British Gas Tariffs

6mo7ze

Hi, 
I’m currently on the standard non-fixed with British Gas and have been offered the following fixed tariffs with them. Are they worth switching to? Thanks 

wrf12345

There is no info on the actual unit rates and s/c's until you click on the tariff info tab (which we can not do), and typical of the industry to not show such rates upfront.

6mo7ze

wrf12345 said:

There is no info on the actual unit rates and s/c's until you click on the tariff info tab (which we can not do), and typical of the industry to not show such rates upfront.

Apologies, I didn’t realise.

Here are the unit rates for the cheapest on the list:

QrizB

MSE seem to think that BG's "Exclusive Jul 23v2" is worth considering:

https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/
If you're comfortable with the risk that the winter's prices could end up higher than forecast, you can stick with the variable tariff. If you'd prefer the certainty of a fixed rate, that deal is better than many.

xzibit

I’ve been offered this deal also. Considering it. The email states that there are no exit fees to change tariff so long as you don’t change suppliers. Does this mean if we chose it, then in October it didn’t look like a smart move we can go back to the variable tariff for free?
Also I assume if we fix now, we will be paying quite a bit over the odds until the coming October rise? 

Mstty

xzibit said:

I’ve been offered this deal also. Considering it. The email states that there are no exit fees to change tariff so long as you don’t change suppliers. Does this mean if we chose it, then I’m October it didn’t look like a smart move we can go back to the variable tariff for free?
also assume if we fix now, we will be paying quite a bit over the odds until the coming October rise? 

Yes that is what it means you can switch to an other British Gas tariff without an exit fee.

QrizB

xzibit said:

Also I assume if we fix now, we will be paying quite a bit over the odds until the coming October rise? 

You can work out how much extra it will cost between now and October, it might not be very much. I've just written it up for a different thread but here's a link:

https://forums.moneysavingexpert.com/discussion/comment/79259604/#Comment_79259604

fly-catchers

For me on the same deal. The gas is more than 35% working out at 43.5%. With the electricity about 34.5% higher than the current Variable rate. So that's not such a good deal. With the exit fees being charged even if I moved to another BG deal. But guess if the Cap rate goes up again in January. And unlikely to drop much if at all in April might still be worth it.

QrizB

fly-catchers said:

For me on the same deal. The gas is more than 35% working out at 43.5%. With the electricity about 34.5% higher than the current Variable rate. So that's not such a good deal.

Sounds as though you've ignored the standing charges in those % calculations.

Electricity:

• SVT - 2900kWh x 28.34p/kWh + 365 days x 45.34p/day = £987.35
• Fix - 2900kWh x 36.676p/kWh + 365 days x 54.292p/day = £1261.77

Fix is 28% more expensive than the current variable.

Gas:

• SVT - 12000kWh x 7.37p/kWh + 365 days x 27.2p/day = £983.68
• Fix - 12000kWh x 10.530p/kWh + 365 days x 30.645p/day = £1375.45

Fix is 40% more expensive than the current variable.

warwickbears

Must confess as soon as I saw the news a few weeks ago about the anticipated hike in October, I took the May23 fixed rate. Gut feel is the relative certainty is worth the short term hike, particularly as the additional spend above the variable rate is during the summer months.

kitla

I am with BG & have just been trawling through tariff comparisons with much scribbling  & calculating & have come to the conclusion that for us (quite high users of gas & elec), firstly there is no better deal for us than BG. Secondly, if my calculations are correct, leaving us on the variable rate for the next 12 months will work out about the same (even a teeny bit less)as moving to the best rate 1 yr fix on offer (loyalty v2 june) I took into account the cost of 4 months until the price rise of approx 46% in October.