Sign up to fixed now or wait till October?

2pints

With Eon just now on Next flex and pay £164 per month, had the chance to tie in on a fixed 12 month in June (when we looked at it at the time) for £215 but decided to wait as worked out it would have cost us an extra £200 over the 4 months when the predictions weren't as bad as the are now. The fixed 12 month now is £275 per month and with another unknown possible increase in January it is trying to decide to wait or bite the bullet now.

Cheers

GingerTim

Try not to think in terms of a direct debit amount, you have to look at your actual usage in kwh against the rates on the tariff to decide.

Mstty

That's where people make the mistake on fixed direct debit when suppliers say the fix is £50 more a month in reality in the summer months that we are in you don't

As an example we are with EON Next and pay £177.70 a month fixed DD but our actual summer usage is £75 a month.

This is why knowing your annual usage and ideally monthly usage is key when looking at a fix deal as well as the pence per kWh and standing charges. Especially in this market when you have to take the plunge early on a more.expensive fix to be better off long term.

2pints

Cheers for the answer. Submit usage manually as never wanted smart meters but guess that is going to have to change.

From 10/05/21 - 22/05/22 Gas usage was 13238 - 14096  27.22 dss  7.34 unit

                                                 leccy         was  26332 - 29865  49.65 dss 27.84 unit

Assumed Annual usage is 3,406kwh leccy and 10,072kwh gas

Used May to May as this is the only compete year I have looking at the statements.

The EON Fix for 12 months is quoting dss charge as above but unit rate as 50.71 and 12.86

Thanks

Mstty

The gas rate is very competitive given the rate is expected to be 14-16p kWh from October-Jan 2023 with the expected price cap increases. The leccy rate less so competitive but then again no one knows that Ofgem with announce on the 26th August.

The cynic in me suggests a lot of fixed rates may be pulled before 12th August so due to the zero exit fees it might be worth accepting this and then seeing what is announced 26th August.

2pints

Mstty said:

The gas rate is very competitive given the rate is expected to be 14-16p kWh from October-Jan 2023 with the expected price cap increases. The leccy rate less so competitive but then again no one knows that Ofgem with announce on the 26th August.

The cynic in me suggests a lot of fixed rates may be pulled before 12th August so due to the zero exit fees it might be worth accepting this and then seeing what is announced 26th August.

Thanks for reply, another question about different fixes from EON. Thay are offering 2, one is NextOnline V17 at £275 and Next1 year V17 at £376 an increase of £100 over Nextonline and £200 on what I'm paying just now. Apart from the massive price what if any are the differences?

Mstty

If you can post the standing charge and price per kWh of both that will help.

I can't see them on my Eon Next account as we are already in a fix.

matelodave

According to my quotes from E0N-Nex

Their v17 on line is 52.11p.kwh or their 1yr (100% renewable) is 72.83p/kwh both have a standing charge of 37.92. Dunno how they conjure up nearly 73p/kwh for renewable

bristolleedsfan

matelodave said:

According to my quotes from E0N-Nex

Their v17 on line is 52.11p.kwh or their 1yr (100% renewable) is 72.83p/kwh both have a standing charge of 37.92. Dunno how they conjure up nearly 73p/kwh for renewable

EON-Next tariffs -  "Enjoy 100% renewable electricity at no extra cost"

Dearer tariff you refer to is aimed at new customers who take no notice of advice not to switch.

2pints

This for Next1year quote

Daily standing charge	49.65p	27.22p
Unit rate	71.45p per kWh	17.87p per kWh
Assumed annual usage	3,406kWh	10,072kWh
Estimated annual cost	£2,615.31	£1,899.63

Next Online v17

Our most popular tariff, perfect for those who manage everything online.

Next 1 Year v17

This tariff comes with 100% renewable electricity as standard and prices are fixed for 12 months. If you pay by Direct Debit, you’ll see a reduction in your standing charges and unit rates. By choosing this tariff you agree to have a Smart meter installed where eligible. There are no exit fees with this tariff.

2pints

Logged in my EON account and the fixed price is up again (an extra £10 p/month) and this is before the announcement.

Question time now, if I dont fix and go with the SVR and the increase (70 - 78%) my monthly bill will be slightly cheaper or slightly more expensive than the fix as it stands (outwith another rise in January), but with the £400 credit coming in from October to March my bill will drop £66 per month,  is that how i'm reading this or am I off in my calculations?