Please advice on if to fix or not with new SVT coming (BG)

BoyMumItalia

Hello Everyone,
Unfortunately, our cheap fix is coming to an end    .
We are with BG and I knew one day this day would come. Can someone advise if we  should renew for a new 2 year fix or just move on to the new SVT. There is talk of it dropping in April and further in July but this offer of a fix is only valid till next week if we want to take it..

If you’d like to fix your prices, you can switch to our fixed tariff, Price Promise 24M[1], via the button below. £2,230.88  per year^ Estimated price based on paying by Direct Debit. This is calculated on £1,227.81 for gas based on 18,803kWh of usage and £1,003.07 for electricity based on 3,066kWh. This fixed tariff ends on 31st March 2026 and has exit fees of £200.00 per fuel. Visit full tariff terms →

Unit rates Your unit rate is the amount you pay for each unit of energy you use (measured in kilowatt hours). Gas: 5.910p per kWh Electricity: 25.388p per kWh Standing charges Your standing charge is a daily rate, which pays for getting the energy from the generators into your home. Gas: 31.967p per day Electricity: 61.557p per day

The fixed tariff shown includes our price promise. If you do switch to this tariff and energy rates go down on 1st April 2024, then we’ll automatically reduce your fixed prices so they’re lower than the Ofgem April 2024 price cap.

What do you think? Is it worth the fix with this talk of reducing fixed prices? appreciate your advise. Thank you.

Spies

BoyMumItalia said:

Spies said:

(Removed by Forum Team)

okay thanks. Is it easy to switch to Octopus? And is there somewhere I can see the TOU tariff and conditions to see if I qualify? Thank you

Super easy, if you use a referral you get £50 credit too, go to Octopus site and click quote then type in your postcode and see what they have to offer.

Tracker changes daily, Agile changes every 30 minutes, so typically Tracker is easier for people to save without having to adjust their usage.

Which region are you in?

QrizB

BoyMumItalia said:

Spies said:

British gas is a rip off, is that helpful?

I spend around 14p a unit on electric and gas Is often around 4p a unit.

okay thanks. Is it easy to switch to Octopus? And is there somewhere I can see the TOU tariff and conditions to see if I qualify? Thank you

Octopus Tracker:

https://octopus.energy/smart/tracker/

Recent Tracker prices:

https://energy-stats.uk/octopus-tracker-southern-england/ (switch to your own region for more accurate prices)

spot1034

You need to be aware that tracker prices have only been so much lower than the standard variable because they reflect wholesale rates today, whereas the SVT is based on prices from a few months ago. The new price cap from April will see a sharp reduction, and if wholesale rates stay roughly where they are now, there will be another in July - however tracker prices already reflect this reduction. 

Beware that if rates start to rise again, tracker will go up before the SVT, and you will ned to keep a close eye on this.

BoyMumItalia

Thanks all. Do many people use this tracker and do I have to have an active involvement in monitoring etc. My preference would be something that is hands off whether it is a fix or SVT. If it needs an active involvement then it is not the best for me as I just can't stay on top of it. Also to my initial question, comparing the fix offered to the SVT and long term certainty/uncertainty is it a good deal?

Spies

BoyMumItalia said:

Thanks all. Do many people use this tracker and do I have to have an active involvement in monitoring etc. My preference would be something that is hands off whether it is a fix or SVT. If it needs an active involvement then it is not the best for me as I just can't stay on top of it. Also to my initial question, comparing the fix offered to the SVT and long term certainty/uncertainty is it a good deal?

Tracker you just use energy as you normally would and that's it.

Alnat1

Nobody can tell you because we don't know long term what energy prices will be. Prices are definitely going down in April, that's already been decided but after that it's all guesswork.

If nothing "kicks off" between any major gas/oil producing countries then prices should be stable but if you personally think something might happen then fix, you're probably going to pay a bit more for the certainty. If you're happy to drift along and go with whatever happens, go with SVT. If you want to pay less now, go with Octopus Tracker/Agile but this means you have to keep an eye on prices and be prepared to change tariffs if prices increase.

It's a decision you have to make for yourself and not expect a dozen random people on a forum to make for you.

BoyMumItalia

Alnat1 said:

Nobody can tell you because we don't know long term what energy prices will be. Prices are definitely going down in April, that's already been decided but after that it's all guesswork.

If nothing "kicks off" between any major gas/oil producing countries then prices should be stable but if you personally think something might happen then fix, you're probably going to pay a bit more for the certainty. If you're happy to drift along and go with whatever happens, go with SVT. If you want to pay less now, go with Octopus Tracker/Agile but this means you have to keep an eye on prices and be prepared to change tariffs if prices increase.

It's a decision you have to make for yourself and not expect a dozen random people on a forum to make for you.

Fair enough haha. I don't think anything will kick off. Heck, I barely know what day of the week it is as it is, so the last thing I know or I am aware off is what countries want to fight or make up. And my question probably came off wrong. I wasn't asking anyone to decide for me, more to compare the offered fix v SVT. I know a bunch of people are more knowledgeable in these calculations. I would have a look at the octopus tracker thingy, just they got all sorts of disclaimers on the website, like this might not work blabla so it was a bit of putting.
I do have another question though, will my smart meter automatically work with Octopus though? They won't need like a new generation meter as I am pretty sure mine is at least 5 years old. Thank you

Spies

There's no exit fee on Tracker, so if it starts creeping up, you can just move to SVT

Spies

BoyMumItalia said:

Alnat1 said:

Nobody can tell you because we don't know long term what energy prices will be. Prices are definitely going down in April, that's already been decided but after that it's all guesswork.

If nothing "kicks off" between any major gas/oil producing countries then prices should be stable but if you personally think something might happen then fix, you're probably going to pay a bit more for the certainty. If you're happy to drift along and go with whatever happens, go with SVT. If you want to pay less now, go with Octopus Tracker/Agile but this means you have to keep an eye on prices and be prepared to change tariffs if prices increase.

It's a decision you have to make for yourself and not expect a dozen random people on a forum to make for you.

Fair enough haha. I don't think anything will kick off. Heck, I barely know what day of the week it is as it is, so the last thing I know or I am aware off is what countries want to fight or make up. And my question probably came off wrong. I wasn't asking anyone to decide for me, more to compare the offered fix v SVT. I know a bunch of people are more knowledgeable in these calculations. I would have a look at the octopus tracker thingy, just they got all sorts of disclaimers on the website, like this might not work blabla so it was a bit of putting.
I do have another question though, will my smart meter automatically work with Octopus though? They won't need like a new generation meter as I am pretty sure mine is at least 5 years old. Thank you

Existing meter should work fine

EssexHebridean

HI OP - the issues with meters losing their smart capability when people switched is to a large degree sorted now, although if yours is about 5years old it may well be a SMETS2 meter in any event - the ones with the issue were the earlier SMETS1 versions. A lot of those are now smart again though, and work is ongoing to upgrade those that aren't. 

Martin's podcast from last week has a lot on the energy prices changing, and some useful info which you might find helpful to assist you with making up your mind on what to do, as well.