Groups

    how long do you fix your energy price for?

    Just wondering want it is best to do in current climate fix for 1,2 or 3 years? What do you all do?

    10 Comments

    1 year every time

    It depends what the supplier offers. They set a price over a term and with most, you're committed to stay with them for that period or pay an exit penalty to terminate early. The average term is a year but it can vary.

    i done 18 months

    Original Poster

    tomdavidrichards

    1 year every time



    ​Why a year out of interest?

    adamwilko007

    Why a year out of interest?



    Works out cheapest deal at time

    I always fix for as long as possible and if the deal has no exit penalties then it's a no-brainer really - just jump ship if I ever find a better deal.

    tomdavidrichards

    Works out cheapest deal at time


    exactly you would be stupid to fix for 2 or 3, they are always going to price in wholesales rises. So its win win for them. If wholesales prices dont rise they make more money, if they do its already been priced in

    Fixing for more than one year is usually incredibly dumb. Just using First Utility's 1 year and 3 year fix as an example ( I know they won't be the cheapest, but it gives you an idea of the sums involved). 1 year fix is £923 based on the national average usage. If your 2nd year fix was 10% dearer, then that would be £1015 and if our 3rd year fix was another 10% dearer that would be £1116. Total for 3 years = £3054. Their 3 year fix is £1055 per year from day one. 3 year total is £3165. Prices would have to go up substantially in any 3 year period for you to benefit from a3 year fix.

    Banned

    1 year mate.
    it can be £20 more a month for 2 years fix so i didn't bother.

    also make sure you compare price per unit etc, these deals are very confusing

    1 year, I'm with Scottish Power ( have had issues with them in the past , but they are cheapest for me) , you can fix for the year but if a cheaper tariff is introduced mid term you can swap across to it without penalty and restart the 12 month fix again , which is useful.
    Edited by: "tinkerbellian" 18th May
    Post a comment
    Avatar
    @
      Text
      Top Discussions
      1. Just heard this...2 ★★★★★★★★★★★★★★ congrats to all on 392k ★★★★★★★★★★★★★★7767401
      2. word association Game74044553
      3. So Brexit isn't going how a lot of Brexiters thought it would28109
      4. I want to talk about the WEATHER no politics no religion19047163

      See more discussions