Ovo two year fix

adamcarvell

Hi I fixed my energy back in November on ovo’s 2 year fix I feel now looking back I have made a mistake is it worth paying the two exits at £95 each.

adamcarvell

This is the plan I’m on

bluelad1927

I did pretty much the same. However it depends if you think you're going to save £190 or not which you can do based on your own consumption.

For my circumstances it probably isn't worth bothering with and will eliminate any potential increase. On the flip side in 2022 I fixed a big mortgage at low rate for 10 yrs si have a bit of a win some lose some attitude

adamcarvell

The standing charges are lower on the two years fix 

northernstar007

if you do decide to move, i say look at octopus and get a £50 referral to take the sting out of your exit fees

adamcarvell

I will have to find someone who is with octopus to refer me.

bristolleedsfan

adamcarvell said:

I will have to find someone who is with octopus to refer me.

Some on social media, Octopus Energy Facebook referral groups, X/Twitter offer referral splits possible to get total £80 switching to Octopus

adamcarvell

I’m not on Facebook but X I will look 

HumberFlyer

The thing is, within the next 18 months fuel prices could go sky high and you could be happy your on a fixed  rate. I fixed in Aug. Seems a lot dearer than yours though, Elec: 63p standing charge, 29p unit price

MeteredOut

If you have some basic spreadsheet skills, get your historic usage figures and put them into a spreadsheet with your current rates (adding in the exit fees), and the SVT (taking into account the expected -15%, -10% +4% changes expected through this year) and one of the current fixes available from other suppliers.

That'll give you a financial comparison. You can then decide whether a fix or a variable rate is best for you.

Without knowing your annual usage. no-one can tell you whether switching now will be better for you. eg, if you are a high kWh user, then switching now to a tariff with a lower rate will take less time to recoup the exit fee from your existing supplier, whereas low user will take longer to do that.

adamcarvell

MeteredOut said:

If you have some basic spreadsheet skills, get your historic usage figures and put them into a spreadsheet with your current rates (adding in the exit fees), and the SVT (taking into account the expected -15%, -10% +4% changes expected through this year) and one of the current fixes available from other suppliers.

That'll give you a financial comparison. You can then decide whether a fix or a variable rate is best for you.

Without knowing your annual usage. no-one can tell you whether switching now will be better for you. eg, if you are a high kWh user, then switching now to a tariff with a lower rate will take less time to recoup the exit fee from your existing supplier, whereas low user will take longer to do that.

This is my annual usage 
electric 3695 kwh
gas       8350 kwh