So how do I find the best deal? (From Bradford Telegraph and Argus)

So how do I find the best deal?

4:33pm Tuesday 5th July 2011 in News

Since the price hikes hit, I’ve been swamped with questions about fixing, so let me answer them here:

Q. How do I find my cheapest fix?

A. It depends on where you live and usage, so just plug your details into a Consumer Focusapproved comparison site and click the ‘show only fixed tariffs’ tab. Or to get up to £40 added cashback on top of your switch, see the special links at moneysavingexpert.com/ gaselec

Q. Is Scottish Power’s new price on comparison sites?

A. Yes, results are now based on the POST-rise prices. Good for all but existing Scottish Power customers who should compare using kilowatt hours used, not cost, as sites now inaccurately assume the past bill was accrued at post-rise prices, so it thinks you’ve used less than you have.

Q. Should I call my existing provider to fix?

A. No, no, no and no. This isn’t about grabbing any fix; that could leave you locking-in at a high cost. It’s about locking-in on the cheapest fix, so do a comparison (if your supplier is cheapest, at least then you’ll know).

Q. The comparison showed me it’ll cost MORE to fix?

A. This is common if you’re already on a cheap discount tariff. Prices are predicted, though not guaranteed, to rise by ten to 20 per cent, so if the additional cost of a fix is even more than that, it’s likely to be best to stay put (unless there’s yet another set of price rises afterwards). If the gap’s less, balance savings now against a fix’s price certainty.

Q. Should I ditch my current fix to fix again?

A. Past fixes are likely to be much cheaper than current ones, so generally stick with them (compare to check). Yet if you’ve only a short time left, the risk of waiting is today’s cheapest fixes will be replaced by costlier versions, so balance the cost of waiting against the £50-to-£80 exit penalty.