Should I fix my energy tariff?

Unfortunately not, but it’s still worth checking with your current supplier that you’re on the best tariff they’re offering. Fixed rate tariffs are typically far higher than the April price cap at present, and you’re very unlikely to find any worth switching to on a comparison website.

However, there have been a few attractive deals that providers are offering existing customers over recent weeks, although these tend to disappear within hours. For example, E.on was offering a one-year fix called Fix 1 Year v 12, which cost £2,270 a year for average energy users, or £299 more than the new price cap, which is a good deal given expectations of further increases later this year.

Martin Lewis from MoneySavingExpert.com says that it’s worth fixing if you can get a fix that’s no more than 30% above the April price cap. So keep an eye on your current provider’s offers, and be prepared to switch immediately if you want the peace of mind a fixed rate tariff could provide, and you manage to find a decent deal.

At the time of writing, for example, Octopus energy was offering a Loyal Octopus fixed tariff at £2,850 for 10 months for customers who have been with the provider for at least eight months. However, this is more than 40% above the price cap, so it depends how much you want the security.

Author: wpadmin

Leave a Reply

Your email address will not be published.