Fixed price energy tariffs (fixed utility costs) allow UK consumers to fix their energy prices (Gas & Electricity prices) to defend against price rises in the future. If you want to safeguard yourself against the energy price rises, than a fixed price energy tariff would give you peace of mind.
However, is a fixed rate tariff right option for you? Is it the cheapest energy tariff? Will it save you money on your bills? What happens at the end of your fixed price energy contract?
What is a fixed price energy tariff (fixed rate utility tariff)?
A fixed price energy tariff (Fixed price gas and electricity tariffs) offers you the guarantee that the price of your energy bills will not go up.
Depending on the energy tariff, your energy price could be fixed from one to four years.
When you decide to go for fixed rate energy tariff it’s worth making sure that the standing charge has been included in the fixed price contract, as this could increase your energy bills.
Fixed price energy contracts can also be more expensive than the available cheapest online energy tariffs (online gas tariffs / online electricity tariffs / online dual fuel tariffs). Moreover they come with high cancellation fees if you switch your energy tariff before your current energy contract is due to end.
If energy prices do go up than you will make big savings, but if they don’t or go down, you could end up paying more than you otherwise could have.
What should I do when my fixed energy price contract comes to an end?
When your fixed energy plan is coming to an end, the first thing you need to do is find out (via renewal letter) which tariff they are willing to put you on. They may offer you “standard price tariffs” or a chance to fix your price again.
Be aware, that Standard energy tariffs are one of the most expensive plans in the whole market. And the renewal fixed price plan offered by your current energy supplier can be more expensive than the available fixed price plans in the domestic energy market.
So, once you know what energy price plans you been offered by your current supplier:
Compare all online energy price plans and find out which one is the best option for you.
Once you know you are saving money by switching your energy supplier, it’s time to secure you future energy prices – Switch your gas and electricity supplier.
Where can I find fixed price energy tariffs on the freepricecompare.com?
We have designed a special comparison tool which is really easy to use and lets you compare fixed price plans in the entire market.
Alternatively, you can compare the energy tariffs by calling our experienced London based team. They will always be happy to help you find the best deals and answer any questions. You can call the team on 0203 4757 476.
Compare and see how much you can save on your energy bills