Energy prices

BenCotto

I have an excellent fixed price energy deal but it comes to an end on March 31st. I am fairly certain my monthly payments will then more than double. My question is for those who have looked into this matter, for I am only guessing, should my new tariff be variable, one year fixed or two year fixed? 

I do not have a price for a variable rate and fear there could be another surge when the price cap is reviewed again in August, but the prices for the one year and the two year fix are the same. As I say, can anyone comment in a way that is more purposeful than my hunch?

Nanny Beach

Have a look at Martin Lewes site,or his ITV program. I did a 2 year fix with Octopus in April. We are also using the pension lump sum to have solar panels installed in April. 10 years ago when I got quotes,it was estimated 13 years to pay for themselves, now 5 years. Mind you,we would have got a big payback from the grid,BUT the panels were much more expensive then. Hubby saw an old work colleague a couple of weeks back,he had panels installed 15 years ago,and sit down.....gets £1000 pa payback,he has a much bigger property than ours,but I bet he's really glad!

puschkinia

I signed up with Green and they went under a month later so I've also been looking at fixes vs variable deals My understanding is that there are no fixed price deals that are cheaper than the current cap, or even deals that'll be cheaper than the new cap that comes into force in April. Seems like the advice is to wait it out on variable rate deals. Utter disaster

https://www.moneysavingexpert.com/news/2022/02/martin-lewis--most-should-do-nothing--stick-on-the-price-cap-and/

Hostafan1

I signed up to a new , 2 year, fixed deal about 4 months ago. I'm curious to see if it stays fixed for the 2 years or is some " small print " will come into play.

Fairygirl

Might as well toss a coin IMO. 
From what I've gathered, there aren't a lot of fixed rate tariffs being offered. It's not suddenly going to come down though, so fixing is better if there's anything offered.
I'll be in the same position as you soon. 

The only plus I've got just now is that my usage since last spring is massively smaller than normal because it's been so mild. If they base my payments on that [which they should] I'm hoping that the increase will be a bit more realistic. 
Not holding my breath though...

Plantminded

My payments doubled in this situation.  Using a well known comparison website and also talking to my current supplier (when I eventually got through!), the advice was to stay on the current capped flexible tariff, it's much cheaper than any fixed rate deals available.  It was, the only two fixed rate deals that my supplier was offering were much higher.  By April, when the new cap comes in, the situation may be different.  I've always found that the information provided by Uswitch is reliable.  Worth getting a quote to see your options!

Bee witched

We have a fixed deal until next November.
We are charged 14p per KWH during the day, but only 5p at night which is great for charging the car, and using the washing machine and dishwasher.
We were also sent a large, cuddly octopus  (I'd sooner have had money off the bill).

Anyone's guess what we will be charged come November, but we'll have to cross that bridge when it happens.

Feel so sad for people struggling with expensive deals... especially people whose only option is pre paid meters. Why should those who can least afford it pay the highest amount?

Bee x

Fairygirl

I found this @BenCotto. I can't cope with listening to/watching him [sensory overload] but it might be worth a look
https://uk.yahoo.com/news/martin-lewis-shares-advice-rising-121411945.html

What constitutes 'night' @Bee witched? My washing machine makes a helluva racket when it's spinning, so I wouldn't want to disturb my neighbour! I already avoid putting it on too early in the morning because of it. I'm back with Octopus - if they send me a cuddly toy, they'll get told where they can shove it.
Sideways.
Having spent time in a refuge, I completely agree with you re those meters. It appals me. At least I could afford it - thousands can't. 

Apologies @Nanny Beach - posts overlapping, and I missed yours re Martin Lewis.

Topbird

I am so glad I took the gamble in Sep / Oct to fix our electricity price until Nov 23. The tariff seemed very expensive then (25% more than the variable rate we were paying) but it's going to be quite a bit cheaper going forward. So we've had 6 months of pain paying over the odds for (hopefully) 18 months of lower cost fuel.

The fixed rate tariff which came out 6 weeks later was an additional 20p per day (£73 per year) and 35p/kwH compared to the 25p we're paying.😲

I took the gamble in Sep because I could see how prices were going. The penalty for early withdrawal from the contract is £50 and I figured it would be worth paying that if I'd jumped the wrong way andprices really tumbled. I don't think they will.

At least with a fixed price deal you know what you'll be committed to and you do have the option to bail out (for a fee) if it turns out to be the wrong choice.

Don't get me started on the injustice of prepayment meters....

Incidentally, it's not just gas and electricity. I've been shopping around for domestic heating oil today (no mains gas here). 50% increase in price since last top up in July. It's often more expensive in the coldest winter months - but not that much more. For the first time I'm seriously considering just ordering 500 litres instead of the normal 1000 and hoping the price is lower come May / June time.

Nanny Beach

Golly,Bee, that's cheap. We're paying 21p day,11p night. Fairy,you ask what constitutes a "night". Depends on your fuel area. I'm in the old SEEB area SE, UK, summer it's 10.30 pm,to 12.30,then 2 hours day rate,then 2.30 to 7.30 cheap. It's the only area with a split night rate. We're detached, concrete floor,but I've had economy 7 for about 50 years, everywhere we've lived. Often in winter,I'll do the washing before going to bed. It actually switches over at 10.35, leave it to go outside ideally,or tumble dry when I get up. Dishwasher put on by whoever wakes up first. It was already here, because there places were built in the 60s with electric storage heaters.ive also got a big ceramic slo cooker,which goes on overnight,and often cook in the early morning,to.

Lizzie27

My OH took a 3 yr fix last October. Rather a punt but we don't think prices are going to go down.