To fix or not to fix?

[Greenvelvet1]

Sorry, this has probably been done to death.

My fixed rate ended last month and I have no idea what to do.

Currently paying £179 a month for gas and electric on variable tariff, have around £250 in credit.

Eon are offering fixed rate of £373.

We could afford to pay this by and we would still have just enough to live reasonably but I just cannot grasp how my electricity and gas would jump to more than this price a month, is this actually going to happen?

Martin Lewis calculator says it's strongly worth considering as it's only a 115% jump.

I feel like as a 29 year adult, I should know what to do, I've read everything online but there I just can't make sense of everything and I am so confused.

You need to look at the price per kwh and standing charge rather than the monthly payment

P.s. £373 is not the fixed amount and could go up if your payment doesn't cover your usage

EON don't have exit fees either do they? I think at that, assuming their estimates of usage to calculate that figure were correct, I'd be very tempted to fix. With estimates of £1.10 per kWh for electric by next April things could easily get a lot more expensive 😬 And if you've no exit fees, if it starts to look too expensive you can just move back to SVT

As op said - the monthly direct debit estimate is rubbish to try and compare as it's not clear what you are really comparing.

What are the new prices per kWh? That's what you need to focus on.

This.

If you can afford it, and there’s no exit fees, I’d be tempted to go for it. I ummed and ahhed for two or three months watching my fixed rate go up before finally taking the plunge, and it’s paid off, I’m on a cheaper rate than the new October cap.