Another bloody energy fixed tariff vs variable question. Am stupid.

[Took]

I really have never paid attention to the tariffs

I am googling and reading but I just need a straight yes or no answer.

Octopus have offered this fixed rate for the next 2 years. Is it good? Or do I need more info to know if it’s good?

I’m not usually so rubbish, I swear!

Have a look at this page.. www.moneysavingexpert.com/utilities/what-are-the-price-cap-unit-rates-/
Scroll down to the section showing region and rates. There are different sections depending whether you pay by direct debit or prepayment. Then you can compare with the offered rates.

I think current advice is to only go for fixed rate offered if rate is 25% or less than standard variable rates for your region or if you prefer the security of knowing exactly how much you will be paying.

It is all a bit of a minefield at the moment with a lot of insecurity.

Thanks! It made no sense at first but I think I maybe, just about understand now.

I’m in Souther Scotland so if I do understand right then that fixed rate I’ve been offered is okay?

That’s pretty cheap. I’d fix

Thanks, Odd! I’m hoping a few more people will say the same and I can just trust MNetters to make my decisions.

I'm on the Money Saving Expert site trying to educate myself!

I would fix at those rates.

Those are very good rates. I'm surprised Octopus is offering them tbh as they're only offering 10-month fixes that are far more expensive than that. Where did you get it?! Bite their hand off for that!

Thanks!

I phoned them up and basically said, "help, I'm poor and disabled and can't afford to put my heating on!" and they offered that fixed rate. It was a manager I spoke to so he probably could offer a better deal than the usual people that answer the phones.

Take it before they change their mind!

I did already take it but then panicked I shouldn’t have! There’s a 7 day cooling off period thingy so thought best to check what others thought, just in case. You’ve all reassured me, so thank you!

Are you sure they've offered that?

It looks too good to be true, but definitely take it if they really are, because the gas unit price is about a third to a quarter of what they were offering last week and the electricity about 60%.

That tariff is a total bargain compared with the price cap and other fixes.

That tariff is amazing and pretty much what the current SVR is before next month’s price rise. We’re with Octopus as a result of them being the supplier at the house we’ve just moved into and out standing charge for electric is going from 25.7p/day to 51.4p/day and our day/night rates (economy 7 electric only house) are going up by 7p/kWh each to around 31p/kWh daytime and 21p/kWh night time

@BarbaraofSeville

Are you sure they've offered that?

It looks too good to be true, but definitely take it if they really are, because the gas unit price is about a third to a quarter of what they were offering last week and the electricity about 60%.

That tariff is a total bargain compared with the price cap and other fixes.

It’s definitely that! Our account has those details on it and we have emails from them too.I think I got the manager in just the right mood!

Thanks for the reassurance, lovely MNetters! I can stop stressing now. AND I've actually learnt some stuff so will be better prepared in general.

Yes take it. I fixed with edf last September for 2.5 years before all the price rises and got very similar rates to this.

But the energy market has changed so much in the last 6 months that what was on offer then isn't relevant to today.

Looking at the Octopus website, it mentions help for vulnerable customers, so maybe that's what this tariff is?

They're urging people who are struggling to phone them, so for anyone else in a similar position, please look at help available, there does seem to be some special tariffs and grants available.

Yes, yes, I was just coming to post that, Barbara!

I read the page on their website saying to phone if you were struggling with your bills so did. Explained our current situation and how we were barely affording the bills now, and weren’t putting the heating on, and were stressed about the price hike coming. Was there anything they could do? And we got a fab manager who really seemed like he wasn’t to help and from what you're all saying he actually really has.

So do phone your energy company and just ask. You never know.

*wanted (not wasn’t!)