SO Hibiscus 1 & 2 year fix - worth it?

Merciful

My SO Energy Tariff is up on the 23/07/2022. SO have not previously offered any fixed deals (at least to me) since the current difficulties started. I have attached an image but, just in case it is not visible, the rates are as follows;

Both rates are identical, the only change is the "Early exit fees" of £60 and £30 respectively for the 2 and 1 year fix.

Unit rate - gas 11.20p per kWh

Standing charge - gas 26.11p per day

My current projected usage is predicted by SO (for purposes of this quote) at 13182 kWh (£1572 per annum on their deal) which is "kinda" right (5 bed 1990s house, 2 adults and 2 teenagers).

Question I have is; is this worth taking have things got so bad that this is of value? It's £500 more expensive than the current SVR for the year (for our usage by my dodgy maths skills) and triple essentially what I am currently paying on my current fix (SO Cherry 3.3p unit, 26.6p unit).

Any replies, gratefully received.

Merciful

Additional information (to explain the"kinda" remark I made above); I currently pay £47 per month and will end the contractual period with a surplus of £70ish. I do monthly readings and all bills are actual usage.

pochase

In my opinion it is not worth it. 

Depending on the predictions you are looking currently at 11p to 11.8p for the October cap, so a 11.2p would be either more expensive or only a very slight advantage.

With your estimated usage you are looking at a saving of £79 for the higher prediction, but you pay already more for August to September wiping this partly out. Add the exit fees and it doe snot make any sense at ll for me.

Merciful

Yes, that makes sense, I think i'll stick to SVT and ride it out, this offer is just too fractional saving to make it worthwhile especially coupled with the uncertain predictions about from April onward.

Off topic from fixing gas, but I fixed last month with BG who supply my electricity and am questioning that wisdom at the moment (fixed at 34.952p unit and 54.292p standing), but I suppose at least the unit rate for electricity is "supposed" to be 40p+ from October, so a more clear cut difference.

wgcsaver

So Hibiscus.

My So Cedar contract ends very soon and I spent all 16/06 looking at my options So Flex? , So Hibiscus?

Hibiscus was a new rate to me and visible when  I logged into my So account on 16/06.

Decided that an expensive 12 month Fix now might be better than a Variable Rate in October.

Alas today 17/06 NO Hibiscus! available on my account at So, only Flex!!!!****!!!! - a day wasted.

Hibiscus still showing on MSE .

Mstty

wgcsaver said:

So Hibiscus.

My So Cedar contract ends very soon and I spent all 16/06 looking at my options So Flex? , So Hibiscus?

Hibiscus was a new rate to me and visible when  I logged into my So account on 16/06.

Decided that an expensive 12 month Fix now might be better than a Variable Rate in October.

Alas today 17/06 NO Hibiscus! available on my account at So, only Flex!!!!****!!!! - a day wasted.

Hibiscus still showing on MSE .

Don't worry Octopus don't offer a decent fixed rate either and shells isn't great.

The market is not fair and equal.in.all.areas at the moment.

Have you considered the EDF on Eon switch they suggest is open to customers that switch? If that's still available?

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