Switch to a new fix early?

Prefab_Sprout

Hi there, new to the forum! Apologies if this has been asked before, but I need some help to know if I should switch my energy supply to a new fixed deal now (i.e. early), or when my current fixed deal* ends in May.

E.ON have sent me an email offering an early switch - "to avoid potential price increases*" - to their "Next Fixed 14m v9".

I currently actually pay £x/month (and I'm in credit of about a months worth)....but on my E.ON app, it tells me that, with my current tariff/expected usage, I should be paying £x +£4 (very confusing!). Their new deal tells me my monthly payments would be £x +£10.

*I'm on a fixed tariff with E.ON (Next Fixed 12m v56) which is due to run out on 28/05/26. 

*If I've read and understood the article on the MSE website correctly, it looks like energy prices are expected to reduce by 6% in April, then by a further 1% in October, so my gut feel is to stay with my current deal until it ends, then switch to the best fixed tariff available - would that be the best thing to do?

 Many thanks in advance!

WiserMiser

Welcome to the forum.

Forget the monthly amounts, they're just a top up of a kitty which may or may not be sufficient to pay the bill.

Instead, find two actual meter readings 12 months apart, work out the annual kWh usage and do the sums to calculate the annual cost including the standing charges.

• Only customer, meter reader or smart readings count, never estimates 

• Don't forget to convert the gas volume to kWh.  Your bill will probably explain the calculation, if not tell us your meter make and model and someone will be along to help.

• Will exit fees apply?

• Even if you do all the right things, it's always a bit of a gamble because so much is outside your control, e.g. weather, world and national politics etc.

Rodders53

Use the app (or web browser) to check what they are offering and whether exit fees apply and check the small print to see if they apply if you switch to a different tariff with EoN in the foreseeable future (and before the end of the fix).  Some of the ones they offer me at the moment are very similar in price but have different 'features' with smart meter time of use rates involved.

Most on EoN say "Exit fees (If you change energy supplier before the end date)".  I used that when we had just signed up to a fix and the bought an EV so wanted the EoN Drive tariff - they messed up and applied an exit fee but cheerfully refunded it.

My Next Drive Fixed comes to an end next month and EoN are expensive cf Octopus so me and my son will be getting £50 each when I switch to Octopus at the end of my cheap(ish) year's electric.

I suggest it'll be cheaper to stay on the current and then re-evaluate the options for switching to other suppliers or stay with EoN nearer the end date.