Electric tariff advice

dewaltdisney · Post by **dewaltdisney** » Tue May 10, 2022 2:03 pm

Eon has just told me that my current tariff ends in June and they have offered two tariff options. The first is the basic variable rate at £96 per month (up from £55) and a fixed rate for I year at £119 per month. As I cannot see any benefit fixing a higher price for only a year my gamble is if the variable rate is increased in the next 12 months? Obviously, every month that passes gives me nearly £25 saved between the variable and fixed rate but I am not sure of the gamble?

What does the team think?

DWD

Neelix · Post by **Neelix** » Tue May 10, 2022 3:31 pm

Interesting question.

Our dual fuel comes to an end in June and we are currently paying £87 per month ( PV and Woodburners help lower bills)

I’m undecided as yet, but the cap is set to change on the 1st Oct

You variable price will almost certainly increase in October so calculating the difference is tricky

wine~o · Post by **wine~o** » Tue May 10, 2022 3:50 pm

No definitive answer from me, things to consider.

will your supplier allow you to switch from a fixed tariff to SVR without penalty ? Mine does.

Your energy usage will be lower from june to september/october then when the next price cap change kicks in in october it may well up your bills by over 25 £ a month for the higher usage months, November to March.

As you say a gamble, however I would go for the fixed rate simply because err.. I'll try to explain....

Your Monthly payments are averaged over the whole year, You use less in summer than in winter, therefore the amount ahead you are during the summer puts your account in credit. during the winter the account will go into debit... so the extra £25 a month will have a bigger impact over the summer months meaning you will build up a bigger credit balance by the time of the next SVR increase, likely saving you more than the £25 a month come winter..

I know I didn't explain that well

kellys_eye · Post by **kellys_eye** » Tue May 10, 2022 5:23 pm

I heard someone mentioning the next round of energy price increases would mean another £900 on bills - if this is the case then a fixed rate would certainly save you some money but, as with all these financial things it's all speculation, much like the stock markets.

Given the current state of affairs I reckon we'll be even worse off than the suggested rise........... YMMV.

dewaltdisney · Post by **dewaltdisney** » Tue May 10, 2022 6:04 pm

Hmm.. that is a good point, yes the review is in October and working our a yearly charge it might be the safer gamble?

FFS, this is all getting stupid now because of that mad Russian c**t.

DWD

big-all · Post by **big-all** » Tue May 10, 2022 6:22 pm

some are expecting 40% increases but that can be no more than a guess either wildly wrong or quite close

the last hike included something like £50 a year on the standing charge to pay for failed companies, i just wonder iff that will be raised again as thats {i think} on top off the 54% increase we had :dunno:

i am just staying on the capped as there is no guessing involved

oz0707 · Post by **oz0707** » Tue May 10, 2022 6:33 pm

Ever since govt got involved and introduced a price cap there's been no point swapping around. They should stop getting involved in things and let the market do its job.

kellys_eye · Post by **kellys_eye** » Tue May 10, 2022 9:06 pm

dewaltdisney wrote: ↑Tue May 10, 2022 6:04 pm FFS, this is all getting stupid now because of that mad Russian c**t.

Very little to do with Putin. He's just another convenient excuse used to hide the coming economic calamity we're headed for due to unmitigated currency printing, itself as a result of deliberate economic incompetence.

big-all · Post by **big-all** » Tue May 10, 2022 10:05 pm

oz0707 wrote: ↑Tue May 10, 2022 6:33 pm Ever since govt got involved and introduced a price cap there's been no point swapping around. They should stop getting involved in things and let the market do its job.

that only worked through apathy because people would rather be overcharged than shop around and often go onto the often 30-40% more "standard tariff"
now the standard tariff is controlled there was only very small gains possible this was off course pre "troubles/shortage" that boosted costs

oz0707 · Post by **oz0707** » Wed May 11, 2022 4:53 am

big-all wrote: ↑Tue May 10, 2022 10:05 pm
oz0707 wrote: ↑Tue May 10, 2022 6:33 pm Ever since govt got involved and introduced a price cap there's been no point swapping around. They should stop getting involved in things and let the market do its job.
that only worked through apathy because people would rather be overcharged than shop around and often go onto the often 30-40% more "standard tariff"
now the standard tariff is controlled there was only very small gains possible this was off course pre "troubles/shortage" that boosted costs

Yeh my understanding is the lazy people on rip off tariffs paid for the deals available to the savvy customers. I've got no problem with that. I can't believe a Conservative gov brought in an energy price cap it seems a socialist policy to me