To change or not to change? That is the question

Ian1964

I am currently with British Gas for Gas & Electric and on a fixed tariff until November which is approx £150 a month. I did a quick check on their site and if I change now to a new tariff, it will pretty much double that amount (I know there are comparison sites which they may reduce this amount slightly and I will check them come the time). So should I wait until November when the tariff I am on ends but potentially risk paying even more per month (I don't see things returning to the old prices for some time but they could at least stabilize) or do I go for it now and hope for a longer term saving? Or option 3, wait for Liz Truss to be voted in and see what her plans are?

[Deleted User]

You'll need to look at the rates on offer and what it'll cost you based on your usage and compare it to the SVT.  The monthly payment alone is meaningless.

Any option that relies on Liz Truss having any good ideas should be immediately discounted.

DE_612183

Can you move from your fixed tariff without a penalty?

Also what rates are you on now and what have you been offered?

Robin9

Ian1964 said:

 (I know there are comparison sites which they may reduce this amount slightly and I will check them come the time). 

Highley unlikely those days have gone for the time being anyway... 

Come November you will be paying more than today's offer (which may already have been withdrawn)

In your future costs have you included the October and January rises ?

pochase

Most likely you compared todays SVT, which are going up by 82% in October, over 100% after the January increase compared to today.

So a quick and dirty estimate is that the £150 will go up to £600 by January after your fix ends.