My ponderings on fixing before my fix ends

NedS

https://forums.moneysavingexpert.com/discussion/comment/82141330#Comment_82141330

When we were on oil, I was frustrated that I could only physically purchase 500-1000L of oil at a time (restricted by the space in the tank), and couldn't stock up when oil was cheap and use those stocks when it was expensive.

Then I realised I could stick £10k in an S&S ISA, and buy a crude oil ETF that tracks the price of oil - stock up when oil was cheap, and sell a little to pay for my oil purchases when prices were high. Remove the physical limitation of the oil tank. Remember during Covid when they couldn't give oil away - that was the time to buy £10k worth.

stripling

https://forums.moneysavingexpert.com/discussion/comment/82141330#Comment_82141330

I have a heat pump, it was another part of my 'reduce the bills' energy strategy. It has definitely succeeded in doing that and the heat is much nicer (and constant) but I tried to learn about them before getting one so I could get it set up right.

I think your timer idea is good, shifting things to night time electricity rates is another no-brainer if you have an Economy 7 tariff. The other good thing to do to reduce bills is borrow or buy a thermal camera that fits on your phone. They clearly show you where you are leaking heat. I then changed some things, not all of them expensive. That made a difference.

Cinderella77

hi, did you fix in the end, and where are you finding fixed deals with no exit fee’s? I can’t find any?!

NoDetail2Small

@Cinderella77 Eon Next Drive Fixed v32 - fixed for 12 months. Has no exit fees - I am not sure if this is because I am an existing customer or not. It is an EV tariff, but a dumb one that gives lower cost units at night (for charging EV or in my case storage heaters or anything). I checked the other main providers of fixed rate EV tariffs, and most have exit fees (£50-£100).

The EDF Go Electric has much cheaper night units (6.66p per KWh), but more expensive standing charge makes overall cost for me only about £30pa cheaper (but a 7hr night rate period compared to 6hrs for Eon), it has a £75 exit fee. I was tempted to go for this. Octopus Go was a bit more expensive than Eon one, but does not seem to have an exit fee. I factored in which of the rates I was quoted have VAT at 5% and which have it at 0%.

brewerdave

I had a "ponder" back early in August, as soon as I was in the 49 day window to leave my then (relatively good)fix with Fuse.

The fix I've taken out from 8th August was a considerable increase pa BUT was better than other available fixes including my then supplier's best offers. Also slightly better than the predicted October cap numbers. The immediate cost of moving ~ 45 days early was ~ £35 , however, the latest news re January cap predictions ,has made me profoundly grateful that I jumped early !

Cinderella77

https://forums.moneysavingexpert.com/discussion/comment/82142694#Comment_82142694

Also with Fuse and I saw the fix you would have taken and it was good but I had to wait out my exit fee window till now and the fixes have gone up. But having done a big spreadsheet last night of all the ‘deals’, Fuse is prob looking the best for me still and I’m coming round to the idea of paying the exit fee in spring / summer if better fixes come up then as will be worthwhile in the long term and through next winter.

molerat

I initiated my switch away from Fuse at day 46 and was with my new supplier on day 40. Fuse was pennies a year cheaper than the Eon MSE fix but the way they calculate their gas bills would have wiped that out plus they charge for internal switches which Eon do not on their 12 month fixes. Glad I moved when I did as it was +£30 pm then and is now another £30 pm on top of that for a 12 mth fix.

Cinderella77

https://forums.moneysavingexpert.com/discussion/comment/82142915#Comment_82142915

What donyou mean ‘the way they calculate their gas bills’? Do you mean their gas unit price is much higher or Fuse calculate gas differently? Interested as my 49 days starts Saturday and Fuse is currently the cheapest, but by pennies!

molerat

With a smart meter they bill gas daily and the only way to see the daily cost is in the app / on line portal. The bill you see each month does not add up and is, in their words, an approximation of how it was calculated. They will provide the actual calculation on request. Furthermore you will get a bill adjustment each month where the daily CV for the final few days of the month has been changed since the bill was calculated. Usually only a few pence each month but the outcome is that their gas is slightly more expensive than the same quoted unit price would be with another supplier. I never received a negative bill adjustment, only ever no adjustment.

Cinderella77

https://forums.moneysavingexpert.com/discussion/comment/82147117#Comment_82147117

Thanks, thats interesring. I have smart meters but although the electricity one is permanently online, gas isn’t so is estimated until the end of the month when it suddenly goes online and they take the actual reading. I find the estimations are very close but my gas bill has gone down slightly quite a few times based on the actual rather than estimated reading.