Is it worth fixing energy prices now?

[Lunatoons]

Just moved house and have been offered a fixed tariff until 2024 for £260 per month. The standard variable rate is £150. I went the fixed rate for now because I can change it within the first 14 days anyway. But worried I made the wrong decision. What would you do?

The moneysavingexpert site has a good guide to this.

Thanks I’ve taken a look at that. It seems to be focusing on the October price hike. But what about the January rate rises and beyond? That’s what I’m confused about

following as thinking about fixing mine also

What was the cost of each unit of gas and electric that you fixed at and what are the exit fees like?

Dont look at monthly direct debit, its meaningless. You need to look at daily standing rates and the cost per unit of elec and gas. You can reduce your usage to bring cost down if needed, but not if the actual charges, especially standing charge are way too high

Exit fees £300 but that’s only for leaving the company. I can move into variable rate whenever I want with no charge

I've fixed but there's no exit fee.

These are the tariffs for gas and electricity . Is that way too high?

I would tentatively say yes, they look too high. But if what you want is the security of knowing your costs then it might still be the right tariff for you.

You know, if you have been told you can shift over to the svr, without cost, at any time you could hold on to those fixed rates and reassess when the new cap is announced at the end of October and you can make a more informed decision then.

Announced at the end of August, sorry.

The standing charge is OK, not much higher than the SVR, but the tarrifs are v high-current rates are around 28.2p for electric and 7.5p gas. I think Martin Lewis said if fixed deal is over 70% more than current SVR it is probably not worth fixing.