Energy Bills

[Karamia]

I have been offered a 1 year fixed dual fuel deal with my present company to pay £161 direct debit per month until March 2023. This is up from £84 per month. Is this a good deal in view of the changes starting in April? Just wanted another opinion.
TIA

[gingejbee]

I think that this is as good a deal as you will get come April...and it's fixed for another year.

[Karamia]

Thank you gingejbee. I am someone who likes the certainty of knowing what my bills will be in order to budget, plus I really don't want to get to October and realise I am paying over £200 a month! It is just that it is still such a lot more money to find. I can't work out what the price cap might be. It sounds like some people are paying much more than 54% more already, even before April has arrived.
I will have to give it serious thought.

[davebro]

Mine won't double I hope - currently £60 pm probably going to £90 pm...

[gingejbee]

For those on variable rate, the new price cap is expected to be about £2000 come April...which is why your £1930 fixed deal seems not too bad!

[Karamia]

That still sounds manageable davebro. My mum and dad are on a standard rate and their direct debit has gone from £90 to £153 a month already. This is before the 54% rise in April. This is the kind of thing that is confusing me.

[gingejbee]

Any chance you can get a 2-year fix, or are there none available now?
Just before gas prices started to rise last year, I was lucky enough to change to Octopus and get a 2-year fix @ £100 per month..fixed until October '23.
Rather fortunate timing I think.

[Karamia]

That was a good deal! It must be great not to worry about it now.

[Hopkirk]

No one here can give you a definite answer, because no one knows.

Almost certainly if you take this deal you will be paying more than if you stayed on the standard variable rate, for the next few months.

Anyone who can predict what will happen next could become rich. If prices don't go dramatically up further, you are locked in paying over the odds for another year.