Is it better to fix my energy now...or after 1st July when the price cap goes down?

MattMattMattUK

GlitterMedusa said:

Do Octopus do retention deals? If so, it's worth haggling. 

No, they offer the same deals to all existing customers and they offer all deals that are available to new customers to existing customers. 

Flumpy23

Thanks @GlitterMedusa and @Xbigman

I thought the same. Martin Lewis forecasts seem to predict another small drop before the inevitable winter increase - but I'm well aware this isn't a guarantee. But for the last 3-4 years I've monitored... they've rarely been too far from their predictions. 

The Fuse fix is already going to lower my energy bill to around £100 per month (Currently £120) as we're pretty consistent with our energy usage. If the 1st July doesn't bring a massive difference - it will already trump Octopus' current fix they're offering me which is more than my current tariff - nevermind the cheaper Fuse one!

In terms of retention deals - I do like how Octopus operate and they've been pretty good to deal with so far. I think I may go to them with the deal I've found via USwitch and see if they can match or beat the tariff. 

Bungle73

Martin's been advising people to fix since the early spring (even before that, way into last year, in fact). The price cap would have to drop substantially more than is predicted for any of cheapest fixes to work out more expensive, and that seems unlikely. 

If you sign up and later on a cheaper fix becomes available, some firms let you switch internally with no penalty. Outfox the Market is one. That's who I'm with - I've already changed tariffs twice this year. I'm on their 2 year deal atm.

GlitterMedusa

MattMattMattUK said:

GlitterMedusa said:

Do Octopus do retention deals? If so, it's worth haggling. 

No, they offer the same deals to all existing customers and they offer all deals that are available to new customers to existing customers. 

In my case, BG retention was really about the £150 credit to my account, rather than some fantastic tariff. But it's a bit of a shame if there's no possibility to try and do a deal

Whooooooosh

Flumpy23 said:

I understand that... but if 2 people reply and say, "I fixed before the cap changed and the month after - the fixed tariffs were far cheaper" 

And one person says "I fixed before the cap... and it didn't really change all that much" 

My attitude to risk - decision making - would be somewhat easier and ultimately decisive. 

I'm tempted to fix now with the tariff already being cheaper than what I'm currently on for sure. Especially with Octopus only offering a fix of 25p a month which is more expensive. Given they're known for cheaper energy I'm surprised at how many cheaper alternatives are going around these days. 

Using Outfox The Market as an example from last year (2024) the fix deal price drop after the cap reduced 7% was minimal.

Fix'd Dual June24 V1.0 - My tariff 
Elec Unit rate 21.42p
Elec Standing Charge 63.33p
Gas Unit rate 5.51p
Gas Standing Charge 30.78p

Fixed Dual July24 V1.0

Elec Unit rate 20.99p

Elec Standing Charge 63.36p

Gas Unit rate 5.61p

Gas Standing Charge 30.78p

Which on my annual consumption of 10797 G and 6060 E would have saved me an additional £15.59 off of a £2,236.91 annual bill.

So very little difference last year before and after the July cap came into effect.

Hope this helps.

aytEctIaNDIO

GlitterMedusa said:

MattMattMattUK said:

GlitterMedusa said:

Do Octopus do retention deals? If so, it's worth haggling. 

No, they offer the same deals to all existing customers and they offer all deals that are available to new customers to existing customers. 

In my case, BG retention was really about the £150 credit to my account, rather than some fantastic tariff. But it's a bit of a shame if there's no possibility to try and do a deal

Agreed. Customer loyalty etc. As in, there is no incentive to stay with the same supplier. Bottom line, as always, is how much is it costing me? Cheaper (alot) then no choice but to move to anothet supplier