Bulb - fix now?

[Brunonononooo]

After some advice from someone who might know more than me! I am still with Bulb and wondering whether to fix with another company now before the likely price hikes in October. Has anyone else done this or done some research into the pros/cons? I’m really struggling with all the information and I can’t decide what to do! Please help!

@Brunonononooo

Hi, others might have said all of this already, but I was getting very frustrated with many of the replies you were getting. So I haven't read the rest.

ignore the amount of the DD, that's not what's important! (You can negotiate that if it's more than you're using!! If it's what you're using then it is what it is)

what's important is the pKw charge.

the Energy cap, don't look at the average £ quoted, look at the rate pKw

also look at the Exit fee (many are 0 at the moment, but not all).

the price cap is due to go up in Jan & April so the standard variable rate is just going to keep going up & up.

the fixed rate you're offered now, will invariably be a bit higher than the SVR, but not as high as it's due to go in Jan then higher in April.

Does that help? Any questions?

People really need to understand it all a lot better. I blame the companies mostly, but not totally.

Tariff: the rate you pay for your daily standing charge and per kw..

DD: the amount you pay each month. This can be a set amount or set to amount owed for what has been used that month.

you will only ever be charged for what you use. No matter which tariff you're on.

the 'cap' is badly worded & badly explained. It's a cap on the RATE/TARIFF . Absolutely NOT a cap on what you will pay! You pay for what you USE. That's the bottom line.

not trying to patronise, it just worries me that so many people don't understand.

everyone is entitled to make their own decision whether to fix or not, BUT it troubles me to see people doing it on incorrect information/mistaken beliefs.

Martin Lewis’s advice changed practically daily as did predictions and the situation. He tried to give the best advice for the time but he didn’t have a crystal ball. He put a calculator on MSE where you could try and work out what do do for the best. Eon was the only fix that he actually recommend as strongly worth considering. I fixed on Eon earlier this month based on the predictions at that time. Yes a gamble as yes I agreed to pay what seems way over the odds but actually way over the odds was what predictions of the Oct price cap would be.

With bulb. Still under £100 actual usage (summer obviously) but increased dd to £147 as suggested by them in April. Have £600 of credit. We'll ride it out for now.

Have a guy surveying us for solar plus batteries next week, and a second guy for solar hot water /heat pump combo system. Not sure if we'll get either but want to price them up. Solar panels will be feb before installation but that's fine as winter is worse for generation, heat pump would be a lead time of next summer!!!

I’d stay with Bulb. And either increase your monthly payment now, or set up a standing order from your current account to a savings account on pay day.

I think the thing fixing is you KNOW how much you are going to have to pay. This means it's easier to plan and budget for. That might give peace of mind.

But it may not be the cheapest option. Especially if you think you can cut your consumption significantly somehow.

Ultimately you are taking a gamble on future markets with both options in much the same way as you'd do with a mortgage. You can only go with what you think is best based on balance of probability and how much you think you will use.

Which is affected by how good your maths are, how much you understand politics and how much you think you can change your habits. None of which favours the most vulnerable in society.

Wow Feb? Is that by your choice or is that the lead times now due to a massive increase in demand for installation?

I wish were knew more about who will be taking over bulb, I've heard octopus is the only contender.

I'm with Bulb and I'm staying put. From what I can work out they are pretty much all on the price cap rate, and any fixed rate offers are for existing customers. Not touching Utility Warehouse with a bargepole as it's a MLM.

Find your annual consumption on your bulb statement and put it into this calculator to work out how much you'll be paying in October:
www.moneysavingexpert.com/utilities/what-are-the-price-cap-unit-rates-/#tool

I don't know how accurate this is, but you can plug in the wattage of your electrical items to get an estimate of how much your TV etc will cost to run from October.

@MrsWombat That link is helpful, thank you.

Sorry, the 2nd link didn't paste. This will give you an estimate of what certain electrical items might cost you. www.sust-it.net/energy-calculator.php My heated airer will cost me nearly £4 per 24 hours!!!

Hi, I’m sorry I haven’t replied to any of this - I hadn’t noticed all of the recent responses! Thank you very much for all of your advice. I have been sporadically checking to see if any fixes were available and no company seemed to be offering them so we have just stuck with bulb and are trying to use minimal energy where possible…and will do so throughout winter i guess. @TooMuchToDoTooLittleInclination tha m you especially for your explanation - that’s very helpful and I don’t think I have seen any advice which is so comprehensive, wish they would share this in the media!

@Brunonononooo

yes, the 'media' needs a kick in the pants, to STOP misleading & confusing people, but then again, ofgem who should help, don't! 🤦🏻‍♀️

@ me if you think of any questions, happy to help if I can!