Keep tariff or switch?

tony3619

Hello

So after hearing about the possible 25% increase in the price cap in January I had a look at my current tariff and my electricity tariff ends on January 9th 2027 and my gas tariff ends November 9th 2027.

Now seeing as my gas is okay until next November should I switch my electricity tariff now and pay a little bit extra but lock in a longer deal or wait until January paying the lower rate and then see what the prices are then.

I'm not looking to switch providers at this stage so it would just be a switch from one British gas tariff to another which I have attached to photo of.

Many thanks.

UnsureAboutthis

I have been with one energy company for gas/elec for 7 years - they also do paper billing, and for me that counts and its monthly too - so I've just stayed on the variable rates, as IMO, what is cheaper today may not be tomorrow when compared with another.

Swipe

That estimated cost (minus standing charge, divided by unit rate = 3700 kWh) seems like a lot of electric usage for someone who has gas central heating.

QrizB

I have been with one energy company for gas/elec for 7 years

From a money-saving perspective, that's generally a terrible idea. And this is a money-saving site.

so I've just stayed on the variable rates

You've probably paid over the odds for seven years. Again, this is a money-saving site.

To the OP:

should I switch my electricity tariff now and pay a little bit extra but lock in a longer deal or wait until January paying the lower rate and then see what the prices are then.

How much does your electricity use change from month to month? For most people with gas heating their electricity use doesn't see much seasonal variation. If you're the same you're probably going to be better off sticking with your current electricity tariff until January, then seeing what tariffs are on offer. Otherwise you're giving up almost four months of your current cheaper tariff.

I'm not looking to switch providers at this stage

When December comes around, you should really look at what electricity tariffs are available from other suppliers. BG are rarely the cheapest and switching could save you tens or hundreds of pounds over the course of your new fix.

Also, do you have smart meters? Most people can save money by choosing a smart tariff.

Bigphil1474

OP, I'm in a similar but opposite situation. My electric is fixed until August next year, but my gas fix ends in February. I've done the calcs and I'm better off staying with the fix, but I use the vast majority of my energy over winter, so slightly different. My electric varies very little.

I am with British Gas , have been for 2 years. They were basically the cheapest where I am, with smart meters. They also don't charge if you change tariffs with them mid fix. Last time I looked I could have saved at most maybe £20 going to a lesser known supplier.