British Gas’s fixed term offer

Cambo50

We are currently with British Gas and on the standard variable rate:  electricity 29.58p unit rate and standard day charge 47.58p / gas 7.365p standard unit rate and 27.220p standard day charge.  Like many others our monthly direct debit has increased hugely and is now around £720 per month.  

British Gas have given us the option of moving to Fixed Oct 23v4 - tariffs are electricity 58.89p unit charge and 29.77p day charge ; gas 16.24p unit charge and 24.48p daily charge .  They estimate we would pay around £952 per month.

This is obviously higher than what we are paying but give the predictions for October do we opt for this as this proposed monthly estimate is definitely less than 70%.

Am I correct in my analysis?

MuckChucker

Look for the predicted rises. Those rates are slightly higher than the anticipated October rise but quite a bit lower than the next January rise and the April that follows. Again, these are just predictions but averaged over the next year, that deal will see you save about a penny a unit for both elec and gas

Also those monthly costs are mental

xzibit

We have been offered their Sept 23v2 offer which isn’t quite as good as that but we pay quarterly as they won’t do a variable direct debit. 

They estimate ours to be £248 a month and I cried at that, I couldn’t imagine paying £950 a month for energy. 

Mstty

Without you specifying your kWh usage for the year for both electricity and gas no one can answer your question.

xzibit

I’ve just fixed with BG for sept 23v2 giving me 14 days to decide if it’s the right thing to do. 

Paying approx £1k a year more over had I fixed in June. I’ve decided I don’t want to be in that situation again in September, wishing. 

jimjames

I don't understand those numbers. How can they possibly almost double the rates you pay yet your DD is only going from £720 to £920. It should be going to £1400 or so unless there is something else going on with clearing underpayments

pochase

What was your usage over the last 12 months? What is their estimate?

Even so they should have your usage data some quotes just use made up usage. As @jimjames says, if your £720 covers your bills, it should double as your unit rates double for electricity and more than double for gas.

jrawle

xzibit said:

We have been offered their Sept 23v2 offer which isn’t quite as good as that but we pay quarterly as they won’t do a variable direct debit. 

They estimate ours to be £248 a month and I cried at that, I couldn’t imagine paying £950 a month for energy. 

British Gas do variable direct debit. That's how I pay myself. You have to phone up or use the chat feature on the website to request it, it isn't made available to choose in a simple way on the website, which it should IMHO.

Alnat1

jimjames said:

unless there is something else going on with clearing underpayments

Why did I first read that as cleaning underpants 

Cambo50

Thanks everyone for your comments.  My annual usage is gas 41737.61 and elec 7705.11. I have just gone on my account tonight and they have withdrawn the Oct23 v4 offer that they offered on Tues this week to now Sep 23v2 -which takes my direct debit each month to £1006 - gas standard rate 16.87 standing charge 24.48 and the electricity 62.75 unit rate and 29.77 standard charge.  I can’t believe the offer has changed within 48 hours.

AmberDepp

Cambo50 said:

Thanks everyone for your comments.  My annual usage is gas 41737.61 and elec 7705.11. I have just gone on my account tonight and they have withdrawn the Oct23 v4 offer that they offered on Tues this week to now Sep 23v2 -which takes my direct debit each month to £1006 - gas standard rate 16.87 standing charge 24.48 and the electricity 62.75 unit rate and 29.77 standard charge.  I can’t believe the offer has changed within 48 hours.

If you're happily consuming that much energy I doubt you need to faff around with deals.