Should I now come off my fixed rate?

set

Hi
were on a fixed rate until May 2024. We waited until 1st October to see if there was any price change on unit rates and they are still the same. We weren’t sure if our rates would change in line with price cap as we are probably under it but as I said we weren’t sure so thought best to leave it until 1st October. We have checked our online account this morning and tariff is still the same.

fixed prices
SC 47.66
Day 41.14
Night 21.39

Standard variable 
SC 48.68
Day 45.66
Night 15.17

our usage is around 5200 night and 2300 day.  Is the standard variable for two years at this rate? Or could it change. 

Thanks guys would really appreciate your guidance.

Mstty

Who is your supplier, the reason I ask is that EDF have a very strong price capped and frozen tariff for Economy 7 if you can max the night time rate.

Conversely how confident are you the Government will honour the current price freeze for. Personally I am 50/50 as to whether they change it part way through as it becomes more expensive.

QrizB

set said:

our usage is around 5200 night and 2300 day.  Is the standard variable for two years at this rate? Or could it change. 

Thanks guys would really appreciate your guidance.

Looking at the two tariffs you've posted, and your annual consumption values:

• Fixed: £2232/yr
• Standard variable: £2017/yr

If the variable stays the same for the next two years (which is only a Government statement at the moment) you'll be better off on it rather than the fix. But you might think that paying £200/yr extra is worth it in case there's a U-turn.

set

Mstty said:

Who is your supplier, the reason I ask is that EDF have a very strong price capped and frozen tariff for Economy 7 if you can max the night time rate.

Conversely how confident are you the Government will honour the current price freeze for. Personally I am 50/50 as to whether they change it part way through as it becomes more expensive.

hi thanks for your reply, we are actually with EDF and with it being around the time we will be thinking about using the storage heating the nighttime rate is looking pretty good. BUT I’m not sure as Im also worried the gov rates may increase who knows   

set

QrizB said:

set said:

our usage is around 5200 night and 2300 day.  Is the standard variable for two years at this rate? Or could it change. 

Thanks guys would really appreciate your guidance.

Looking at the two tariffs you've posted, and your annual consumption values:

• Fixed: £2232/yr
• Standard variable: £2017/yr

If the variable stays the same for the next two years (which is only a Government statement at the moment) you'll be better off on it rather than the fix. But you might think that paying £200/yr extra is worth it in case there's a U-turn.

That’s the worry.  Coming off the fix means putting our trust in the gov won’t make a u-turn. Haha putting our trust in the government