Rising energy prices - I'm about to start paying £278 a month, should I fix?

[ByHook0rByCrook]

It's the cheapest deal I can find - currently on flex.

Yes, it's jaw-droppingly high. Feel a bit sick tbh.

Martin Lewis is still advising sticking with standard tariff at the moment, is there any ways you could cut down your usage a bit?

Is £278 on a fixed rate or standard variable rate?
I haven't fixed as its too expensive. I have stayed on the SVR as the prices per kWh are covered by the price cap just now

It's the same price as SVR. I should probably fix then? Gulp.

@Whymustyoubringinthebirds

Martin Lewis is still advising sticking with standard tariff at the moment, is there any ways you could cut down your usage a bit?

We are getting rid of the tumble dryer.

Martin Lewis was advising that if you could find a fix up to 45% more than SVR you should fix. @ByHook0rByCrook where have you found a fix st SVR?

Go compare and USwitch can't offer anything as there isn't anything out there. So how can this supplier offer a fixed rate.

@Pedallleur

Go compare and USwitch can't offer anything as there isn't anything out there. So how can this supplier offer a fixed rate.

They can't offer any deals that use them as a middle man, but some individual suppliers are offering fixed deals. I know Scottish Power are, albeit at an extremely high price.

Well maybe I'm wrong about the rate, but if its better to fix, I guess I'd better do so.

I’d stay SVR

@Auntieobem

Martin Lewis was advising that if you could find a fix up to 45% more than SVR you should fix. *@ByHook0rByCrook* where have you found a fix st SVR?

Is this 45% on the current SVR or the April one?

Our current supplier offered a fixed deal to existing customers only, so there can be worth while deals out there.

OP please check what you're being offered very carefully as there's no fixes on offer where the unit rates match either the current or April 22 price cap.

You can fix, but it will be above the April price cap and it's probably more expensive than staying in the cap, but that depends what happens later this year.

Fixing or not noone knows what will happen in the future.

Only bit you can control is your usage, is there any places you can cut down, do you have heating on all time ect.

@ByHook0rByCrook

It's the same price as SVR. I should probably fix then? Gulp.

The fixed rate will be above the SVR. Be careful what you are tying yourself into. There are no fixed rates that beat the SVR

These are the maximum amounts that can be charged on the SVR from april to october. Compare it to the fixed rate you have been offered:

Do you know your usage?
That will give an indication of what you will pay with the cap in April...and you can estimate your costs in October.

If you know where you think you are using energy in the house, you can identify steps to reduce usage.

It's amazing how cutting down time spent doing some high energy activities can reduce your usage.

May seem a minor point but if you use your kettle a lot try to to get a really energy efficient one. WHen we got a smart meter it was quite shocking to see how it went up when we boiled kettle

@listsandbudgets

May seem a minor point but if you use your kettle a lot try to to get a really energy efficient one. WHen we got a smart meter it was quite shocking to see how it went up when we boiled kettle

It won't make any difference. The energy in a kettle is used as thermal energy. Little is wasted

If you are being offered a fixed rate that is the same as the expected svr in April then, despite the advice from Martin Lewis, I might be tempted to fix given the current situation with Russia. What are the exit fees?

Agree about the kettle, takes a certain amount of energy to raise the temperature of a mug of water from cold to boiling, I don't think the kettle you use changes that. Then there is the cost of a new kettle. It's more important to just boil what you need.

Martin Lewis was advising that if you could find a fix up to 45% more than SVR you should fix. @ByHook0rByCrook where have you found a fix st SVR?

Is this 45% on the current SVR or the April one?

This was his advice a few weeks ago, before the new price cap was announced, based on the probability that the rise would be more than that for the new SVR. It no longer applies because as we now KNOW the price cap will rise by 54% there are no fixes anywhere on the market for less than this.

Maybe if I had a kettle that could heat to 80 degrees for coffee, but that would likely cost more than it would save.

Thanks @FinnulaFloss

@Svara

Agree about the kettle, takes a certain amount of energy to raise the temperature of a mug of water from cold to boiling, I don't think the kettle you use changes that. Then there is the cost of a new kettle. It's more important to just boil what you need.

I've just been reading about a 'trick that could save you £329' a year in using your kettle.

A Tik Tok user suggests boiling a lot of water at the start of the day and putting it in a flask. This saves you money because you don't have to boil water during the day,

This might work if you are just making drinks for yourself so you only need 1 cup and you boil enough cups for 2.

But if you just put enough water in that you need and use that water, then it's not going to save any money. Because boiling 1 litre in 1 go or boiling 4 x 250 ml water is still going to cost the same amount of money.

I just boil what I need, I only drink coffee at breakfast (unless out 'for coffee'). If I was drinking cups all day it might be easier to use an insulated bottle though.

I'd be astonished if any normal person spends more than £329 per year boiling their kettle, let alone able to save that amount.

Plus the water won't be hot enough for tea once it has been in the flask for more than a very short period.