British Gas offer of fixed tarrif

Lizzyketb1

Hi 
My energy fix ends this month. 

My offer from BG will cost me £182 a month, I currently pay £104.09 a month for duel fuel. 

Gas
11.360 per kWh
24.480 standing charge/day

Electric
38.703 per kWh
42.670 st ch

Do I take it? because the tariff offers are getting worse! I started looking this morning ( it was going to cost me £171.96 then, it’s gone up £15 this afternoon!)and I’m still trying to make a decision. 

Please tell me if this is as good as it gets. Thanks

BUFF

Welcome. Do you have accurate (reading not estimate) actual annual consumption figures for both electricity & gas? If so, can you please post them?

Lizzyketb1

Gas 11312 kWh
electric 1530kWh

pochase

Here you go



This is a 38.28% increase from SVT.  

Lizzyketb1

Can anyone help?

Mstty

You have all the figures above your post from @pochase

In the current market no one can be 100% certain as to how advise people.

Use the figures above and if you are happy with the fix rate then take it.

Read this article as well👍

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

pochase

Nobody here will tell you what to do, that is up to you.  We will help you with the percentages and the costs, of which many is based on predictions for the new cap that might still change. Since Ofgem letter to government end of May we have seen adjustments that increased the cap prediction.

It is your gamble if you want to fix or not.

That said 38% is on the high side/more than what Martin recommends. But his recommendation are also adjusted with each change of the predictions.

You will be paying more over the next 3 months, a difference £50 in average per months. Of course you will use less energy in summer, s it should be less, but only you know what you are using at this time of the year.

The potential saving is very low with £17 per month in average (plus a few potential p in the January increase), and in April the SVT should come down a bit again.

jrawle

@pochase I was wondering what you base your predictions for the October SVT on, as quoted in your table above?

British Gas have also offered me their Loyalty July 23v1 tariff, so I need to decide whether to take it or not (I have to decide by 1 July, but it doesn't actually kick in until 31 July, so only two months at a higher rate). Of course, I understand that any predictions are just that and no-one knows what will happen, but educated guesses are always welcome.

pochase

It is based on the latest Cornwall Insights prediction from earlier this week.

https://www.cornwall-insight.com/press/cornwall-insight-comments-on-its-january-default-tariff-cap-forecast-rising-to-3000-for-a-typical-user/



I have deducted the standing charges from the predictions for gas and electricity as general assumption is they will not change. Divide the remaining amounts by 12000 for gas and 3100 for electricity and you get the unit rates I use in my table for the October SVT. Of course there is also the issue with different regions with different standing charges and unit rates, so this a very basic calculation, but the best I can do until we get the official Ofgem cap data.