Fixed rate with Ovo and BG

Kisk_2

Checking my accounts last night and there were options on Ovo for electric and BG for gas both offering fixed rates. If I choose their offers £238 per month for electric and £242 per month for gas that's a shocking £5760 for the year. This is more than double what I am paying just now and with all other prices going up. So don't know to go for fix rate or not.

pochase

You are aware that there is an 82% increase in October? By latest predictions your current cost might have more than doubled by January depending how much you use and how the split between gas and electricity is?

That said for many people paying now double will eat up the saving that can be potentially made. One thing to check is if you can postpone the start of the fix to September or even better to October.

Without you giving more information like what has been offered and what your usage is no further advice can be given.

Kisk_2

This my usage up to August

pochase

 A 12 month usage would be better here, especially if you use electricity for heating.

As written before we need to know what has been offered to you. What are the unit rates?

Are you electricity only, no gas? If so are you on E7, if so you need to give day and night KWh.

Kisk_2

Sorry should have been clearer we are gas central heating with a combi boiler and all cooking is electric. The graphs above are Ovo in orange for electric and British Gas in blue for gas. Below are the fixed rates offered by Ovo at £238 a month and British Gas at £242.20 a month. All standard tariffs.

QrizB

Here is @pochase 's table with the latest projections for the SVT cap:

The cheapest of those electricity fixes at about 60p/kWh, and the gas fix at about 16.5p/kWh could both be cheaper than the capped SVT from January 2023.