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Home heating - any financial wizards on EPZ ?

polis_928tadw59 12 7.1k United Kingdom
9 Jun 2022 4:18PM
I have gas and electricity from British Gas. I pay quarterly when the bill arrives (through my bank's express machine which is located in the bank) Direct debit ? No thanks due to what I have read in complaints in the newspaper; often 'upping' the amount so that customers are so much in credit.
Today, I have received an email from B.Gas offering me 2 options :
1. Standard Variable tariff, where our gas will be just over 200; and electric will be about 950; but these will rise due to price caps etc.
2. Fixed tariff offer where our price will be fixed regardless of the Ofgem caps !!!! Can that be correct ? And the figures quoted for this 'offer' are Gas : 260; and Electric 1,200, or thereabouts.
I joined Money Saving Expert years back re another matter, but do not fancy posting this matter there. Martin Lewis knows his stuff, but having watched him on ITV, he rattles it off like a machine gun and is hard to follow.
Carabosse Plus
19 42.5k 270 England
9 Jun 2022 4:29PM
You can pay your quarterly bill by direct debit. I used to do this before I changed supplier and went over to a monthly account.

The fixed tariff offers look about right. They take into account future price rises which the standard variable tariff does not. It's all a gamble.
DaveRyder Plus
8 6.4k 15 United Kingdom
9 Jun 2022 6:26PM
Our usage is consistent over the last few years.
June last year we were paying 96 per month for both this month it's gone to 186.
You need to look at tariff rates for both and decide if defined contract costs are preferred to the current variable rates.
I looked at one but if prices drop the the exit fees were 300 each for gas and electric, so 600 to exit contract early.
Check the exit fee.

To be fair we've enjoyed low energy costs for years.
Looking back over my spreadsheets we've paid around 80 to 100 per month for the last 20yrs.
That's no increases for 20yrs so this could be considered a catchup moment.
Chrism8 15 1.0k 32 England
10 Jun 2022 7:11AM
I declined all options for a direct debit increase, we're on a smart meter so I know what our daily / monthly bill will be, currently our usage is 2.50 to 3 per day combined electric and gas.

I was paying 76 per month LY and now I pay 100, we are in credit to the tune of about 80 at the mo, which will go towards the expected increase in Oct.

Our supplier did want a 160 DD but I said no and I have the ability to change the amount they take / I want to pay via an app,
Carabosse Plus
19 42.5k 270 England
10 Jun 2022 11:31AM
Although in the face of it I'm slightly overpaying on monthly DD, I expect that to even itself out with further price increases over the next 12 months.

I'm not really fussed about being in credit. Thr money either sits with the provider, earning no interest, or sits in my current account earning ditto.

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