Where to switch to next....advice much appreciated

jrc123

hi all!

I am currently with BG and my amazing cheap fix is about to end at the end of August.

Their current SVR is:

Standard variable tariff:
Annual cost for electricity: £528.60 p.a.
Annual cost for gas: £893.20 p.a.
Elec Unit Rate: 29.633 p perkWh
Standing Charge: 32.141p per day
Gas Unit Rate: 7.517 p per kWh
Standing Charge: 27.220 p per day

 

 And they have a fixed price tariff offered today which is:

 

We have a tariff named as Fixed Aug 23v3
Annual cost: £745.06 p.a. for electricity
For gas: £1618.09 p.a.
Elec Unit Rate: 47.605 p perkWh
Standing Charge: 22.278p per day

Gas Unit Rate: 14.438 p per kWh
Standing Charge: 25.576 p per day

Any advice would be much appreciated in what is best to do?

Is their another supplier who offers a better tariff or variable at the moment?

thanks :-)

Mstty

If I were you and hadn't fixed already I would get a quote from

https://www.greenenergyuk.com/

Best switch and fix rates on the market currently with no exit fees. 

Read the terms and conditions make.sure it's right for you. This is a fixed rate not bound by price caps but does come under the expected rise in October. 

To rejoin a price capped product in the future you wil have to switch to another provider at the end of your fixed rate as Green Energy are not bound by price caps and do not have to offer a product of this nature.

If you are happy with a switch and fix then a switch at the end should they not offer you a competitive one at the end of your fixed rate this could be for you.

jrc123

Hi Mstty

thanks for the info there. I dont mind switching around for the best deal

Just a couple questions:

1). If i were to join Green Energy and switch if i better deal comes out you mentioned i would have to switch out - could you elaborate on the meaning of this? (sorry bit slow today here)

2) GE prix fix wont change during the fix period even if the price cap changes?

2). If i switch to GE and want to switch back to BG or another at the end is that still possible or tricky?

thanks

jrc123

Do you have a prediction what the variable rates could go to in October also?

Mstty

The consensus on this forum based on MSE backing Cornwall insights price predictions for Oct '22 and Jan '23 price caps is below.

Note thanks @QrizB

jrc123

Hi Mstty do you have the link to those predictions?

Mstty

So fixed deals are disappearing faster than people can take them. If you were to take the green energy deal as there are no exit fees if the price prediction for October isn't as bad and a better switch and fix or switch and return to standard variable tariff comes up with another supplier you can take this free of any charges.

No the fixed price won't change its fixed til Sept 2023 on the sparkling deal

Switching at the moment is tricky but we are in interesting times. Come September next year who knows. Currently EDF and Octopus allow switching to the SVT so expect there will be an option come Sept 2023

jrc123

thanks for the input.

so at this moment you would recommend switching to Green Energy?

Mstty

jrc123 said:

thanks for the input.

so at this moment you would recommend switching to Green Energy?

If we had not fixed back in April and were looking to beat the expected price cap rises on 2022 and into 2023 then yes we would.

In fact we would probably look at their tide tariff very closely but that's confusing your question and only works for those disciplined with energy usage and able to avoid 4-8pm at all costs.

Mike360

jrc123 said:

thanks for the input.

so at this moment you would recommend switching to Green Energy?

I decided to move to Green Energy from British Gas earlier this week. Never heard or been with them before but I am not frightened of switching if it means I save money.

jrc123

noted on that

And if i stay on the BG variable chances are it is going go up over 50%?