Did you take a fix deal?

CRISPIANNE3

I kept changing my mind but in the end decided on a EDF fix for 2 years for the gas and BG  electricity fix for 1 year.  Also like the idea of paying whole amount monthly. 

Van_Girl

jimexbox said:

I fixed 1st March for two years at April 1st rate. Eon next 2y v18. I thought the 2yr was the safest option although it incurred a higher standard charge than their one year offer. 

I opted for the same. Although my 61.28p/day elec standing charge is brutal, for 2 years of certainty I thought it was worth it. I also appreciated that there's no exit fee, so leaves options open... though I doubt we're going to see prices come down any time soon

I have oil for heating, so that's a whole other nightmare

Mstty

Van_Girl said:

jimexbox said:

I fixed 1st March for two years at April 1st rate. Eon next 2y v18. I thought the 2yr was the safest option although it incurred a higher standard charge than their one year offer. 

I opted for the same. Although my 61.28p/day elec standing charge is brutal, for 2 years of certainty I thought it was worth it. I also appreciated that there's no exit fee, so leaves options open... though I doubt we're going to see prices come down any time soon

I have oil for heating, so that's a whole other nightmare

And @j@jimexbox

That's the deal I took 2 years probably a higher elec rate here in the Eastern region 29.24p kWh and 51.62p SC. But Eon did delay it til 1st April so fixed til Apr 2024👍

Van_Girl

Mstty said:

Van_Girl said:

jimexbox said:

I fixed 1st March for two years at April 1st rate. Eon next 2y v18. I thought the 2yr was the safest option although it incurred a higher standard charge than their one year offer. 

I opted for the same. Although my 61.28p/day elec standing charge is brutal, for 2 years of certainty I thought it was worth it. I also appreciated that there's no exit fee, so leaves options open... though I doubt we're going to see prices come down any time soon

I have oil for heating, so that's a whole other nightmare

And @j@jimexbox

That's the deal I took 2 years probably a higher elec rate here in the Eastern region 29.24p kWh and 51.62p SC. But Eon did delay it til 1st April so fixed til Apr 2024👍

My unit rate is 29.58

I'm North Wales

I never thought about delaying to 1st April though!

jimexbox

Mstty said:

Van_Girl said:

jimexbox said:

I fixed 1st March for two years at April 1st rate. Eon next 2y v18. I thought the 2yr was the safest option although it incurred a higher standard charge than their one year offer. 

I opted for the same. Although my 61.28p/day elec standing charge is brutal, for 2 years of certainty I thought it was worth it. I also appreciated that there's no exit fee, so leaves options open... though I doubt we're going to see prices come down any time soon

I have oil for heating, so that's a whole other nightmare

And @j@jimexbox

That's the deal I took 2 years probably a higher elec rate here in the Eastern region 29.24p kWh and 51.62p SC. But Eon did delay it til 1st April so fixed til Apr 2024👍

Same rate as myself. Its potentially saved me thousands. The higher standing charge is a drop in the ocean when you hear of a possible 12p a unit for gas and 40p+ for electricity. 

Mstty

jimexbox said:

Mstty said:

Van_Girl said:

jimexbox said:

I fixed 1st March for two years at April 1st rate. Eon next 2y v18. I thought the 2yr was the safest option although it incurred a higher standard charge than their one year offer. 

I opted for the same. Although my 61.28p/day elec standing charge is brutal, for 2 years of certainty I thought it was worth it. I also appreciated that there's no exit fee, so leaves options open... though I doubt we're going to see prices come down any time soon

I have oil for heating, so that's a whole other nightmare

And @j@jimexbox

That's the deal I took 2 years probably a higher elec rate here in the Eastern region 29.24p kWh and 51.62p SC. But Eon did delay it til 1st April so fixed til Apr 2024👍

Same rate as myself. Its potentially saved me thousands. The higher standing charge is a drop in the ocean when you hear of a possible 12p a unit for gas and 40p+ for electricity. 

My hope is by the time our deals run out in 2024 prices will have come down🤞

And if it somehow miraculously gets better before 2024 zero exit fees help 👍@Van_Girl

mexicano54

British Gas phoned me yesterday offering a fixed deal to 31 August 23. I'm a fairly low user as I live on my own, yearly gas usage of 4427 kWh and Electricity 1470 kWh.

I'm on the Welcome Together tariff:

Gas tariff costs

Standard unit rate

7.517p / kWh

Standing charge

27.219p / day*

Exit fee £0.00

Electricity tariff costs

Standard unit rate

29.632p / kWh

Standing charge

32.141p / day*

Exit fee £0.00

The fixed tariff British Gas are offering me:

Gas tariff costs

Standard unit rate

12.763p / kWh

Standing charge

25.576p / day*

Exit fee £100.00

Electricity tariff costs

Standard unit rate

43.502p / kWh

Standing charge

22.278p / day*

Exit fee £100.00

I can see that the Standing Charges are much lower than mine at the moment, but there is also an exit fee of £100 /fuel, is it worth taking up the offer? I think that I should stick with SVT and see if the price goes down in April.

Any opinions? I'm sure that you will have some:)

Mstty

mexicano54 said:

British Gas phoned me yesterday offering a fixed deal to 31 August 23. I'm a fairly low user as I live on my own, yearly gas usage of 4427 kWh and Electricity 1470 kWh.

I'm on the Welcome Together tariff:

Gas tariff costs

Standard unit rate

7.517p / kWh

Standing charge

27.219p / day*

Exit fee £0.00

Electricity tariff costs

Standard unit rate

29.632p / kWh

Standing charge

32.141p / day*

Exit fee £0.00

The fixed tariff British Gas are offering me:

Gas tariff costs

Standard unit rate

12.763p / kWh

Standing charge

25.576p / day*

Exit fee £100.00

Electricity tariff costs

Standard unit rate

43.502p / kWh

Standing charge

22.278p / day*

Exit fee £100.00

I can see that the Standing Charges are much lower than mine at the moment, but there is also an exit fee of £100 /fuel, is it worth taking up the offer? I think that I should stick with SVT and see if the price goes down in April.

Any opinions? I'm sure that you will have some:)

The prices for that fix per kWh are currently above the guesstimate prices for the standard variable rate for October.

Approximately 42p elec and 12.5p for gas is the expectation but this won't be confirmed until the Ofgem announcement in August so could be higher or lower.

Alnat1

@mexicano54 if the electricity standing charge really is only 22.278p a day then it works out on your usage as a 40% increase which might be worth taking.

Double check that figure as electricity  standing charges are usually 45p+ at the moment though.

pochase

As @Alnat1 is saying for your usage the increase is only 40.01%, but that is mainly due to the fact of lower standing charges.

Based on the average gas unit rate of 12.47p and electricity unit rate of 41.88p the monthly cost would be almost identical, and due to paying for up to 3 month the higher cost already you would be losing out.


Even increasing the SVT unit rates to 43.88p and 13p as London rates are much higher the monthly difference is only less than 5£ (£119.77pm), so you have 3 months of higher cost (£9 cheaper standing charges vs higher cost from unit rates) thereafter11 months  fixed rate vs new SVT(s). There should be a saving until April, but if we get the predicted drop there will be no further further saving against SVT after April, potentially even a a loss.

In total I cannot see you winning on this fix, but this is based on a lot of unknowns and possible changes.

Also the potential saving you can make are in regions that for me would not be worth gambling.