Moving Home - Fix or Keep on Variable ?

RocketRonnieRadox

Hi All, I have read a few threads on here recently about fixing and wanted to ask about our current situation as we are moving house next week and want to lock in the best available deal ASAP.

We are currently with UW on a Variable Double Gold tarrif which is -

Electricity - 27.704 pence / kWh

Gas - 5.658 pence / kWh

I rang them to ask about moving house and they proposed to switch me to a fix because energy is defo going up significantly (they neglected to mention the april drop) sand suggested I go on their 12 moth fix with rates -

Electricty - 31.508 p/kWh SC 71.6p/day

Gas - 6.481 p/kWh SC 32.071p/day

I went on to the cheap energy club comparison and now the only fix I can find is the UW one and states -

Elec - 28.106p kWh / SC 61.311p per day

Gas - 6.557p kWh / SC 20.075p per day

The Cheap energy club also has the MSE Exclusive EON variable that is 14% cheaper than my current tarrif but its a tracker and can go up and down as per the cap.

I am totally confused as to what to do and would appreciate any advice. We have a medium to high useage probably on the high side. Do we fix with UW or move to the EON tracker which is the cheapest today but uncertain about july say. It has also factored in the april price drop already.

Any advice and help finding the best deal for us would be appreciated.

Thank you

WiserMiser

Many companies have stopped offering new fixed contracts.

If any continue to offer them they'll probably be at astronomical rates, so you may have very little choice other than a variable tariff.

RocketRonnieRadox

https://forums.moneysavingexpert.com/discussion/comment/81930132#Comment_81930132

I found a fix with

Elec - 28.106p kWh / SC 61.311p per day

Gas - 6.557p kWh / SC 20.075p per day

Is that considered to be astronomical ? genuine question.

QrizB

In late 2021 my parents moved house. Gas prices had just begun to spike and my dad signed up for a fix with BG at 5.7p/kWh.

That seemed a lot to me - we'd been used to paying 3.5p/kWh - and I stuck on a variable tariff expecting prices to fall back in due course. Then Russia kicked off the current war in Ukraine and gas prices shot up again, peaking around 10p/kWh after the government introduced the Energy Price Guarantee. They've not been below 4p/kWh at any time since.

The lesson I took was that a fix you can afford today is better than waiting for a lower fix that might never arrive.

WiserMiser

https://forums.moneysavingexpert.com/discussion/comment/81930137#Comment_81930137

How long, and what are the exit fees?

RocketRonnieRadox

https://forums.moneysavingexpert.com/discussion/comment/81930198#Comment_81930198

12 months and £75 per fuel

bristolleedsfan

https://forums.moneysavingexpert.com/discussion/comment/81930526#Comment_81930526

Some energy suppliers do not charge exit fee if subsequently change to another fixed tariff with them, examples being British Gas, Eon Next, Scottish Power which is potentially better than others who charge exit fee for changing tariff.

RocketRonnieRadox

i’m seriously tempted by the variable offered as the money saving however to know what’s gonna happen with the price . Crystal ball predictions are saying to 15% war in Iran seems to be dependent on America and Israel facilitating a change of regime and if they hold out until that happens this war could last

bristolleedsfan

In my region hardly any difference in electricity kWh rate between 15 month fix and Pledge Tracker, both tariffs info states exit fee applies if switch supplier before end date.

northernstar007

eonf now have a 15 month fix, not pretty but its on display

WiserMiser

https://forums.moneysavingexpert.com/discussion/comment/81930137#Comment_81930137

What seems astronomical now could seem cheap as chips next winter. There are so many variables, not to mention the 'Unknown Unknowns'. We can't even be reasonably certain that the current PM, the Leader of the Opposition, the Russian Leader and POTUS will all be in post this time next year.

If you want certainty, go for a fix knowing that if everything goes well and prices miraculously tumble then you can escape by paying £75 or £150. If you go for a variable tariff anything could happen and you'll have to hope that the government provides some relief if prices go through the roof.

Not a very helpful answer I'm afraid, basically you have to do what seems right for you at the time and cross your fingers…