing so much lately about should you fix or not, I,m looking for any advice on what I should do, I'm currently on standard tariff Gas 7.22 KW, standing charge 27.22 per day Electric 27.09 KW standing charge 48.65 per day, there is a fix available from my current supplier Gas 11.15 KW, standing charge 27.22 per day Electric 38.62 KW standing charge 48.65 per day, it says my total estimated annual usage would be £2326.86 and the estimated direct debit would be a lot higher than I'm currently paying, if anyone is good with figures does this sound like a good deal in the long term considering the current situation or would I be better off just sticking where I am?

Astria

So the standing charge is the same and only the unit prices increase?

I'd stay where you are, even if there was a 30% increase next month you'd still be saving money.

Reed_Richards

It's a gamble, or a calculated risk if you prefer.  If you take the fix you will pay more now and for the next few months but prices are expected to increase in October so you could ultimately be better off.  How long is the fix for?  Is there an exit fee if you want to leave early?

victor2

K1977 said:

I am useless with maths and figures and I'm hearing so much lately about should you fix or not, I,m looking for any advice on what I should do, I'm currently on standard tariff Gas 7.22 KW, standing charge 27.22 per day Electric 27.09 KW standing charge 48.65 per day, there is a fix available from my current supplier Gas 11.15 KW, standing charge 27.22 per day Electric 38.62 KW standing charge 48.65 per day, it says my total estimated annual usage would be £2326.86 and the estimated direct debit would be a lot higher than I'm currently paying, if anyone is good with figures does this sound like a good deal in the long term considering the current situation or would I be better off just sticking where I am?

Most advice nowadays is to just stay where you are. There will inevitably be an increase in October, but nobody knows by how much.

Look at your past bills and find one from about a year ago and take meter readings now. From that you can calculate what your annual usage has been in kWh. Alternatively find two bills a year apart and use them to do the same calculation. If nothing has changed in the way you run your house, then that sahould be a good estimation of your next 12 month's usage. Always work in kWh, not money. Convert the kWh to a cost once you know what it is. Do not rely on supplier's forecasts of what your future usage is estimated to be.

Once you know the usage in kWh, you can work out the cost on the current tariff, if the rates remained the same for a year. Compare that to the cost on the fixed tariff (which is presumably a year). The difference will be how much of an increase you would have to face in October to break even, assuming you currently have a zero balance on your account..

Quite a bit of maths, but if you can provide your actual annual usage figures, I'm sure someone will help with that if necessary.

wild666

I'm guessing the prices are from Octopus in the Yorkshire region as they are the same as mine.
If the fix is no more than 24% higher then it might be worth fixing. The gas fix is nearly 55% on the SVR and the electric is over 41% so IMHO I wouldn't go for the fix.

K1977

Reed_Richards said:

It's a gamble, or a calculated risk if you prefer.  If you take the fix you will pay more now and for the next few months but prices are expected to increase in October so you could ultimately be better off.  How long is the fix for?  Is there an exit fee if you want to leave early?

The fix is for 12 months and there's no exit fee

K1977

victor2 said:

K1977 said:

I am useless with maths and figures and I'm hearing so much lately about should you fix or not, I,m looking for any advice on what I should do, I'm currently on standard tariff Gas 7.22 KW, standing charge 27.22 per day Electric 27.09 KW standing charge 48.65 per day, there is a fix available from my current supplier Gas 11.15 KW, standing charge 27.22 per day Electric 38.62 KW standing charge 48.65 per day, it says my total estimated annual usage would be £2326.86 and the estimated direct debit would be a lot higher than I'm currently paying, if anyone is good with figures does this sound like a good deal in the long term considering the current situation or would I be better off just sticking where I am?

Most advice nowadays is to just stay where you are. There will inevitably be an increase in October, but nobody knows by how much.

Look at your past bills and find one from about a year ago and take meter readings now. From that you can calculate what your annual usage has been in kWh. Alternatively find two bills a year apart and use them to do the same calculation. If nothing has changed in the way you run your house, then that sahould be a good estimation of your next 12 month's usage. Always work in kWh, not money. Convert the kWh to a cost once you know what it is. Do not rely on supplier's forecasts of what your future usage is estimated to be.

Once you know the usage in kWh, you can work out the cost on the current tariff, if the rates remained the same for a year. Compare that to the cost on the fixed tariff (which is presumably a year). The difference will be how much of an increase you would have to face in October to break even, assuming you currently have a zero balance on your account..

Quite a bit of maths, but if you can provide your actual annual usage figures, I'm sure someone will help with that if necessary.

I haven't been with my current provider for a year yet as I was switched to them a few months ago when my previous supplier went bust, my current supplier states my current expected annual use is £1647.92 

victor2

K1977 said:

victor2 said:

K1977 said:

I am useless with maths and figures and I'm hearing so much lately about should you fix or not, I,m looking for any advice on what I should do, I'm currently on standard tariff Gas 7.22 KW, standing charge 27.22 per day Electric 27.09 KW standing charge 48.65 per day, there is a fix available from my current supplier Gas 11.15 KW, standing charge 27.22 per day Electric 38.62 KW standing charge 48.65 per day, it says my total estimated annual usage would be £2326.86 and the estimated direct debit would be a lot higher than I'm currently paying, if anyone is good with figures does this sound like a good deal in the long term considering the current situation or would I be better off just sticking where I am?

Most advice nowadays is to just stay where you are. There will inevitably be an increase in October, but nobody knows by how much.

Look at your past bills and find one from about a year ago and take meter readings now. From that you can calculate what your annual usage has been in kWh. Alternatively find two bills a year apart and use them to do the same calculation. If nothing has changed in the way you run your house, then that sahould be a good estimation of your next 12 month's usage. Always work in kWh, not money. Convert the kWh to a cost once you know what it is. Do not rely on supplier's forecasts of what your future usage is estimated to be.

Once you know the usage in kWh, you can work out the cost on the current tariff, if the rates remained the same for a year. Compare that to the cost on the fixed tariff (which is presumably a year). The difference will be how much of an increase you would have to face in October to break even, assuming you currently have a zero balance on your account..

Quite a bit of maths, but if you can provide your actual annual usage figures, I'm sure someone will help with that if necessary.

I haven't been with my current provider for a year yet as I was switched to them a few months ago when my previous supplier went bust, my current supplier states my current expected annual use is £1647.92 

Can you find a bill from about a year ago and take your readings now? With electricity it's easy to calculate the kWh used just by subtracting the old number from the current. With gas it's a bit more tricky, but just tell us the readings and if the meter has m3 on it somewhere, rather than ft3, and we can figure it out for you. So long as neither meter has been changed in the last year, that should work.

K1977

wild666 said:

I'm guessing the prices are from Octopus in the Yorkshire region as they are the same as mine.
If the fix is no more than 24% higher then it might be worth fixing. The gas fix is nearly 55% on the SVR and the electric is over 41% so IMHO I wouldn't go for the fix.

Yes Octopus, North East region here!

bristolleedsfan

K1977 said:

Reed_Richards said:

It's a gamble, or a calculated risk if you prefer.  If you take the fix you will pay more now and for the next few months but prices are expected to increase in October so you could ultimately be better off.  How long is the fix for?  Is there an exit fee if you want to leave early?

The fix is for 12 months and there's no exit fee

Unit rates quite likely to be more expensive than unit rates on flexible Octopus following October cap increase.
North East electricity unit rates  cheapest - energy capped tariff kwh rates

K1977

victor2 said:

K1977 said:

victor2 said:

K1977 said:

I am useless with maths and figures and I'm hearing so much lately about should you fix or not, I,m looking for any advice on what I should do, I'm currently on standard tariff Gas 7.22 KW, standing charge 27.22 per day Electric 27.09 KW standing charge 48.65 per day, there is a fix available from my current supplier Gas 11.15 KW, standing charge 27.22 per day Electric 38.62 KW standing charge 48.65 per day, it says my total estimated annual usage would be £2326.86 and the estimated direct debit would be a lot higher than I'm currently paying, if anyone is good with figures does this sound like a good deal in the long term considering the current situation or would I be better off just sticking where I am?

Most advice nowadays is to just stay where you are. There will inevitably be an increase in October, but nobody knows by how much.

Look at your past bills and find one from about a year ago and take meter readings now. From that you can calculate what your annual usage has been in kWh. Alternatively find two bills a year apart and use them to do the same calculation. If nothing has changed in the way you run your house, then that sahould be a good estimation of your next 12 month's usage. Always work in kWh, not money. Convert the kWh to a cost once you know what it is. Do not rely on supplier's forecasts of what your future usage is estimated to be.

Once you know the usage in kWh, you can work out the cost on the current tariff, if the rates remained the same for a year. Compare that to the cost on the fixed tariff (which is presumably a year). The difference will be how much of an increase you would have to face in October to break even, assuming you currently have a zero balance on your account..

Quite a bit of maths, but if you can provide your actual annual usage figures, I'm sure someone will help with that if necessary.

I haven't been with my current provider for a year yet as I was switched to them a few months ago when my previous supplier went bust, my current supplier states my current expected annual use is £1647.92 

Can you find a bill from about a year ago and take your readings now? With electricity it's easy to calculate the kWh used just by subtracting the old number from the current. With gas it's a bit more tricky, but just tell us the readings and if the meter has m3 on it somewhere, rather than ft3, and we can figure it out for you. So long as neither meter has been changed in the last year, that should work.

I will see if I can dig an old bill out from my previous supplier