Confusion on comparison site ( Energy)

firsttimeever

I'm wondering if someone can give me advice on whether its worth fixing . Am I right in saying the aim is to find a fix deal which is at least 3% less than the current variable deal most people are on ?.  

Secondly I am slightly confused when using the site comparison.  I tried lots of different energy providers.  However it suggested to fix would be between 5-8% more than my current variable.  When I put in one particular provider recommended . It changed my variable settings to fixed ( current energy supplier) and suggested I will save 4%. In fact when I compared it to my current deal it was actually more by about 2% but better than the 5 -8 % by other providers . 

In a nutshell am I doing things wrong ?. There are no fixed deals what so ever offering 3% less than the current variable. All are between 2 -8% more. Does this mean . 

A I'm doing it wrong 
B Any fixed rate deals worth it is gone
C May as well stay variable 

Many thanks for your help and advice

PeterGr

Your rule of thumb dates back to a few weeks ago.  The rates of the variable contracts after 1 October are now known, and it is thought that these rates will stay much the same for the next 12 months.  So you can compare any fixed rate that you see on offer and compare the charges with the October variable rates.

But fixed offers can change,  so it is your choice if and when you switch.

firsttimeever

Sorry I am bit confused.  Do I insert my current variable rates and costings against todays fixed rate. Or do I insert the increase from October 1st variable rates against todays fixed rate deals. 

Also would it be better to compare variable rates ( if I don't fix) after October Ist ?. A lot of companies are only displaying current variable rates even though there  is the October 1st increase?. 

 Finally the savings are minimal on both fixed or variable . Is that what forum users are finding ?. Maybe £50 a year savings ?

PeterGr

You should be comparing a fixed rate offer with variable rate from 1st October.  But remember the fixed rate deal may change at any time ( in either way )

Probably only worth comparing other variable rates with tariffs such as EON Next  Pledge or EDF Ensure which track the capped rates in some way.

A fix with my supplier would be about £70 less than the October variable rate applied over 12 months.

firsttimeever

As you can all tell I am new to this and I still find it all complex . Therefore I will talk quotes but will not mention energy providers as it could break forum rules. 

 1)My current accurate 12 month usage is around £1920.00 a year ( variable)
2)My envisaged (variable) increase from 1/10 / 24 will take it to £ 2110.00 a year . 
3)I could fix for 12 months at £ 2020. This is higher than my current rate but lower than the October rise . It is deep in between. 

4)Or I could leave to a new provider and fix it for  £1940.00 a year based on accurate readings for the last 12 months. 

What out of the four options would forum users recommend . I am sorry for asking and sounding a bit naive.  

matt_drummer

firsttimeever said:

As you can all tell I am new to this and I still find it all complex . Therefore I will talk quotes but will not mention energy providers as it could break forum rules. 

 1)My current accurate 12 month usage is around £1920.00 a year ( variable)
2)My envisaged (variable) increase from 1/10 / 24 will take it to £ 2110.00 a year . 
3)I could fix for 12 months at £ 2020. This is higher than my current rate but lower than the October rise . It is deep in between. 

4)Or I could leave to a new provider and fix it for  £1940.00 a year based on accurate readings for the last 12 months. 

What out of the four options would forum users recommend . I am sorry for asking and sounding a bit naive.  

Why not the cheapest?

The cheapest in terms of unit rate and standing charge taking into consideration any exit fees.

There's hardly any difference in any of it!

Isn't it obvious?

What do you expect anybody to say?

firsttimeever

Thank you for advice . I wasted two days on comparisons sites and will stick on variable with my current provider . 

It's blunt but basically your saying ' there's hardly any difference '. That's all I needed to know !.

matt_drummer

firsttimeever said:

Thank you for advice . I wasted two days on comparisons sites and will stick on variable with my current provider . 

It's blunt but basically your saying ' there's hardly any difference '. That's all I needed to know !.

Sometimes blunt is best

Just pick the cheapest deal you can find that suits you, either because of supplier or exit fees.

A `cheap' fix with no exit fess is good because you can swap to something cheaper if it becomes available at no cost.

That's all there is to it.

Fix if you are worried about prices going up, which is what I would do, and then pretty much forget about it.

Keep an eye on it but unless things change drastically you can't lose or gain much.

Phones4Chris

firsttimeever said:

Thank you for advice . I wasted two days on comparisons sites and will stick on variable with my current provider . 

It's blunt but basically your saying ' there's hardly any difference '. That's all I needed to know !.

@firsttimeever
I cannot believe that is the best option. There are Fixed deals around right now eg. which I have from Octopus, that are cheaper than the current Variable Rate (which goes up on the 1st October).

Who is your current provider? What are your current standard rates? What region are you in?
Are you on Economy 7 (ie. got storage heaters etc) or on a Standard Tariff?

When doing comparisons you should be using the actual amount of energy you use in kWh (Day & Night if on E7) , not the yearly cost.
You should also compare the Standing Charges and the Unit rates and double check by doing your own sums based on what you use.

In most cases Octopus will be cheaper than most but it does depend on your region.
If you are not currently an Octopus customer, if you use a referral code (from someone who is), you and the person who gives you the code get £50 account credit.

EssexHebridean

Yes - Octopus are big enough now that if you ask around family and friends you will almost certainly find someone who has a referral code if you did decide to switch. 

As above - the key things to compare are the unit rate and standing charge - as that then means you can work out the basics even if you don’t have an accurate view of your annual use. Having those annual figures correct really does make life easier though, so I would recommend that if possible, you work with that also. 

firsttimeever

Like I said I am a newbie and I am very grateful for all the advice.  I have been onto Martin Lewis comparisons . You have two section if you have actual readings . The first  my current unit rates and current standing charges. Secondly the offers from my provider or other companies if I fix and the new fixed unit rates and standing charges. 

I enclosed a box at the top with 4 quotes . 1) my current variable quote. 2) The quote if I stay on variable from 1/10. 3) A fix from my current provider 4) The best fix on the comparison site from Out fox the market ( see higher up page). 

In a nutshell I could leave my current provider  variable) and fix it for 12 months for £20 a year more than my current variable . Is this a good deal ? . I genuinely am confused.