How to find the best fixed rate energy deal for you

As energy prices continue to fall, and with the latest news from energy regulator - Ofgem announcing a further 12.3% reduction in the Energy Price Cap from 1st April 2024, many customers are wondering if now is a good time to fix or not and, if so, whether to opt for a 1 or 2 year fixed energy tariff. With energy prices dropping, taking a fixed rate could be a gamble, so you need to consider all options and decide if you should fix your energy prices.

If you have decided to "fix" your home energy bills, then you've come to the right place to see which deals are currently available on the market. 

NOTE: The prices below are based on an average UK energy consumption of 2,700kwh Elec and 12,000kwh Gas per year. 

In addition, for a suitable energy comparison, here are where energy prices are predicted to go as we move through 2024 for those on a 'Standard Variable Tariff' i.e. someone who hasn't switched to a specific tariff. 

  • 1st January 2024 = £1,928 (Actual)
  • 1st April 2024 = £1,690 (Actual)
  • 1st July 2024 = £1,462 (Predicted by Cornwall Insight)
  • 1st October 2024 = £1,521 (Predicted by Cornwall Insight)

What are the best fixed gas and electricity prices?

The table below shows a live list of the best 10 fixed rate energy tariffs on the market today ranging from 1 year to 2 year fixed energy deals.

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Supplier Tariff Name Estimated Annual Bill

Estimated Annual Bill is based on prices from the London region with an annual gas consumption of 12,000kWh and electricity consumption of 2,700kWh. Your energy bill will vary depending on the region you live in and your annual energy consumption.

Advantages and disadvantages of being on a fixed rate energy deal

Advantages of this type of tariff are:

  • The security of knowing exactly what your energy bills will be i.e. the unit rate per kilowatt hour (kwh) and the daily standing charge
  • Immunity from price rises until the end of the tariff

Disadvantages are:

  • Slightly higher prices
  • Higher exit penalties
  • No benefit if prices fall

What is a fixed rate energy tariff?

This type of tariff benefits from the unit price being set at a certain rate for the life of the tariff. It is important to note that this does not mean your energy bill will remain the same - if you use more energy, your bill will be more. If you use less energy your bill will be less - it is the price you pay per unit of energy that is fixed.

With this type of plan you know exactly what your energy will cost you for the life of the tariff, if you keep an eye on your consumption. These energy tariffs can be fixed for any length of time, for example 12 months, or 5 years. You will normally find that the longer the tariff is fixed for, the more expensive it will be as suppliers allow for the fact that there is more likely to be a price rise if you are on the tariff for a longer period.

Is a fixed price the same as a capped price?

No! With a fixed rate, whether market prices go up or down, yours will remain the same. With a capped rate, prices will change in line with the market, but will not go over a set limit. So if market prices go down, your rate will go down, but if market prices go up, your rate will not rise above the cap. Capped price tariffs can be a little more expensive than fixed rate but you will benefit from the flexibility.

Where can I get a fixed energy tariff?

Our energy price comparison tool can show you the best priced fixed rate deal for your gas and electricity. Just select 'Fixed rate' in the filter box and start comparing prices today. 

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