[Beki]

Great thanks @DebF_EONNext. I'm on the Next Loyalty Fixed v4 currently but it's recommending to save £150ish to switch to the Next Secure Fixed 12m v4 - would be pointless if I was charged though 👀🫣

[DebF_EONNext]

@Beki as @doverboy mentioned before weigh up your options and see what's best for you. I always say look at the unit rates and exit fees not just the overall direct debit quote, that will help you to make the most informed choice 😊

[Mailman]

Originally Posted by meldrewreborn

My advice is to look at the predictions of future prices now being made. Logically the best time to go for a price fix is when prices are about to go up, BUT at the moment the forecast is for quite dramatic reductions in prices from April (16% down) and July (maybe another 8% down) in the standard variable tariffs because of the OFGEM price cap. You could fix now and then watch as variable rates drop lower than your fix in a very short time period.

check this out, and look carefully at the Eon Next "next Pledge tariff" which is 3% below the normal variable rate.

Is it time to fix your energy or stay on the Price Cap? (moneysavingexpert.com)

Agreed absolutely.

However there is never a right or wrong answer when it comes to the quandry that many folk will be/are facing (me included). The good news is that, at the moment, wholesale prices are on a downward trend. But of course the current situation in the Middle East might start spooking the markets quickly, then all of a sudden fixed term tariffs might start looking a whole lot more appealing especially to those that want price certainty.

Whatever the situation is come end of March, I'll be crunching the numbers on my actual annual consumption (rather than what Eon Next estimate that I use) and base my decision (on what post April 1st tariff to go for) on what is going on at that time. 😎

[DebF_EONNext]

Originally Posted by doverboy

@DebF_EONNext thanks for clarifying the exit fees or should I say no exit fees for those only changing tariff with E.ON Next on Next Loyalty Fixed v4 like @Nessie.

You're very welcome @doverboy also welcome to the community I haven't seen you around before I don't think! So it's lovely to (virtually) meet you 👋. I'm one of the Community Coordinators if you need any help getting around the community just give me a shout 😊

[Beki]

@Mailman - eloquently put, as always 😊

[meldrewreborn]

@Mailman

some of these decisions are finely balanced. Then other factors like whether to go for a fix for certainty or not and ability to escape come into it. But accepting that the decision might with hindsight turn out to be suboptimal is part of making decisions.

[meldrewreborn]

Originally Posted by Beki

Great thanks @DebF_EONNext. I'm on the Next Loyalty Fixed v4 currently but it's recommending to save £150ish to switch to the Next Secure Fixed 12m v4 - would be pointless if I was charged though 👀🫣

But variable prices are almost certain to go down in April and again in July (6% in April and another 8 % in July making nearly 25% together). Plus the next pledge tariff gives a further £50 (3%) discount on the variable rate. The two decreases are likely to save (the mythical ) average user £431 per year compared to January 2024 rates and the 3% another £50. Savvy customers check out the deals available in the market first before they leap.

Is it time to fix your energy or stay on the Price Cap? (moneysavingexpert.com)

Energy companies will only promote to you what suits them at any given point in time, and while the Next Secure Fixed 12m v4 offer saving may well be valid, that doesn't mean that there isn't a better route for the customer to go onto. There are no guarantees on variable pricing, but fixed offers are not the slam dunk they were before the energy crisis. For 20+ years I'd switched suppliers regularly when my fixed deals came to an end and they were cheaper than than the variable price offers then available. The energy crisis changed that - smaller new entrants to the market went bust and the rates stemming from the OFGEM price cap became the cheaper option than fixed deals. Things still have a long way to go before competition is once again free and easy - deals at the moment are only really available to existing customers - partly because any really good deal would lead to that supplier being swamped.

How's the home renovation going?

[Beki]

@meldrewreborn I'm not entirely sure what's going to happen re energy prices with the way the world is at the moment and the ongoing wars...

Home renovations have been good actually! We've sealed the floor boards throughout the living/dining area and it's been much warmer. We've blocked the chimneys with those balloons to stop the drafts too so it's feeling much warmer.

Still getting used to heating a much older property though...and the beautiful sash windows will need to go at some point for a modern sash 😭

How are you doing?

[meldrewreborn]

@Beki

anyone claiming to know definitively where prices are heading is deluded. Nevertheless we should take active decisions on what we think the future holds and accept that we might turn out to be wrong. Doing one’s own research is better than using a pin.

I’m fine thank you, and I hope all is well with you. It’s amazing I know , but I’ve not been on the naughty step since you relinquished the reins, so your departure has perhaps improved me!

[Beki]

Good job I'm not one of those people eh @meldrewreborn 😉

So I've heard! Bravo 👏 Keep up the good work!