Do I fix into a new tariff or go onto Standard Variable energy rate???

sp04jjw

Hi there,

I am currently on a British Gas tariff (Exclusive Energy Jun 2022), which is coming to an end. However they have offered me an exclusive fixed-rate tariff, Fixed May 23v2, which won't be affected by the likely energy price cap in October.
The Fixed May 23v2 come in at £2153.47/year compared to the Standard Variable of £1634.45/year (likely to increase in October 2022 and January 2023) based on my previous usage.
Do I fix in again or look to let to automatically move onto British Gas' standard variable tariff.

Any advice or suggestions would be greatly appreciated.
Many thanks
Joe

double_dutchy

If those per year rates are accurate that sounds good....but what's your annual usage (in kwh) and what rates are you being offered with that tariff, i.e. cost per unit and standing charge for both gas and electric?

Mr_Robot_Elliot

Double D

Any help/thoughts please?
British Gas - ELECTRICITY

My Standard Variable ends 31/07/22.
UR = 29.1 SC = 50.5
Annual Use = 3393. 
Annual Cost =£1171

This will continue if I do nothing

BG offering me July v1
UR = 39.4 SC = 44.7
Annual Use = 3393. 
Annual Cost =£1502

Increase of 28/1%

Do I pay higher for 3 months now and then?

sp04jjw

double_dutchy said:

If those per year rates are accurate that sounds good....but what's your annual usage (in kwh) and what rates are you being offered with that tariff, i.e. cost per unit and standing charge for both gas and electric?

My estimated annual usage is 11562kWh gas and 1873kWh electricity per year.

The offered Fixed until 31st May 2023 is as follows:

Gas: £1319.19

Standing charge: 31.329p per day

Unit rate: 10.528p per kWh
Electricity: £834.28

Standing charge: 44.767p per day

Unit rate: 36.412p per kWh

And the Standard Variable is as follows:

Gas: £948.42

Standing charge: 27.220p per day

Unit rate: 7.344p per kWh
Electricity: £686.03

Standing charge: 37.918p per day
Unit rate: 29.240p per kWh

What do you think?
Many thanks in advance
Joe

BUFF

what's the early exit charge for British Gas tariff (Exclusive Energy Jun 2022) & does it have the option of moving onto another BG tariff for free?
If it has the option of changing to another BG tariff foc then if come October SVT change it either isn't as bad an increase as feared or another cheaper BG fixed tariff exists then your risk is essentially that of paying more than the current SVT up until the October SVT change (3 months when your energy usage is probably at it's lowest).

It's your money & your decision but if those estimated usage figures are reasonably accurate, it has the option of switching to another BG tariff without penalty & I was in your position I would probably take it. I wish somebody would offer me  a gas fix at 10.5p/kWh

Mr_Robot_Elliot

Exit Fee on BG is £100