Time to switch

InhaleMood

Hi, 
I'm coming to the end of my fixed energy tariff (Ecotricity) and looking at new deals on the Cheap Energy Club. 
I'm leaning towards a slightly more expensive tariff without exit fees (EDF or Octopus).
I think I've been burnt this year as I wasn't able to switch to possibly cheaper tarrifs before the Price Cap went up. Is that a sensible conclusion?
Also, after a quick look on the forum, it seems like rates for specific tarrifs can change on a daily basis. Is it worth monitoring that for a week or so, or is there not much difference?
Thanks,
Tanya

Newbie_John

Well prices are expected to fall in July and in October..

I guess worth having a look all the TOU tarrifs out there if they can work for you as they can really take you well below the current caps/fixes 

InhaleMood

Newbie_John said:

Well prices are expected to fall in July and in October..

I guess worth having a look all the TOU tarrifs out there if they can work for you as they can really take you well below the current caps/fixes 

Ok thank you.
I don't think TOU tarrifs would work for our household, thanks though.

QrizB

InhaleMood said:

Also, after a quick look on the forum, it seems like rates for specific tarrifs can change on a daily basis. Is it worth monitoring that for a week or so, or is there not much difference?

Fixed tariffs come and go. Most suppliers only change them every month or more, but recently there have been some that have only lasted for days.

No-one can say what a future fixed tariff will be, so if you see one that works for you you should probably take it.

If you're worried that future prices might fall, choose a fixed tariff with no exit fees (there are  a few of those) so you can jump ship later.

mmmmikey

Although the current projections are for falling prices, the global economy is still adjusting to the massive shock of the US tariffs. It would only take an escalation of the now very real trade war that includes energy prices and anything could happen. So IMHO there's never been a better time to fix.

It's quite possible that better fixes will be available in a week or so but it's equally possible they are worse. So my thinking is that the best thing is not to try and over analyse something that is so unpredictable and (without panicking) just select the best fix available to you now.

If it was me I'd just choose the cheapest now as I'd rather have the guarantee of the best price now than pay extra for the option to change. But I can see why others may choose the no opt out fee option. Personally, I just can't see future prices dropping enough to make it worth it, and I'd rather fix and forget about it for a year than constantly look at prices wondering if now is the time to change.

As far as TOU tariffs are concerned, worth being aware that there are fixed options available for these too. e.g. I'm on EOn Next Drive which gives me dirt cheap energy overnight at a fixed rate for a year.

InhaleMood

Thanks both. Co-op, EDF and Octopus seem to have a 12 month fixed with no exit fees so perhaps that's the way to go. 
I don't have solar or EV so a lot of the TOU tarrifs are ruled out. They also don't show in the energy club so it's quite difficult to compare. 
Thanks!

mmmmikey

InhaleMood said:

Thanks both. Co-op, EDF and Octopus seem to have a 12 month fixed with no exit fees so perhaps that's the way to go. 
I don't have solar or EV so a lot of the TOU tarrifs are ruled out. They also don't show in the energy club so it's quite difficult to compare. 
Thanks!

Makes sense to me and it's certainly true that TOU tarrifs don't work for everyone. We see fairly regular reports from users who are on one of the legacy TOU tariffs like Economy 7 who would be better off on a single rate, for example. Octopus are a long time favourite on the forum (but maybe losing their edge a bit?) and if you go that way don't forget to ask family or friends if any of them are already customers as you can both get a £50 referral bonus which may well offset any slightly higher rate you pay to avoid exit fees.