British Gas customers should DO NOTHING and ignore messages to one click switch that could cost them £100s a year more

 

 

There are no fixed deals cheaper than the price cap right now

As things stand, switching to a fixed energy deal is over 60% more expensive than rolling onto the standard variable tariff. In November 2020, the cheapest fix was £830/yr for typical use but this has since doubled. 

Taking the British Gas example - its Exclusive Fix May 2023 tariff offered in the email costs a typical user £1,621 a year. But while this is the cheapest fix we've seen for existing British Gas customers, it's still £344 more expensive than the current £1,277 a year price cap. British Gas, however, argues that while the fixed rate is more than the current price cap, it feels it reflects what the price cap might rise to come April 2022. 

See the graph below for a breakdown of how the price cap compares to fixing, although bear in mind that energy experts, including Martin, have predicted that the energy price cap might increase in April 2022 by a "horrid" 40%+ as wholesale prices continue to rise. 

If you've accepted the switch and it's been less than 14 days you still have time to cancel it

You have a right to cancel the British Gas switch if you initiated it less than 14 days ago. You have two options when it comes to cancelling your tariff:

• Call the British Gas Energy helpline on 0330 100 0056.

• Alternatively, you can fill out the British Gas Tariff Cancellation Form and send it back to the energy firm using the email cooling-off@britishgas.co.uk.

What does British Gas say?

Centrica, which owns British Gas and Scottish Gas, declined to comment.