Should I go onto a new fixed rate now?

GoldenOldy

Good Morning

I have a fixed rate gas and elec tarrif that ends end of August with no penalties to switch now.

The best new fixed rate (which I am keen on), costs £25 per month more than my current rate, but on the comparison site, it says the capped rate at the end of august is likely to cost £50 or so more (if i am reading it correctly)

Do you think I should switch now or are fixes likely to come down?

At 82 years of age , I dont think i can remember energy being so complicated!

Thankyou in advance for any respomses.

GoldenOldy

ps. The new fixed rate is for 12 months.

Lorian

Tricky decisions right now, best say what fixes you are currently on, and the rates, along with your annual usage figures for some somewhat more considered opinions.

QrizB

I don't think anyone is expecting fixed rates to fall by much, if at all, in the coming months.

How much is the exit fee on the fix you're considering? If it's low or zero, you could take the fix now and switch again if prices plummet.

MarzipanCrumble

Be careful that it is a true fixed rate and not a variable where the fix is a % off the Standard Variable Tarif

GoldenOldy

thankyou all. The new one (which is also with m current supplier octopus) has a Fifty pound withfrawal fee.

GoldenOldy

its 50 exit per fuel

QrizB

I'm slightly surprised that you've got Economy 7 electricity and also gas.

How do you heat your home? Do you manage to make effective use of the cheaper off-peak electricity (at least 40% of your electricity being used on that rate)?

Scot_39

As @QRizB - e7 and gas is a strange mix - but there are ways that can still work for some homes (e.g. battery charging - home or EV etc)

Do you know roughly what your annual night rate use and day rate use is.

(EOn put an annual use estimate figure on their monthly statements - do Octopus ?)

How long have you been on e7 ? Was it a positive choice to be so ?

We saw some posts during the Ukraine crisis with people who had for instance never switched off E7 / multirate after upgrading to gas - and were only using 10-20% at night rate - so paying more on average than the equivalent single rate.

We have also seen others who had been billed single rate - reverted to e7 rates on a meter upgrade (including with Octopus)

Even at todays lower than Ukraine rates - your day rate could be near 5p more expensive than SR - but if you use enough at night - it drags the average rate below that.

I got a serious of quotes for the EM in the Octopus thread - July V2 SR was 24.25 - (didnt redo the V2 E7 quote to check against those rates but the SCs and the gas rates agree)

You might not want another year on E7 - if it doesnt suit your day / night mix.

Sea_Shell

I'm in a similar position (just without E7), in that our current 'cheap' fix with Octopus ends early September (no exit fees) and their new fixes all have exit fees.

Trying to weigh up what to do.

Low users. E = 1120, G = 8986

ETA - just looked again, and the best fix has increased 4% from the one they were offering a week or so ago.

Best fix available now, is 17% more expensive than our current fix, but 5.7% less than the current cap.

Both now have £50 per fuel exit fees.

We like Octopus, and would prefer to stay with them.

Scot_39

https://forums.moneysavingexpert.com/discussion/comment/82065649#Comment_82065649

We like Octopus, and would prefer to stay with them.

If you want a fix - have you thought of their low sc trial for electric, but normal for gas ?

things out tgere are a little volatile right now again - gas wholesale wise - had spiked about 10%, but dropped back a little when looked yesterday.

Theres 1 user in your situation and one going electric only from svt and keeping old gas fix (gas has been quite volatile again this week due to Iran - hence I guess July v2 price rise) in tbd Octopus fix thread on tge forum - you might want to read the later pages just click on date / link below

your gas would pay more as over 7500kWh, but you could save at a guess c£24 off £65 based on 1120 vs 1800kWh threshold. (Based on 1800-1120 =680/1800×£65) - but get a quote for your region /usage to be sure.

https://forums.moneysavingexpert.com/discussion/comment/82062506#Comment_82062506