Energy prices....what to do?

[Oopsididitagaintomorrow]

Currently with Octopus paying £170pm, once yesterday's payment is entered on account I will be £70 in credit.

With the winter coming up my gas is no longer going to be averaging £17pm, and with the higher usage and £170 payments, I will quickly go into debt rather than credit.

Fixed tariff for a year is being offered at £170.83. I want to fix for the year just so we can have heating on and not have to worry, however DH says we would be better on the tracker tariff we are currently on.

Not going to lie I'm not clever with these things, so asking for some advice, what would you wonderful mumsnetters do?

MSE have a 'should I fix?'calculator - I figured I could torture myself wondering, or just do with that, take its advice and try and forget it.

On that basis, I have fixed (Octopus), as I came up as something like 'very likely to save money'.

My current Octopus fixed rates are expiring soon and when I asked about a tracker, they said I needed to have a smart meter installed for that - which I don't want!

So now I have to decide between a new (probably much higher) fixed rate or standard variable?!?

Have you looked at the new energy cap rates coming in on October 1st? Variable rates will be affected by this and the fixed you are being offered may be similar or lower, but protect you for a bit from possible further increases in the cap over winter.

https://www.ofgem.gov.uk/information-consumers/energy-advice-households/energy-price-cap

Fixed means the price per unit is fixed
The 170.83 is your estimated cost per month based on previous yearly usage
If you use more you pay more
It is NOT an all inclusive type thing
The benefit is you are protected from price hikes
I don't think any major price hikes are predicted.

@Meredusoleil as you can see from my photo I'm on the tracker, and I don't have a smart meter.

@kitsuneghost - thank you. I did explain further up that I meant the fixed rate gave us some some security in terms of charges and unit prices as opposed to an all in fee and use what the heck I like 😊

OP, Octopus' own website says you need a smart meter so it's odd you don't have one as I thought that was the whole point of how the tariff works.

Their website also says Tracker unit rates are likely to go up significantly in winter so you might want to dig deeper into how it works.

I thought you had to have a smart meter for those tariffs because they needed to know your usage day to day to apply the changes in price?

It’s one of those you either gamble and it works out or doesn’t.
I will be honest I have been lazy with this we are on prepayment and are only using £30 gas and £70 electric at the moment (including standing charges) I really don’t want to commit but will I kick myself if it goes up loads

@BarbaraofSeville I honestly have no idea, definitely on the tracker tariff, and most definitely do not have a smart meter.

Don't forget that another option would be to just go onto Standard Variable...you don't have to fix.