Worth switching???

gymdiane128

I am currently on Loyal Octopus 12m Fixed December 2023 tariffs and the term ends 11th December, I see now there are a few other suppliers can offer me cheaper tariffs like SoEnergy or FUSE Energy. Is it worth for me to fork out £150 early exit fees to switch now or wait till the tariffs ends? Will I still save money after the exit fees?

bristolleedsfan

So Pineapple One Year Tariff -  extremely expensive -  £1785 / year in my region based on so called typical average usage.

Previous So Energy 1 year fix version was also more expensive than most.

Maybe you have been looking at a comparison site default results only showing tariffs that can be switched via comparison site.

If that is the case tick box within filters to show all tariffs including tariffs cannot switch to via comparison site.

gymdiane128

My tariffs at the moment for Gas is 7.21p kwh 27.47p with standing charge, and for Electric is 28.36p kwh with 45.56p standing charge, does anyone know if these are good rates to stick to till the end of my fix term ends in December or I should switch to a cheaper fix now? My last bill for ONE month was £341 even now in June! In the winter time was over £500s! Please help....

Netexporter

If you want to save money move to either Octopus Tracker or Agile. Probably no penalty charge for that.

bristolleedsfan

Netexporter said:

If you want to save money move to either Octopus Tracker or Agile. Probably no penalty charge for that.

Exit fee would be payable for change of tariff.

bristolleedsfan

gymdiane128 said:

My tariffs at the moment for Gas is 7.21p kwh 27.47p with standing charge, and for Electric is 28.36p kwh with 45.56p standing charge, does anyone know if these are good rates to stick to till the end of my fix term ends in December or I should switch to a cheaper fix now? My last bill for ONE month was £341 even now in June! In the winter time was over £500s! Please help....

If you prefer certainty that fixed rate tariff offers Outfox The Market 12 month fix might be worth looking at.

You would need to make decision whether to pay early exit fees. 

Chris_b2z

Netexporter said:

If you want to save money move to either Octopus Tracker or Agile.

It would be responsible to qualify this statement with the warning issued on the Octopus website -

[Agile] is directly impacted by wholesale market volatility. Agile prices can spike up to 100 p/kWh any time.

This tariff is best suited to customers who can shift large amounts of their energy use to avoid these expensive peaks, often by using smart home technologies like solar and batteries.

RelievedSheff

gymdiane128 said:

My tariffs at the moment for Gas is 7.21p kwh 27.47p with standing charge, and for Electric is 28.36p kwh with 45.56p standing charge, does anyone know if these are good rates to stick to till the end of my fix term ends in December or I should switch to a cheaper fix now? My last bill for ONE month was £341 even now in June! In the winter time was over £500s! Please help....

Those rates do seem high!

We are on a 12 month fixed rate with Outfox the Market and our rates are:

• Electric - 18.91p per kWh 53.333p Standing Charge
• Gas - 5.17p per kWh 29.52p Standing Charge

(There are slight variations in unit price depending on supply area)

You would have to do your own calculations and see if it is worth switching if your current tariff has early exit fees.

It would help people give advice if you talk in terms of kWh rather than pounds and pence.

Richie110771

Hi, new to the forum so apologies if posting this in the wrong area.
 My current So Energy to tariff is running out 31st June so i can now change provider without exit fees. Should i switch to the best offer available now or am i better waiting until 1st July when the new price cap comes in to see if prices drop further?

BarelySentientAI

Richie110771 said:

Hi, new to the forum so apologies if posting this in the wrong area.
 My current So Energy to tariff is running out 31st June so i can now change provider without exit fees. Should i switch to the best offer available now or am i better waiting until 1st July when the new price cap comes in to see if prices drop further?

Suppliers already know what the price cap is.

Price cap changes and fixed tariff changes bear little (if any) relation to each other. 

gymdiane128

Thank you for everyone's response and help but I am still very confused whether to switch and paying the high exit fees or not, it would be great if the expert team will give advice too?