If prices are going to increase should i lock in now?

  • meldrewreborn's Avatar
    Level 92
    @WizzyWigg

    the trouble is that dual fuel pricing might deliver the most savings, but not always, so their proposition is just not true. Do we trust our supplier to make the correct decisions on our energy contracts?
    Current Eon Next customer, ex EDF, Zog and Symbio. Don't think dual fuel saves money and think the smart meter programme is a waste of our money. Chronologically Gifted. If I offend let me know by private message, but I’ll continue to express my opinions nonetheless.
  • wizzo227's Avatar
    Level 24
    @geoffers
    I'd adapted my home and habits enough that last weeks' gas bill was £10.25 for the month, and the whole year has been less than £220; less than 1500 kWh of gas. That is acheivable in the "renewables first" home energy strategy. Any changes at all which make your home energy more like mine will make your bills more like mine; i.e. less expensive ongoing than the "average household" quantities used in £ per year cap price statements. Those changes include to use local solar electricity for free if necessary and possible, to use electricity in substitution instead of gas when possible, and to somewhat preferentially use additional bought electricity from the greenest times in each week when it happens to be cheapest.
  • WizzyWigg's Avatar
    Level 91
    @WizzyWigg

    the trouble is that dual fuel pricing might deliver the most savings, but not always, so their proposition is just not true. Do we trust our supplier to make the correct decisions on our energy contracts?
    The way things are going the days of custom building packages are disappearing. Predetermined packages are taking the stage. Dual fuel (electric AND gas as one product) or Electric only (the alternative product). Easier to handle, easier to manager, particularly from the suppliers point of view. Choice A or B, simplz, a single button push.

    Do I agree with the direction things are going? I think we know the answer. 👴
  • geoffers's Avatar
    Level 50
    @geoffers
    I'd adapted my home and habits enough that last weeks' gas bill was £10.25 for the month, and the whole year has been less than £220....
    Same here 👍 - 6 mths gas @ ~£10pm which is just the s/c (ie zero gas used) then around £300 for the other 6 mths, and around £60 pcm for electricity, which includes most of my car's fuel costs 😁
  • meldrewreborn's Avatar
    Level 92
    @wizzo227

    I think you’re overthinking this. It’s a matter of securing the best result for me as an individual customer. Nothing more, nothing less.

    my insulation was installed fully 45 years ago and the benefits have flowed ever since - and no grants were available back then.

    It would be great if we had enough electricity to eliminate gas and deliver low prices for everyone. But politicians have been spinning that nonsense for years and are nowhere near achieving it, while all the time our bills keep rising to fund the investments that will lead us into the promised land that is always 20 years away. But if we do anything to try and secure lower priced energy through good old competition? Well that has to be just plain wrong.
  • meldrewreborn's Avatar
    Level 92
    @wizzo227

    business the world over (North Korea excepted) works on the basis of seeing returns on investment to justify the initial investment. I could spend megabucks on devising an extreme low energy cost home beyond what has already been done. The problem being that the investment would be unlikely to ever pay for itself. And much of the population hasn’t got round to making any investments in insulation, despite advice from government to do so. But most also shy away from fixed price energy contracts even though they usually deliver savings. At the moment energy prices are likely to rise and low price fixes are non existent so these are abnormal times.
  • meldrewreborn's Avatar
    Level 92
    The way things are going the days of custom building packages are disappearing. Predetermined packages are taking the stage. Dual fuel (electric AND gas as one product) or Electric only (the alternative product). Easier to handle, easier to manager, particularly from the suppliers point of view. Choice A or B, simplz, a single button push.

    Do I agree with the direction things are going? I think we know the answer. 👴

    I think the vast majority of of people who switch tariffs and or suppliers will be on dual fuel if they actually have a gas supply. It’s become standard, but pre 2019, I deliberately avoided dual fuel and had separate deals for each fuel. Suppliers gave out the notion that there were economies to them of the arrangement which they passed on through a discount to the customer but to me this was all smoke and mirrors.

    when the smaller competitors left the market the big six took back the customers they’d lost, in my case there were still separate supplies, but in the years that followed the price capped variable tariff dominated and pricing differences were practically eliminated. Competition was minimal and there was also a ban on the use of acquisition tariffs. More recently things had started to improve but further price shocks in the market have led to greater caution by suppliers with real differences between price capped and fixed price tariffs being minimal. Thus the opportunity to select the best mix of tariff has become once again extremely limited.

    personally I’d like to see the return of suppliers willing to supply single fuels, as it was gas only suppliers that enabled consumers to purchase gas at more competitive prices prices.

    the savings from doing so were huge, but history tells us that many companies were undercapitalised and took risks with future prices that led to their collapse and caused losses that were eventually recovered from all customers. We don’t want a repeat of that.
  • geoffers's Avatar
    Level 50
    ... I could spend megabucks on devising an extreme low energy cost home beyond what has already been done. The problem being that the investment would be unlikely to ever pay for itself. ...
    I'm in the situation (with no dependents) that the taxman is going to get 40% of my estate with IHT.

    So investing some of it in solar/batteries etc (even with long/unlikely payback period) will...
    • keep HMRC's grubby hands off the dosh
    • hopefully make daily costs cheaper (ignoring the fact that the capital could have covered this) ... and
    • maybe give a degree of energy independence should 💩 happen...plus of course:
    • save the planet 😁
    Last edited by geoffers; 4 Days Ago at 07:10.
  • wizzo227's Avatar
    Level 24
    @meldrewreborn
    Much of my savings are not only from investment in solar, which had more than fully repaid its investment cost a number of years ago, but also from behaviour change to make best use of free electricity when the sun shines.
  • meldrewreborn's Avatar
    Level 92
    @geoffers

    in your circumstances some energy independence is worth having. So is having two fuels rather than being totally dependent on upon electricity.

    for me perhaps a small battery installation might be a possibility. Or a small generator, gas powered.

    saving the planet is a worthy aim, but while other major countries go in the opposite direction direction I’m not going to wear the hair shirt. Our current policies are doing our economy and household budget very serious harm.