Home Energy variable vs Octopus fixed

Thoughtfulmoose

so I’ve read through Martin’s advice and any threads but still struggling to figure out what to do. We are on the Home Energy variable tariff which is a discounted vs price cap tariff. Currently averaging around 10% below cap. With July price cap looming is it worth sticking with it (hoping that even if price goes up it will still be a good discount on price cap) and that if it comes back down later in year it will even out. Or should I fix in (which is currently £90 more a year but I have high energy costs at average £3400 dual a year). Means £150 exit fees if I want to move in this year to next April.

Anyone on Home Energy what are you thinking?

QrizB

I'm not on Home Energy but the usual advice is this.

If we have another energy price shock like 2022, the variable tariff could rise to maybe 10p/kWh for gas and 40p/kWh for electricity. Could you afford a winter of prices like this?

If you can afford it, you're likely to be OK staying on the variable tariff and hoping it doesn't happen.

If you can't afford it, you probably want to fix now at a rate you can afford, even if that's a bit higher than the current SVT.

ffc58

I'm with HE .Enjoying the decent rates at the moment.

I check everyday on the Cheap Energy Club,

Checking the fixed rates .But holding out a bit longer.

Noticed today that the Fuse has raised their rates on the fixed rate.

I am thinking HE will be losing a lot of customers if their variable rate was'nt competitive with no fixed rate either when the new cap is announced. .

Thoughtfulmoose

Thanks for responses. Typically the deal which was £90 more disappeared by the next morning so I'm now looking at £197 more to fix in vs what I'm on now! Hoping HE stay competitive but not ideal if they shoot up more than this. I can absorb some increases but also don't particularly want to have to pay hundreds of pounds more!

dr456

Home Energy looks 10% below the current cap - so this is a sign they as a small company presumably don't have the overheads etc. The key question is - has that been true (5-10% below the cap) for a considerable period of time - e.g. the last two years? This would be very much cheaper than all other current tariffs. I chatted to them on their webchat - but there help desk staff don't have access to their historical rates - which I'd like to compare. If they are regularly below the price cap - then I would switch now. I telephoned them - and they picked up after about 3 minutes - and I asked if a manager could be contacted to locate these historical rates. Wondered whether other people and Martin's team could locate these or also ask for these rates - if they are historically a good deal - then I would be happy to support a small company, what do ppl think?

50diddy50

Came here after finding nothing on HomeEnergy’s leaving process so wanted to leave a comment on my experience. I left in March opting for a E.on Next fixed. After switch completed, HE debited my account, then they sent a final bill and since I had built a big credit more than enough to cover and thought they would credit my bank with the remaining and close down the account. But nope, almost 2 months and they took another scheduled direct debit from my bank. Looks like I’m going to call/chase up once it hits 2 months for my money and I hate that chore.