Help please with tariff ending

staceyaa

Hi, I live alone in a flat, and am barely home so have low usage (1640 kWh Electric and 7514 kWh gas)

My current fixed tariff I am paying 17.10p kWh and 26.50p standing charge for Electric, and 2.956p kWh and 26.08p standing charge for Gas and I was around £70 per month direct debit for both with EDF. I have been paying £100 the last few months to build up some credit. This tariff is due to end on 30th September.

The fixed tariff EDF are offering is £207 a month for 2 years with £200 exit fee. The rates are 55.49p kWh and 48.91p standing charge electric, and 17.198p kWh and 27.22p standing charge for gas. 

Am I best staying on variable?

pochase

Even the predictions for the highest rates (April 2023) are lower than the fixed tariff rates offered, so you best stay on variable.

But even with your low usage that means you still will see a direct debit of £175 based on October cap, increasing after the further cap increases in January and April. That does not cater for your credit you are building, nor for the £400 from government.

Alnat1

That isn't such a low gas reading for a flat with 1 person who isn't home much (unless it's an enormous flat that's badly insulated).

I'm in a 4 bed detached, heated all day in winter  and there were 3 adults last year using hot water for showers, our gas was only 11,000kWh.

sully1311

Only you can answer that question. No one really knows what's going to happen in the future so you either have to gamble and go onto SVR, knowing prices could go a lot higher than today's fixes or fix knowing the SVR might plummet in the future. 

Astria

Answer this question: Are you happy to continue, not knowing what the prices will be in October/January/April next year,

Or do you need to have a fixed tariff for budgeting purposes?

If the later, then you need a fixed tariff, if the former then a variable one will suit you.

We don't know yet which will cost you more.

staceyaa

Alnat1 said:

That isn't such a low gas reading for a flat with 1 person who isn't home much (unless it's an enormous flat that's badly insulated).

I'm in a 4 bed detached, heated all day in winter  and there were 3 adults last year using hot water for showers, our gas was only 11,000kWh.

Hmm maybe it’s not low then I thought it was as it was below average when I was looking into things and looking for quotes. 

Thanks for everyone’s replies!