Would you switch at these rates?

K1977

This is a new fixed deal being offered by my energy company, I'm not very clued up on this sort of thing so here goes, Electric:standing charge 55.39, unit rate 29.94 kWh                                    gas:standing charge 27.47, unit rate 7.59 kWh                                              cost £1605.05                           

victor2

K1977 said:

This is a new fixed deal being offered by my energy company, I'm not very clued up on this sort of thing so here goes, Electric:standing charge 55.39, unit rate 29.94 kWh                                    gas:standing charge 27.47, unit rate 7.59 kWh                                              cost £1605.05                           

You need to know your annual usage in kWh for each fuel. It may well be indicated on your latest statement.

Comparison sites are starting to show deals again, so armed with that information, look at something like uswitch.com.

However, with rates predicted to come down a little more later in the year, it may be prudent to stay on the standard rate (assuming you are already on it) with your current supplier, or just automatically go onto it if you're on a fix that is about to end.

The fixes are reassuring in that you know what rate you'll be paying for the duration of the fix, but it is a bit of a gamble and unless you have a crystal ball focused on the energy market, you cannot be certain what will happen.

Robin9

What are you existing rates ?  Are there any exit charges ?

what are your existing electric and gas annual consumptions ?

K1977

I'm on the standard tariff so no exit fees, my current rates are actually quite similar to the new deal give or take a few pence, don't know if this helps in case the rates go up in the future?

K1977

Robin9 said:

What are you existing rates ?  Are there any exit charges ?

what are your existing electric and gas annual consumptions ?

Tried to reply but it didn't work so I posted another comment

[Deleted User]

Hi,

K1977 said:

This is a new fixed deal being offered by my energy company, I'm not very clued up on this sort of thing so here goes, Electric:standing charge 55.39, unit rate 29.94 kWh                                    gas:standing charge 27.47, unit rate 7.59 kWh                                              cost £1605.05                           

you've given us your new rates and cost but nothing to compare it to.

What are your unit rates now and standing charge for each?

How many units were used for each in the £1605.05 prediction?

QrizB

K1977 said:

This is a new fixed deal being offered by my energy company, I'm not very clued up on this sort of thing so here goes, Electric:standing charge 55.39, unit rate 29.94 kWh                                    gas:standing charge 27.47, unit rate 7.59 kWh                                              cost £1605.05                           

I know everyone is asking for your current rates.

If it's easier, tell us your supplier and which region you are in and we can look up their SVTs for you.

K1977

QrizB said:

K1977 said:

This is a new fixed deal being offered by my energy company, I'm not very clued up on this sort of thing so here goes, Electric:standing charge 55.39, unit rate 29.94 kWh                                    gas:standing charge 27.47, unit rate 7.59 kWh                                              cost £1605.05                           

I know everyone is asking for your current rates.

If it's easier, tell us your supplier and which region you are in and we can look up their SVTs for you.

Octopus Energy, north east region

K1977

frugalmacdugal said:

Hi,

K1977 said:

This is a new fixed deal being offered by my energy company, I'm not very clued up on this sort of thing so here goes, Electric:standing charge 55.39, unit rate 29.94 kWh                                    gas:standing charge 27.47, unit rate 7.59 kWh                                              cost £1605.05                           

you've given us your new rates and cost but nothing to compare it to.

What are your unit rates now and standing charge for each?

How many units were used for each in the £1605.05 prediction?

Current rates: lec standing charge 59.39, unit rate 49.32 kWh, gas standing charge 27.47, unit rate 12.53 kwh

bristolleedsfan

K1977 said:

QrizB said:

K1977 said:

This is a new fixed deal being offered by my energy company, I'm not very clued up on this sort of thing so here goes, Electric:standing charge 55.39, unit rate 29.94 kWh                                    gas:standing charge 27.47, unit rate 7.59 kWh                                              cost £1605.05                           

I know everyone is asking for your current rates.

If it's easier, tell us your supplier and which region you are in and we can look up their SVTs for you.

Octopus Energy, north east region

Bear in mind £75 per fuel exit fee if subsequently change from 12 month fixed to another Octopus tariff including should they offer a cheaper fixed rate at a later date.

QrizB

K1977 said:

QrizB said:

K1977 said:

This is a new fixed deal being offered by my energy company, I'm not very clued up on this sort of thing so here goes, Electric:standing charge 55.39, unit rate 29.94 kWh                                    gas:standing charge 27.47, unit rate 7.59 kWh                                              cost £1605.05                           

I know everyone is asking for your current rates.

If it's easier, tell us your supplier and which region you are in and we can look up their SVTs for you.

Octopus Energy, north east region

That's great, thanks.

Current tariff (which will have an EPG reduction, likely to match the current flexible tariff):

• Elec: 49.32p/kWh, 59.39p/day
• Gas: 12.53p/kWh, 27.47p/day

New offered tariff (I think it's "Loyal Octopus 12M Fixed June 2023 v1"):

• Elec: 29.94p/kWh, 55.39p/day
• Gas: 7.59p/kWh, 27.47p/day

Current EPG flexible tariff ("Flexible Octopus November 2022 v1"):

• Elec: 31.92p/kWh, 55.39p/day
• Gas: 10.24p/kWh, 27.47p/day

Expected new flexible tariff from 1st July (from here):

• Elec: 29.29p/kWh, 55.39p/day
• Gas: 7.43p/kWh, 27.47p/day

The fix you've been offered is fractionally more expensive (by 0.65p/kWh for electricity, and 0.16p/kWh for gas) than the flexible tariff that's expected to apply fof the three months July-September. Current forecasts are that the flexible tariff will be slightly lower from October to December and January to March, but those forcasts are vulnerable to external influences (like, oh, rogue mercenary generals deciding to express their dissatisfaction with their political masters, for example).

The fix is likely to work out a little more expensive than the variable rate, but it gives you peace of mind that you won't end up paying a lot more than expected if events take a turn for the worse.