WWYD - Energy Tariff

[hungryandhormonal]

Current tariff is up within the month for electricity. Gas is still in Tariff for 12+ months, thankfully so not a current concern. I've looked up Martin Lewis advice but tbh, not sure I'm doing the math right.

Elec situation:
Currently pay £65pm via Direct Debit
SVR appears to indicate rise to £113 pm
Only other tariff I am being offered is an estimated rise to £149pm, locked in to 31.03.24.

Would you pay the extra £36pm to have the peace of mind of no further increases?

Well, the SVR is likely to be at the level of the price cap, which is in place until October, so if you continue to use energy at the same level, it won’t rise until then.

Don't look at the cost per month being advertised,,that's based on "average" consumption. Look at the amount of energy you've used over the last 12 months and do the sums against the unit rates being offered to see which is more affordable. My estimate was £80 but actually I use more like £150 of electricity for example.

I'm in a similar dilemma. Usual dd £130. I've just increased it to £230. I can fix for two years at £290. I don't think I'm going to as that increase of £160 is just unbelievable. I might regret it but I'm waiting until April to see what other fixes are offered I think.

(And the fix is based on my estimated annual use as is the £230 I've just increased to based on last years use and the new cap)

The cost per month is a red herring. You need to look at the the cost per KWh plus the daily standing charge. Use your usage for the last 12 months to work out likely cost for the coming year.
Monthly payments are based on an estimate of use only.

I've worked out what my actual 12 month usage was over the last year and calculated that against the tariff rate and the SVR. The estimates EDF are giving are fairly accurate, give or take a couple of quid.

It's really just a decision of £110(ish) pm for SVR with no assurance on longevity or £146(ish) pm for 2 year term.

WWYD?

It's really just a decision of £110(ish) pm for SVR with no assurance on longevity or £146(ish) pm for 2 year term.

WWYD?

Save the extra £36pcm (round it up to £40) and use it to supplement when prices rise.

I wouldn't pay the higher rate. In just three months you'll have paid an additional £108 than you need to. Assuming the fixed rate is for 12 months, it's potentially £432 more. MSE's advice is to move to the SVR for now.

I've just been looking at exactly this, although both of mine are now on SVR as my fix ended last week. I am going to stay on SVR - the April price cap would save me a couple of hundred compared to taking up the fixed rate being offered. It may well increase again in October but I can save towards that in the meantime.

Thanks all, appreciate the input. Sometimes in life its just easier if someone tells you what to do