New fixed deal from British Gas

tindog01

I've just been offered the following fixed deal (Loyalty Jun 23v2) by British Gas.

Standard Variable £2744.71/year* Do nothing and we'll move you to this variable tariff with no end date	Loyalty Jun 23v2 £3495.51/year*

   

*We’ve estimated the annual costs based on your previous usage of 11881 kWh of gas and 5590 kWh of electricity a year.

Is this a good deal?

Allpoje

Would be interested in others views as ive also recieved same letter re loyalty jun 23v2 tariff . Unsure if it’s worth switching and paying higher cost from June to October when the next increase is due 

wolvoman

What’s the actual tariff?

Mstty

@tindog01

Best guess below as you need to provide kWh prices for current and fix

Mstty

Allpoje said:

Would be interested in others views as ive also recieved same letter re loyalty jun 23v2 tariff . Unsure if it’s worth switching and paying higher cost from June to October when the next increase is due 

If you have you annual usage in kWh and can confirm the fixed deal prices I will plug them into the spreadsheet for you👍

peter_the_piper

Mine is based on estimated annual   17227 kwh gas   and 2099kw electricity

Offer  Standard variable   Gas   27.27p  standard charge,  7.319p kwh

                                          Elec  41.66p standard charge,    29.484p kwh

            fixed                       Gas 29.959p standard charge,     10.336p kwh

                                           Elec 47.14p standard charge,      35.967p kwh.

        

            current                   Gas 27.22p standard charge,       7.319p kwh

                                           Elec 41.66p standard Charge      29.484p kwh.

Roxburgh_rose

I have been offered the same deal.

My current usage is 2768kwh (electric only, we don't have gas)

Existing Cap Rates SC 0.496 / £/kwh 0.278
Suggested Deal SC 0.551 / £/kwh 0.343

By my reckoning that's a 21% uplift.

Any thoughts on whether this would be worth taking up? It's well below Martin's 30% threshold but is for electric only and I can't find any info on a sensible threshold for that.

Thank you!

QrizB

Welcome to the forum.

tindog01 said:

I've just been offered the following fixed deal (Loyalty Jun 23v2) by British Gas.

and

Allpoje said:

Would be interested in others views as ive also recieved same letter re loyalty jun 23v2 tariff.

and

Roxburgh_rose said:

I have been offered the same deal.

The BG Loyalty June 23 v1 tariff is one that MSE believe could be worth taking; it is named specifically as such on the MSE webpage discussing current deals. The v2 version, that you've been offerwd, seems very similar:

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

It's your money and your choice, so good luck whichever way you choose!

RL11

I've been offered the same BG tariff too.
My calculation is that I will pay an extra £40 per month - £480 per year - 23% increase for dual. Current expectation seems to be an average £800 increase in October so I would be better off fixing BUT as I would be paying an extra £40 per month between now and October, the saving is really only £160 and not £320 - though still a saving. If prices drop in April 23 (highly unlikely IMHO) then the saving will be less.
I would have been better taking the fixed deal on both previous occasions and really wish I'd gone with "HomeEnergy Exclusive Jan 2024" that I was offered last December. I think I will regret not taking this one too but will think about it for another couple of days

bumblepop1984

Mstty said:

Allpoje said:

Would be interested in others views as ive also recieved same letter re loyalty jun 23v2 tariff . Unsure if it’s worth switching and paying higher cost from June to October when the next increase is due 

If you have you annual usage in kWh and can confirm the fixed deal prices I will plug them into the spreadsheet for you👍

Hello! Would you mind doing the same for me please?
Here is my info as best i can find it

I dont seem to have gas usage info in my British Gas account, but my gas meter readings went from  03813 on 8th Nov 2021 to 04088 on 1st June and it says 3101 kWh in the table next to that (which is for the time period 8/11/21-1/06/22). 

Electricity usage is:
2022 so far = 1575 kwh
Average monthly = 262 kwh

Fixed deal prices (Loyalty Jun 23v2):
Gas:

Estimated cost

£172.17 / month

£2066.04 / year

Standard unit rate

10.299p / kWh

Standing charge

29.959p / day*

Exit fee

£75.00 / fuel

Elec:

Estimated cost

£111.75 / month

£1340.99 / year

Standard unit rate

34.110p / kWh

Standing charge

50.230p / day*

Exit fee

£75.00 / fuel

Would love your thoughts on if it would be good to fix. I'm guessing it would but reassurance would be nice

Mstty

@bumblepop1984

British gas are using approx 3400 kWh Elec and 18000 kWh of gas per year to match the figures supplied to you above

Because of your higher than average gas usage (18000 kWh compared to 12000 kWh) the final percentage increase does come out over 30%.

I no longer say to gif or a deal or not I think you have to be happy with your own choices given the facts.

Here is my opinion. What I can say is come October and taking into account the recent press release by Ofgem and then the recalculation Cornwall insights figures the price per kWh Elec could be between 38p-41p and gas 10.5p-12p per kWh. So by taking this deal with the average of those ranges you could save yourself £300 but you must also work out the extra price you pay for gas/elec between now and October 1st and take that off the £300 saving.

The choice they say...is yours