Fix energy or stay with Price Cap / Change provider?

cisko65

Although I read the very recent Andrew Capstick's article "Should I fix my energy or stay with Price Cap" and others, I cannot understand what would be cheaper for me: I consume and spend almost half of a typical household. I currently have a Shell  Flexible 13 v2.

I read the MSE articles many times but I get lost. 

I also used to be quite good at comparing providers now I am not!

Thanks!

Netexporter

If you want to pay less for electricity get a smart meter and take advantage of the various TOU (time of use) tariffs. Now you are with Octopus there is almost certainly a tariff that will suit your usage pattern.

cisko65

Netexporter said:

If you want to pay less for electricity get a smart meter and take advantage of the various TOU (time of use) tariffs. Now you are with Octopus there is almost certainly a tariff that will suit your usage pattern.

Unfortunately I cannot get a smart meter. thanks.

QrizB

cisko65 said:

Netexporter said:

If you want to pay less for electricity get a smart meter and take advantage of the various TOU (time of use) tariffs. Now you are with Octopus there is almost certainly a tariff that will suit your usage pattern.

Unfortunately I cannot get a smart meter. thanks.

That's a shame, it could have saved you 30% or more.

Is there still a "Helpful Octopus" tariff on offer that's variable but cheaper than the price cap?

You can see all of Octopus's current tariffs here, but many of them require a smart meter:

https://octopus.energy/tariffs/

EON Next have a Price Pledge tariff that guarantees to be cheaper than the cap.

https://www.eonnext.com/tariffs

cisko65

QrizB said:

cisko65 said:

Netexporter said:

If you want to pay less for electricity get a smart meter and take advantage of the various TOU (time of use) tariffs. Now you are with Octopus there is almost certainly a tariff that will suit your usage pattern.

Unfortunately I cannot get a smart meter. thanks.

That's a shame, it could have saved you 30% or more.

Is there still a "Helpful Octopus" tariff on offer that's variable but cheaper than the price cap?

You can see all of Octopus's current tariffs here, but many of them require a smart meter:

https://octopus.energy/tariffs/

EON Next have a Price Pledge tariff that guarantees to be cheaper than the cap.

https://www.eonnext.com/tariffs

I  provide meter readings. Doesn't this count?

QrizB

cisko65 said:

QrizB said:

cisko65 said:

Netexporter said:

If you want to pay less for electricity get a smart meter and take advantage of the various TOU (time of use) tariffs. Now you are with Octopus there is almost certainly a tariff that will suit your usage pattern.

Unfortunately I cannot get a smart meter. thanks.

That's a shame, it could have saved you 30% or more.

Is there still a "Helpful Octopus" tariff on offer that's variable but cheaper than the price cap?

You can see all of Octopus's current tariffs here, but many of them require a smart meter:

https://octopus.energy/tariffs/

EON Next have a Price Pledge tariff that guarantees to be cheaper than the cap.

https://www.eonnext.com/tariffs

I  provide meter readings. Doesn't this count?

It doesn't count as having a smart meter, no.

dealyboy

Are you able to share the reason why you cannot get a smart meter? Many fixes require agreement to have a smart meter installed with exceptionally a waiver if this is not technically possible.

The Octopus 'Time of Use' tariffs need immediate access to 30 minute usage data that smart meters can provide.

Spoonie_Turtle

To your original question:

You start by k owing or finding out your own annual actual usage (or there can be some benefit to knowing your quarterly/seasonal usage, if you plan to compare tariffs from which you can easily switch without penalty).

Then compare tariffs by using their unit rate (p/kWh) and standing charge, multiply by your own usage, and see which works out cheaper for you.

Unfortunately at the moment the best you can get with future price cap predictions are just that, predictions, and things can unexpectedly change.  So it rather depends on whether you want price certainty for a year (in which case fix, and view any potential for it being more expensive as a price to pay for certainty) or if you think 'gambling' on the price cap is likely to pay off by being cheaper in the long run.

There is no right or wrong answer - even with hindsight, what will turn out to have been the right choice differs by person and their unique circumstances.

cisko65

dealyboy said:

Are you able to share the reason why you cannot get a smart meter? Many fixes require agreement to have a smart meter installed with exceptionally a waiver if this is not technically possible.

The Octopus 'Time of Use' tariffs need immediate access to 30 minute usage data that smart meters can provide.

Someone came to fit it but the power cables for my flat it's not straightfoward (although approved). It would be easy for an electrician to sort it out but it would cost me £100.

cisko65

Spoonie_Turtle said:

To your original question:

You start by k owing or finding out your own annual actual usage (or there can be some benefit to knowing your quarterly/seasonal usage, if you plan to compare tariffs from which you can easily switch without penalty).

Then compare tariffs by using their unit rate (p/kWh) and standing charge, multiply by your own usage, and see which works out cheaper for you.

Unfortunately at the moment the best you can get with future price cap predictions are just that, predictions, and things can unexpectedly change.  So it rather depends on whether you want price certainty for a year (in which case fix, and view any potential for it being more expensive as a price to pay for certainty) or if you think 'gambling' on the price cap is likely to pay off by being cheaper in the long run.

There is no right or wrong answer - even with hindsight, what will turn out to have been the right choice differs by person and their unique circumstances.

Thanks! That's what I started doing, calculate my annual usage. Now I need to compare tariffs. Reflect, predict... and gamble.

Netexporter

 It would be easy for an electrician to sort it out but it would cost me £100.

You could easily get the £100 back in a few months on a TOU tariff.