Worth changing tarriff?

[kev2021]

Hi all,

So just looking to see current energy tariffs as although I’m fixed, its up mid next year so thought I’d take a look and see what prices are now as I’m fixed.

Well, surprisingly, there is a tariff out ATM with my current provider that works out cheaper than my current plan.

So worth switching, its another 2 year fix… prices compared below

Electricity

Existing unit rate: 23.104

Proposed New plan unit rate: 21.942

Existing standing charge: 49.907

Proposed new plan standing charge: 48.640

 

Gas

Existing unit rate: 5.947

Proposed New plan unit rate: 5.339

Existing standing charge: 31.006

Proposed new plan standing charge: 31.420

 

Worth changing? There is £100 per fuel exit fee on my current plan and the same on the new plan but with my provider, if I switch to a plan with them, they waive the exit fee.

Overall I believe I’d save maybe £45/50 per year or maybe more depending on usage which is always unknown as if its a cold winter will use more etc.

Thanks

Kev

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• This topic was modified 1 month ago by kev2021.

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[UK Sentinel]

The Electric tariff looks like a better deal than you currently have, but that Gas proposed New Plan Unit Rate and Standing Charge is a huge increase.

Maybe you put the Values in the wrong section

 

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[kev2021]

ah yes, sorry put the values wrong way round.

Looking at its approx. £45 year saving so not a huge sum, wondering do I switch now or stay as is and see what happens later in year/next year as still got £200 exit fee, which is waived if i stay with current supplier, but if want to go elsewhere, i would need to pay it, same exit fee for new plan too.

There is a cheaper 12month & 18 month plan but the difference between that and 2 year isn’t much, maybe £10 a year.

Not sure where energy prices are heading and if worth changing again as I only signed up to this one Aug 2024 so not been on it a year yet. Also don’t want to mess company about keep swapping tariff’s as already swapped once.

Thanks

Kev

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[kev2021]

Only increased priced is the gas standing charge, rest are al lower.

Kev

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• This reply was modified 1 month ago by kev2021.

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[UK Sentinel]

Energy prices fluctuation is the key for yourself, July–September 2025. Cornwall Insight predicts a drop in prices so maybe worth waiting for more favourable prices and locking in then.

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[kev2021]

Thanks, didn’t know that will stay where I am and check later on in year if cheaper tariff’s come out, I just saw that one and was surprised it was lower than my fix as thought they would be higher.

Thanks

Kev

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• This reply was modified 1 month ago by kev2021.

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[UK Sentinel]

On the BBC this morning, just seen that Ofgem price cap will drop by 7% by the summer

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[kev2021]

Yes, just seen that too, they say that:-

 

“Ofgem has said while its price cap will be lower, there are cheaper deals being offered for fixed deals, which usually last a year, by some suppliers. Securing a fixed deal can offer people certainty over monthly payments.”

So implies cheaper fixes out now or you think they mean cheaper fixes in July? I presume they mean now.

It says :-

Gas capped at average of 6.33p per kilowatt hour (kWh) (down from 6.99 per kwh)

Gas standing charge to 29.82p a day (down from 32.67p, varies er region)

elec capped at average of 25.73p per kilowatt hour (kWh) (down from 27.03 per kwh)

elec standing charge to 51.37p a day (down from 53.8p, varies per region)

 

So based on the above, my existing and proposed plan are under these figures for all except the Gas standing charge which is over 30p and they advise it will go down to 29.82p so might be worth re-checking or holding till July until standing charge drops or best to re-fox now on the proposed plan as only gas standing charge a little higher?

Kev

Kev

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[UK Sentinel]

In reality, prices wont be increasing anytime soon, so either they will remain as they are or reduce, I would wait until July and look again.

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[kev2021]

Was thinking of waiting till July but just seen this posted…

Outfox the Market
Fix’d Dual May25 12M v5.0
– 12 month fix

18% LESS compared to current April price cap

– New and existing customers
– Dual-fuel only
– Smart meters not required
– Must pay by Direct Debit
– £100 dual-fuel exit fees
Outfox also has an 18 month dual-fuel fix and a 2 year dual-fuel fix similarly priced, but with higher exit fees.

Need to check but last i knew the 2yr fix was £100 per fuel exit fee and the 12 month was cheaper exit fees so might be a mistake in the above, need to re-check incase OTM changed the tariff.

So potentially worth fixing now? as kind of implies if its 18% cheaper than approx., the 7% drop in July, will still mean 11% cheaper overall? also predicted to go Gown a further 2% in oct-dec 2025, increase 0.5% in Jan-march 2026 and increase 4% April to June 2026

So at 18% less than April that is still cheaper than the 7% + 2% = 9% drop before prices rise again…. wondering how much of a issue it is having a higher gas standing charge as everything else is cheaper so I’d effectively be saving overall to offset the gas standing charge potentially?

Thanks

Kev

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[kev2021]

Might message OTM tomorrow and ask regarding the tariff change as providing I don’t need to pay the £200 total exit charge from existing tariff and I’m able to potentially switch again in July, still not paying the £200 total exit tariff if a cheaper tariff appears, might be worth me doing?

Kev

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[UK Sentinel]

£200 is a lot of money, let us know how chat with OTM tomorrow goes

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[kev2021]

Hi,

Yes agree and if I had to pay the exit fee it wouldn’t be worth switching.

I’ve been on live chat with them and they have advised if I switch to another tariff with them, there is no exit fee to pay so I’ve re-looked at the tariffs available and went for the 2yr fix again, same £200 exit fee and there difference between the 12month – 2yr works out for me at £0.25p extra a month so I’ve gone with the 2yr one. I been back on live chat as not got the welcome pack yet but been advised they received the tariff change and should get the welcome back within 24hrs so waiting now.  I’ve also been advised that if a cheaper fix comes out I July etc, I can switch as many times as I like with them (I thought they may think I was taking the mick keep changing tariffs but I said I didn’t want to keep changing but also didn’t want to pay over the odds and they were fine, said can switch as many times as I like so that’s ok.  I went for 2yrs as if I went for 12m and prices increased, I’d have to pay the increase sooner.

The gas prices (unit and standing charge) is the same on all 3 tariffs (12m/18m/2yr) so its only the Elec price that changes and as said different from cheapest 12m – 2yr works out at 0.25p a month on my DD for me based on my estimated usage so not a big deal at all.  This also ironically means my existing DD will drop very very slightly as they never increased it when I changed tariff before when they said they would hence I just been topping up credit if I use it all and they been fine, not adjusted my DD etc so all good there.

Have to say I’m shocked I was with the supplier who is currently the cheapest one on MSE they mentioned in a table, was expecting it to be Octopus or EDF etc.

Kev

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[UK Sentinel]

That is interesting in that you can switch as many times as you like with them, so if a better tariff becomes available, easy just to change again.

All bases covered

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[kev2021]

Yep, just waiting the welcome pack now to confirm it all :)

Kev

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