Fixing for a year

slhqoue

Hi there, so I've used the MSE Cheap Energy Club, plugged in our numbers and got the following:

Current Fox Dual Standard tariff with Outfox the Market = est. annual £1,715

Switching to the Fixed Dual Jun 24 v1.0 = saving of £151/yr.

This therefore seems like a no brainer, but I want to check if anyone has any suggested reasons why it wouldn't be a good idea to switch to the fixed tariff for 12 months?

Newbie here so please be kind!

Swipe

Check it again after 1st July. It might not look so good then.

Ayr_Rage

Swipe said:

Check it again after 1st July. It might not look so good then.

The latest adjustment for July to September is already priced in with just about all suppliers along with the next period's predictions.

slhqoue

Yes doesn't the MSE Club include the changes in July? So it'd still be worth it based on MSE Predictions?

bristolleedsfan

slhqoue said:

Yes doesn't the MSE Club include the changes in July? So it'd still be worth it based on MSE Predictions?

https://www.moneysavingexpert.com/news/2024/05/martin-lewis--energy-price-cap-to-fall-in-july/

Predictions suggest the Price Cap will rise from 1 October

The current predictions are that after the 1 July drop, the Energy Price Cap will rise by 12% from 1 October to £1,762 a year for a typical household, and is predicted to remain at around this level until March 2025.

MP1995

Swipe said:

Check it again after 1st July. It might not look so good then.

I would suggest this is potentially poor advice. If you wait til 1st July they will likely take into account the expected price rises due 1st Oct.

la531983

MP1995 said:

Swipe said:

Check it again after 1st July. It might not look so good then.

I would suggest this is potentially poor advice. If you wait til 1st July they will likely take into account the expected price rises due 1st Oct.

And the predicted rates 1st Jan etc etc.  Its foolish to think energy providers havent already priced in events well ahead of time.

Brie

I've done a fix with OtM as there's no exit fee if I quit early.  I might change asap as they're not great at communicating and they want me to read the meter monthly which is incredibly difficult for me to do.  No idea why my smart meters don't work for them but they didn't for Bulb either at first.  

Swipe

Swipe said:

Check it again after 1st July. It might not look so good then.

To clarify, I meant it might not look so great compared to the post 1st July standard variable tariff price.

bristolleedsfan

Swipe said:

Swipe said:

Check it again after 1st July. It might not look so good then.

To clarify, I meant it might not look so great compared to the post 1st July standard variable tariff price.

In the same way as 12 month fixes available now do not look as good as they did last month or month before due to wholesale prices and fixes increasing, that fix might look better than a 12 month fix looks in coming days/weeks/month(s)

North West Region

Electricity unit rate: 21.044p per kWh. Electricity standing charge: 60.000p per day. Gas unit rate: 5.242p per kWh. Gas standing charge: 31.620p per day. Exit fees: £25.00 per fuel. Tariff Term: 12 months


Taken from O/P

"This therefore seems like a no brainer, but I want to check if anyone has any suggested reasons why it wouldn't be a good idea to switch to the fixed tariff for 12 months"

RelievedSheff

Brie said:

I've done a fix with OtM as there's no exit fee if I quit early.  I might change asap as they're not great at communicating and they want me to read the meter monthly which is incredibly difficult for me to do.  No idea why my smart meters don't work for them but they didn't for Bulb either at first.  

Our smart meters took a little while to migrate their settings over to Outfox the Market. But they could eventually communicate with them. It just took a few months to get there.