PeterSw Posted February 4, 2022 Share Posted February 4, 2022 (edited) Currently on a 2yr fixed term with Octopus Energy which ends next month. From what I have read, its really not a good time to be looking at switching. Have been offered the following 12m fixed term. Any 'experts' in here that think its a reasonable deal? Electric 15.27p p/KwH - New 33.51p p/KwH 24.49p p/day - New 24.03p p/day Gas 2.77p p/KwH - New 8.81p p/KwH 25.04p p/day - New 26.10p p/day I personally think it might be the best I can get and given the uncertainty, might be wise to take this for the 12 month period? Edited February 4, 2022 by PeterSw Link to comment Share on other sites More sharing options...
Genie Posted February 4, 2022 Author Share Posted February 4, 2022 (edited) 7 minutes ago, PeterSw said: Currently on a 2yr fixed term with Octopus Energy which ends next month. From what I have read, its really not a good time to be looking at switching. Have been offered the following 12m fixed term. Any 'experts' in here that think its a reasonable deal? Electric 15.27p p/KwH - New 33.51p p/KwH 24.49p p/day - New 24.03p p/day Gas 2.77p p/KwH - New 8.81p p/KwH 25.04p p/day - New 26.10p p/day I personally think it might be the best I can get and given the uncertainty, might be wise to take this for the 12 month period? Martin Lewis said last night that nothing on the market is worth switching to. I think those prices are much higher than current and also higher than the new April price cap and won’t see you much past October when it possibly goes up again. I wouldn’t do it personally. It’ll be cheaper to stay on a price cap / non fixed tariff. Edited February 4, 2022 by Genie Link to comment Share on other sites More sharing options...
markavfc40 Posted February 4, 2022 Share Posted February 4, 2022 23 minutes ago, PeterSw said: Currently on a 2yr fixed term with Octopus Energy which ends next month. From what I have read, its really not a good time to be looking at switching. Have been offered the following 12m fixed term. Any 'experts' in here that think its a reasonable deal? Electric 15.27p p/KwH - New 33.51p p/KwH 24.49p p/day - New 24.03p p/day Gas 2.77p p/KwH - New 8.81p p/KwH 25.04p p/day - New 26.10p p/day I personally think it might be the best I can get and given the uncertainty, might be wise to take this for the 12 month period? These are the average price cap unit rates/standing charging (they vary slightly by region). Martin Lewis posted this late last night Link to comment Share on other sites More sharing options...
PeterSw Posted February 4, 2022 Share Posted February 4, 2022 4 minutes ago, markavfc40 said: These are the average price cap unit rates/standing charging (they vary slightly by region). Martin Lewis posted this late last night So if I opt for the fixed term above, I wont end up paying the new, higher standing charge? Link to comment Share on other sites More sharing options...
Genie Posted February 4, 2022 Author Share Posted February 4, 2022 (edited) 5 minutes ago, PeterSw said: So if I opt for the fixed term above, I wont end up paying the new, higher standing charge? Yes, but you will pay 5p per kWh MORE than the cap for every unit of electricity you use. If you use more than 5 units a day then it’s a bad deal (average is 8-10 I believe). Edited February 4, 2022 by Genie Link to comment Share on other sites More sharing options...
PeterSw Posted February 4, 2022 Share Posted February 4, 2022 Thanks for the reply. Might be best to stick with the 'do nothing' option that has been offered and re-access in October Link to comment Share on other sites More sharing options...
Genie Posted February 4, 2022 Author Share Posted February 4, 2022 1 minute ago, PeterSw said: Thanks for the reply. Might be best to stick with the 'do nothing' option that has been offered and re-access in October I think so that the right choice. If you take the fixed deal you’ll pay massively over the price cap between now and April. Then from April to October you be definitely pay slightly over the cap. October is an unknown, if the price cap goes up again then you might save a bit until your deal expires about 3 months later (but not enough to recoup what you’ve over paid already imo). If the price comes down you’ll be over paying some more until it expires. Best option is stick on variable price capped tariff. 2 Link to comment Share on other sites More sharing options...
markavfc40 Posted February 4, 2022 Share Posted February 4, 2022 (edited) 15 minutes ago, PeterSw said: So if I opt for the fixed term above, I wont end up paying the new, higher standing charge? Well on electric you have a 21p a day saving on the standing charge but your kwh charge will be 5p per kwh more. I think average use is around 8kwh of electricity a day so that 5p more works out at 40p a day less your 21p saving on standing charge would still mean you are 19p per day worse off (based on using 8kwh a day). You would have to use only 4kwh a day to be better off. There is not much difference in your gas. Edited February 4, 2022 by markavfc40 1 Link to comment Share on other sites More sharing options...
PeterSw Posted February 4, 2022 Share Posted February 4, 2022 Thanks for this lads! Very helpful and informative! 1 Link to comment Share on other sites More sharing options...
stuart_75 Posted February 4, 2022 Share Posted February 4, 2022 Just as a benchmark I use between 10-13kWh per day when NOT charging the EV. Link to comment Share on other sites More sharing options...
bannedfromHandV Posted February 4, 2022 Share Posted February 4, 2022 British Gas tried it on with us recently. Our existing tariff ends at the end of this month and BG’s ‘best priced tariff’ was an offer of a roughly 120% increase. I’ll take my chances with the variable thanks. Link to comment Share on other sites More sharing options...
Popular Post chrisp65 Posted February 4, 2022 Popular Post Share Posted February 4, 2022 Remember that crazy time when people protesting for greater insulation were put in prison, it was literally yesterday. 5 Link to comment Share on other sites More sharing options...
stuart_75 Posted February 4, 2022 Share Posted February 4, 2022 Just now, bannedfromHandV said: British Gas tried it on with us recently. Our existing tariff ends at the end of this month and BG’s ‘best priced tariff’ was an offer of a roughly 120% increase. I’ll take my chances with the variable thanks. Exactly what I've done with my Octopus Gas tariff that is up in March. The new fixed prices were triple the old kWh unit price. They say they give plenty notice if the variable/flexible price is about to change, so I'll ride my luck for now on that. Link to comment Share on other sites More sharing options...
stuart_75 Posted February 4, 2022 Share Posted February 4, 2022 2 minutes ago, chrisp65 said: Remember that crazy time when people protesting for greater insulation were put in prison, it was literally yesterday. Gluing yourself to the highway wasn't the best way to win over Joe Public though. I do agree that more could be done though, esp to older properties. Link to comment Share on other sites More sharing options...
chrisp65 Posted February 4, 2022 Share Posted February 4, 2022 1 minute ago, stuart_75 said: Gluing yourself to the highway wasn't the best way to win over Joe Public though. I do agree that more could be done though, esp to older properties. Won me over. Imagine the impact they’d have had if they just did a leaflet drop, or a sponsored knitting session. Sometimes, you gotta upset the people that are napping. 1 Link to comment Share on other sites More sharing options...
Genie Posted February 4, 2022 Author Share Posted February 4, 2022 (edited) 12 minutes ago, chrisp65 said: Remember that crazy time when people protesting for greater insulation were put in prison, it was literally yesterday. I thought they were put in prison for contempt of court after defying the law about blocking the busiest roads in the country? Edited February 4, 2022 by Genie Link to comment Share on other sites More sharing options...
chrisp65 Posted February 4, 2022 Share Posted February 4, 2022 1 minute ago, Genie said: I thought they were put in prison for contempt of court after defying the law about blocking the busiest roads in the country? Tomato Tamayto 1 Link to comment Share on other sites More sharing options...
tomav84 Posted February 4, 2022 VT Supporter Share Posted February 4, 2022 1 hour ago, Genie said: Even people that didn’t receive it will pay it back. Martin Lewis was talking to Rishi in his show last night. All bills will get £40 added to them over the next 5 years. So if for example someone lives at home this year and gets their own place next year, they will be paying £200 back that they didn’t receive. It’ll be interesting to see if the energy companies get back more than they give out. i'm amazed there isn't a bigger furor about this all the students that will leave home for the first time having to pay back £200 they never received 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted February 4, 2022 Share Posted February 4, 2022 4 minutes ago, tomav84 said: i'm amazed there isn't a bigger furor about this all the students that will leave home for the first time having to pay back £200 they never received I think i fall into this catergory too as im not in Band A-D. So why the hell should i pay £200 back for getting nothing Link to comment Share on other sites More sharing options...
Genie Posted February 4, 2022 Author Share Posted February 4, 2022 (edited) 1 minute ago, Demitri_C said: I think i fall into this catergory too as im not in Band A-D. So why the hell should i pay £200 back for getting nothing You’re mixing 2 different things Dem. The band A-D thing is a £150 council tax “gift”. Not related to the £200 “loan” from the energy suppliers. If you’re living in a house in tax band A-D you’ll get a £150 discount on your council tax, plus a £200 credit on your electricity bill. The £200 will be reclaimed over the next 5 years at £40 a year. Edited February 4, 2022 by Genie 1 Link to comment Share on other sites More sharing options...
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