Confusion on comparison site ( Energy)

Phones4Chris

@firsttimeever
Personally, I wouldn't touch Outfox with a bargepole. Did it not give comparisons for Octopus?
If not, check this -

Octopus 15M Fixed September 2024 v2 is a good deal atm and no exit fee. To look at its rates go to https://octopus.energy/tariffs/

DON'T click "Get a quote", just put in your postcode below that. When the tariff's come up, click the Filter Up Arrow and select Domestic. You can the scroll through the tariffs. That 15M Fixed is at the top of the list atm.

Also you mention a fix at £20 a year more than you current variable - who's the fix from? AND also remember you current variable goes up on Oct.1st and total cost is then probably a lot more than £20 per year!
AND I hope you are looking at the Unit costs and Standing Charges for comparison using total energy usage in kWh where needed (to give estimates of monthly DD, note they are only estimates) and not comparing some estimated annual total cost in the first place.

EssexHebridean

The £20 a year figure isn’t conclusive though - as if your use changes, then that figure will also change - this is why we say to avoid using the “per year” figure and focus just in unit rates and standing charges. 

If you post the unit rates and standing charges you are comparing, plus your actual annual use for each fuel, we will have a better idea of what might work for you. You asked earlier if you were missing something - and yes, you are currently, you are missing the fact that the “this much per year” figure is honestly a bit of a red herring. You’re far from alone on this confusion - and it is fostered to a degree by the way the energy price cap works, IMO. 

firsttimeever

Thank you  so much Essex for your advice. I struggle with maths and figures having had a poor education in an inner city school. I left with no formal qualifications.  I am embrasssed to ask for help but am always grateful and often surprised by the willingness of people to help. 

I have all the information needed. Current unit rate / standing charge .  And fixed rate unit rate / standing charge with my current provider. I also have the exact kwh per year on dual and the monthly actual spend in last 12 months. The problem is me and my lack of education. 

Is it safe if I post my unit rates / standing charges ( variable ) and ( fixed offer ) online ?. 

Thank you. 

littlemissbossy

@firsttimeever

Yes, tell us your current provider, unit rates and standing charges, also your annual kwh's.  Everyone is very knowledgeable and helpful on here, everyone needs help sometimes

firsttimeever

Thank you forum users very much appreciated. 

Provider BG ( variable rates) current tariff 

Electric  
Unit 22.10 Standing 67.19
Gas
Unit 5 76 standing  30 97

Annual 
Electric 2600    ( approx)
Gas        17000  ( high usage).

Fixed 

Electric 
 Unit 23.91 standing 51.68
GAS  6.46   standing 23 18

Basically I been quoted with BG

Current 1900 a year variable
October 2100 a year variable ( price increase)
Fixed      2000 a year ( 1 year fixed)

I am loss understanding all the data / figures.

Thank You

firsttimeever

The ML comparison site is saying fixing with BG is £80 higher than current variable and is borderline . I tried a couple of other providers and all are saying fixing  is higher than current tariff .  Obviously if I include the October variable with fixing. Then I'm in by £100. The site is asking to compare current variable with fixed offers not from October 1st. 

I reckon I'm doing it wrong!.

littlemissbossy

I'm sure one of the regular helpers will be along but I think you're doing it right.

From your figures your costs are:

Now BG  standard variable rate £1993
From October BG standard variable rate £2035

Octopus 15 month fix £2035

This depends on your region.

There isn't much difference in these figures, so it all depends if you value the certainty of a fix or are happy to "go with the flow".

Gerry1

• Do your quotations all relate to annual usage of Electricity 2,600kWh and Gas 17,000kWh?  If not, you're comparing apples with pears.

• Forget the current annual cost, it's about to become history.

• All your figures are rounded which seems a bit suspicious.  To get realistic quotations you need to find out your annual consumption by looking at bills 12 months apart that used actual or smart readings (never estimated ones) and then submit these values.

For electricity, it's the difference in meter readings.  For gas, add up the kWh consumption figures shown on each bill over that 12-month period.  (Only the first and last have to be actual readings, it doesn't matter if some of the others are estimates.)

• The October variable cost of £1,900 is what the annual cost would be IF the kWh rates and standing charges for remain the same for 12 months (which they won't) and IF your usage turns out to be exactly Electricity 2,600kWh and Gas 17,000kWh (use more and you'll pay more).

• The October fixed cost of £2,000 is what the annual cost would be IF your usage turns out to be exactly Electricity 2,600kWh and Gas 17,000kWh (use more and you'll pay more).

firsttimeever

Gerry it's my fault I put approx

BG confirmed the following based on history usage kwhs etc etc today.

Standard variable current       1923.24 ( until 30/9
Standard from 1/9 increase   2107.92

Fixed tariff 12m                         2004.05

So what now please?

Gerry1

firsttimeever said:

BG confirmed the following based on history usage kwhs etc etc today.

Call me cynical, but I'd still double check against my previous bills, I wouldn't rely on BG's algorithm being 100% correct.

Edit: Similarly, comparison sites may get it wrong.

https://forums.moneysavingexpert.com/discussion/comment/81005824/#Comment_81005824

firsttimeever said:

So what now please?

https://forums.moneysavingexpert.com/discussion/comment/81005085/#Comment_81005085