Fixed deals

Mrs_F_2017

Mike360 said:

Is variable direct debit where you give them meter readings each month so that you pay what you've used?

That is my understanding. So expecting summer usage to be approx £85-£95. 

I am going to budget £150 per month so that I have some extra in my ‘pot’ for the winter bills, allowing for the £400 grant too.  

goldygash

I also looked at Green Energy as works out cheaper than the BG fix offered. Any idea why it doesn’t come up on the cheap energy club?

Mike360

Mrs_F_2017 said:

Mike360 said:

Is variable direct debit where you give them meter readings each month so that you pay what you've used?

That is my understanding. So expecting summer usage to be approx £85-£95. 

I am going to budget £150 per month so that I have some extra in my ‘pot’ for the winter bills, allowing for the £400 grant too.  

OK thanks.

I've always either paid using quarterly direct debit, or paying in receipt of a bill in the old days. I am a believer in paying what I have used and then just getting on with life. Personally I don't like the practice of overpaying in advance for gains later, and for the energy companies changing direct debit amounts and those amounts not necessarily in agreement with the consumer.

Mstty

goldygash said:

I also looked at Green Energy as works out cheaper than the BG fix offered. Any idea why it doesn’t come up on the cheap energy club?

I know at least two people on the forum that have bought this to MSE attention. There are forum ambassadors here and MSE staff.

Why it hasn't made it on the below page is a complete mystery, however when it does it normally signifies the end as everyone jumps on it

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

Mike360

Hi folks, moved to the Green Energy fixed price plan a moment ago.

Martin Lewis has updated the advice page today by the look of it, the percentages of fixed price move consideration has gone up to 55%.

As my increase is approx 42% above the current price cap by taking the Green Energy Plan (31% for Electric and 54% for Gas), its below the 55% overall forecast so have gone for it and switched. The 'no exit fees' in the plan is helpful in the unlikely event that the rises are a lot less.  August and September I will have to pay more for Electricity however I will likely get it back and then some if the predictions are accurate from October 2022 up to the Spring of 2023. Not concerned about the Gas increase right now as its summer.

SUPERGIRL2020

Im thinking of moving to green energy this is the cheapest quote I've got from edf and green energy. Ive never heard of green energy are they any good? 

EDF

Green energy

SUPERGIRL2020

Mstty said:

If you are coming off a fixed deal it could well be right.

Do you have any debt on your account?

What is your annual usage?

What price in pence per kWh are you currently paying?

I only owe edf £5 below is a print screen of my annual usage and prices

SUPERGIRL2020

I did a bit of googling on GE seems they went bust in 2021or is that another company Im confused 🤷‍♀️

Also the reviews are shocking 

Mstty

SUPERGIRL2020 said:

I did a bit of googling on GE seems they went bust in 2021or is that another company Im confused 🤷‍♀️

Also the reviews are shocking 

Different company?

https://en.m.wikipedia.org/wiki/Green_Energy_(UK)_plc

Mstty

wittynamegoeshere said:

I'm in the process of switching to Green Energy.  A few good/bad points I've learnt while/since signing up...

• Their email states "All new customer payments to Green Energy UK will be by Variable Direct Debit".  They do not state that it's possible to change to fixed DD.  This doesn't mean it's not possible, but they definitely don't offer it.  I don't yet have access to an online account so can't check.  Variable is my preference anyway, so I'm fine with this.  It may be an issue to those with a tight monthly budget and/or little in savings.
• As an eco supplier they are not bound by the cap on variable tariffs.  At the end of the fixed period you may be rolled onto another tariff that potentially could be any price without limit.  See here...

https://www.energylivenews.com/2019/08/01/ofgem-confirms-permanent-energy-price-cap-exemptions-for-three-green-suppliers/

• Nobody knows whether it will be possible to switch to a non-eco regular supplier next year when their fixed term ends, so we may end up being kept against our will to pay a hefty tariff.  You're free to leave at any time, but only if another supplier wants you as a new customer.  I don't know whether it's possible to somehow demand a standard supplier takes you, but I doubt it.  I might end up having to switch to an expensive fixed tariff with a standard supplier, possibly with hefty exit fees, just to get away from them.
  
• There's a 2 week cooling off period then switching will take up to 3 weeks.  So anyone signing up today will pay more than the current capped tariff, but only for a maximum of 2 months, possibly less, i.e. all of August and September.
• We will be volunteering to pay more for a short time, but only during the time of year when energy use is at its lowest.  I estimate I will get back the extra I've paid before the end of November, and will save beyond that.
• I'm not worried if they go bust, as it's extremely unlikely I'll lose out as a result.  If it's after 1st December then I should already be in profit.
• Nobody knows what the cap will rise by on 1st October, we are in uncharted territory.  The new Prime Minister could pause or subsidise the standard tariff rise, in which case the savings may be slimmer or non-existent.  We could even end up paying more than everyone else even from 1st October, and not be able to switch.
• This tariff is extremely unlikely to be available if the 65% rise does become fact, so we all have to decide based on a guess.
• For me, this is a 39% rise above my current capped variable tariff.  But you need to check your own figures using unit/day rates instead of relying on this number.
  

All in all, it's a personal choice.  There are definitely risks, but of course there isn't a risk-free option whatever we choose.  I'm happy that, for me at least, it's hopefully the least awful option.  But this may or may not turn out to be the case.

I suspect that some of the above reasons may be why MSE is not openly suggesting this tariff.

I think MSE could and should have this on their lists as Utility Warehouse is there and some on here call them a cult lol

It may help to read this page they do mention fixed DD so once setup if that what you want just contact them

https://www.greenenergyuk.com/faqs