Energy Prices (Strictly NO referrals!)

[Mercenary Keyboard Warrior]

Oh come on fixing was a gamble, its always a gamble. People were gambling that the prices were going to go above and would benefit by paying lower.
The prices could have fallen for other reasons as well (most likely some resolution in Rus/Ukr) reduced the costs.

I would suspect the vast majority would be simply better off by coming off very high fixed deals and onto variable.
About the highest exit fees I saw were £300 per fuel but most were lower. Even worst case the total energy cost would still be below the fix they signed up to and hence were willing to pay previously.

 

[keyser van someone]

£140, increasing to £170/month, but the short fall of £30 is covered by the £400 as previously ball parked. See you in 18 months etc.

 

[Haggisman]

Oh come on fixing was a gamble, its always a gamble. People were gambling that the prices were going to go above and would benefit by paying lower.
The prices could have fallen for other reasons as well (most likely some resolution in Rus/Ukr) reduced the costs.

Not that much of a gamble, it was a fairly safe bet considering all predictions were that prices were continuing to increase significantly over at least the next 6 months.

I would suspect the vast majority would be simply better off by coming off very high fixed deals and onto variable.
About the highest exit fees I saw were £300 per fuel but most were lower. Even worst case the total energy cost would still be below the fix they signed up to and hence were willing to pay previously.

That doesn't change the fact that the government's delay in announcing any kind of support has potentially cost those people £300 per fuel.

 

[Mercenary Keyboard Warrior]

Not that much of a gamble, it was a fairly safe bet considering all predictions were that prices were continuing to increase significantly over at least the next 6 months.



That doesn't change the fact that the government's delay in announcing any kind of support has potentially cost those people £300 per fuel.

It was 100% of a gamble as prices changing and or government intervention were 100% on the cards for anyone who signed up for the much higher rates, as they must have done that whilst the ongoing leadership process was ongoing.

They were "happy" to pay £3500 type unit costs when they though it may have saved them money vs everyone else. Why now not happy?
Oh because now everyone else may get it cheaper and the costs to reverse the decision to try to benefit are home to roost.

The point of fixing is to give certainty in what you will need to pay. If you fix you fix, with an associated get out penalty.
Thats not a bad deal TBH

How would you feel if it was reversed. If the energy supplier could say sorry costs are too high, heres £300 you are now paying the same high rates as everyone else.
Not very I suspect

 

[Haggisman]

You could use the same argument to say that people who didn't choose to fix were obviously happy to pay the projected October/January/April capped rates, otherwise they would have fixed, so why should they get any help?

In normal times I'd agree with you, but the current situation is anything but normal, and you and I both know it's not as simple or black and white as you're trying to make out

 

[ci_newman]

You could use the same argument to say that people who didn't choose to fix were obviously happy to pay the projected October/January/April capped rates, otherwise they would have fixed, so why should they get any help?

In normal times I'd agree with you, but the current situation is anything but normal, and you and I both know it's not as simple or black and white as you're trying to make out

Those who did fix *are* being given additional support though and given discounts on their fix despite the contracts they signed. Wanting cake and eating it because the discount "isn't enough".

[Edit] and in addition to that, *all* of the advice from every source was telling people to stick on the variable / SVT rate.

 

[Haggisman]

Those who did fix *are* being given additional support though and given discounts on their fix despite the contracts they signed. Wanting cake and eating it because the discount "isn't enough".

If someone is on a fix with such high rates that the discount doesn't bring them down to the govt. cap level, then they are already paying significantly over what everyone else is paying (and would be paying for the next 3 months at least). They're already being "penalised" for fixing, regardless of any exit fees

Curious what happens come January, will the discounts applied to fixes be increased, since everyone on "svr" will be getting a bigger discount if the predictions are accurate?

Edit: the advice given this time last year and early this year was also to stay on SVR; that didn't exactly play out very well!

 

[Goodie]

Oh come on fixing was a gamble, its always a gamble. People were gambling that the prices were going to go above and would benefit by paying lower.
The prices could have fallen for other reasons as well (most likely some resolution in Rus/Ukr) reduced the costs.

I would suspect the vast majority would be simply better off by coming off very high fixed deals and onto variable.
About the highest exit fees I saw were £300 per fuel but most were lower. Even worst case the total energy cost would still be below the fix they signed up to and hence were willing to pay previously.

You talk far too much sense for my liking!

 

[Mercenary Keyboard Warrior]

You talk far too much sense for my liking!

Thanks!

Don't hear that very often

 

[hornetstinger]

Would it be worthwhile to get solar panels? And just enough to run my home appliances? Say 2Kw.

 

[b0rn2sk8]

Would it be worthwhile to get solar panels? And just enough to run my home appliances? Say 2Kw.

If you mean getting a roof system installed then no. Go bigger, or don’t bother.

Winter generation on a 2kw system will be dismal and it’s not that much cheaper than putting a 4kw system up if one will fit.

 

[Simon0001]

Would it be worthwhile to get solar panels? And just enough to run my home appliances? Say 2Kw.

Most systems dont generate power for the house there on so are useless

 

[HungryHippos]

Most systems dont generate power for the house there on so are useless

Really? you have stats or evidence to support that?

 

[bigmike20vt]

Most systems dont generate power for the house there on so are useless

i promise you most systems are absolutely not useless (but in uk dont expect too much november - end of feb, those 4 months i generate about 200 kwh a month and rely on my battery charged off peak from the grid then, as well as some full priced power) .... but i do agree with B0rn2sk8 you need to go as big as you can fit on your roof and get a battery as well.

my system is 15 months old and in that time has generated 5611kwh. of that i have managed to use all bar 1940kwh myself, the latter of which i sold back to the grid (admittedly not for much which is why the battery is useful)


I could have gotten a bigger battery but am planning on an electric car to sup my spare power and possibly even supplement my house electricity. unfortunately prices of them have gone silly so that is on hold for now.

 

[hornetstinger]

If you mean getting a roof system installed then no. Go bigger, or don’t bother.

Winter generation on a 2kw system will be dismal and it’s not that much cheaper than putting a 4kw system up if one will fit.

It's more of getting a cheap solar power system, so it will provide enough power for lights, washing machine, fridge, etc etc.

Rather than paying £20,000 for panels and only getting a few P for putting energy back in the national grid.

 

[HungryHippos]

It's more of getting a cheap solar power system, so it will provide enough power for lights, washing machine, fridge, etc etc.

Rather than paying £20,000 for panels and only getting a few P for putting energy back in the national grid.

You have to put them somewhere though, by the time you've paid for scaffold, installers time, inverter, battery (maybe) etc, you may as well have bought 4kwp of panels to go on the roof.

If you can do a DIY Install then maybe, but it's not necessarily a simple task to do that, not impossible mind. You can put them anywhere you want within reason then, but proper roof mounted systems are more expensive via pros.

 

[bigmike20vt]

It's more of getting a cheap solar power system, so it will provide enough power for lights, washing machine, fridge, etc etc.

Rather than paying £20,000 for panels and only getting a few P for putting energy back in the national grid.

i think you need to get a proper costing rather than guessing on prices..... am sure they have gone up but my 15x340w panel system with 7.2kwh battery was £8320 15 months ago and my father inlaws 20x 415w panel system with 6.5kwh battery (a massive system fully blanketing both roof sides with very high end panels) is £13k and getting installed next month.

 

[hornetstinger]

I do have a outhouse, low ceiling so it's doable with just a step ladder. I'd say it's about 4M2 area roof

 

[MassiveJim]

It was 100% of a gamble as prices changing and or government intervention were 100% on the cards for anyone who signed up for the much higher rates, as they must have done that whilst the ongoing leadership process was ongoing.

They were "happy" to pay £3500 type unit costs when they though it may have saved them money vs everyone else. Why now not happy?
Oh because now everyone else may get it cheaper and the costs to reverse the decision to try to benefit are home to roost.

The point of fixing is to give certainty in what you will need to pay. If you fix you fix, with an associated get out penalty.
Thats not a bad deal TBH

How would you feel if it was reversed. If the energy supplier could say sorry costs are too high, heres £300 you are now paying the same high rates as everyone else.
Not very I suspect

what a silly argument.

people were only fixing to mitigate further costs, no one was doing it "happy" as you put it.
And nothing was 100% on the cards at all, the only thing that was (at the time) 100% on the cards were further price increases in January and then April.
Everyone who didn't fix was just hoping that something would come along, or they were gambling on either a government bailout or prices somehow magically reducing.

 

[HungryHippos]

I do have a outhouse, low ceiling so it's doable with just a step ladder. I'd say it's about 4M2 area roof

Youtube some DIY installation videos for solar, it's possible if you have the skills.

If the roof is flat, in theory you need planning permission depending on height. If it's a cheap DIY/small system you can just remove it whenever then probably not really likely to be an issue.