1 or 2 year fixed for energy?

jules153

Would it be worth going for a 1 or 2 year fixed deal do people think?

Rodders53

All depends on what the prices per kWh and daily standing charges are for each option cf the SVR rate where you live.

Martin Lewis: Energy bills to rise in April as new Price Cap is announced is worth reading first.

Toss a coin to decide?

jules153

Rodders53 said:

All depends on what the prices per kWh and daily standing charges are for each option cf the SVR rate where you live.

Martin Lewis: Energy bills to rise in April as new Price Cap is announced is worth reading first.

Toss a coin to decide?

Thanks Rodders.

I suppose the big question is, are energy prices likely to rise one year from today? Or maybe even drop?

Chrysalis

Unit rates are unpredictable that far ahead, but SC is very likely only going up.

If its exit no penalty, I would accept a longer deal, if it has a exit fee clause, then I would do the maths to compare to projected savings, if the fee is paid for within 6 months of savings, I would probably think its worth taking.

Ballymoney

There are a lot of fixed tariffs out there that allow you to avoid exit fees if you don’t switch supplier. I’d find one of those and then you can just keep an eye on what tariffs they’re offering every month or so. Allows the security a fixed rate but flexibility if prices do fall in 6-9 more the time.

I’m with Eon Next and I’ve switched my fixed tariff 3 times in the last 7 days as they keep releasing cheaper ones saving about £40 each time.

Gambler

Ballymoney said:

There are a lot of fixed tariffs out there that allow you to avoid exit fees if you don’t switch supplier. I’d find one of those and then you can just keep an eye on what tariffs they’re offering every month or so. Allows the security a fixed rate but flexibility if prices do fall in 6-9 more the time.

I’m with Eon Next and I’ve switched my fixed tariff 3 times in the last 7 days as they keep releasing cheaper ones saving about £40 each time.

I'm currently with Eon std tariff and thinking of moving to a cheaper provider.

Saw your comment but can't seem to see the detailed terms on their fix offers.

Just states exit penalty for changing supplier. Tempted to stay with them if they don't charge for changing tariff!

Ballymoney

Gambler said:

I'm currently with Eon std tariff and thinking of moving to a cheaper provider.

Saw your comment but can't seem to see the detailed terms on their fix offers.

Just states exit penalty for changing supplier. Tempted to stay with them if they don't charge for changing tariff!

They definitely don’t charge to change tariff. I’ve just changed AGAIN. My 4th change this month. This time to their 15m v1 fix. 

They sometimes mistakenly take the exit fees but a quick message on WhatsApp gets the £100 credited back within minutes.