Energy prices are rising yet again with the latest change seeing a 10.0% rise to the Energy Price Cap set by energy regulator - Ofgem. This latest change will add a further £156 to the average UK energy bill, taking the average annual bill from £1,568 to £1,724.
As we head in to Autumn/Winter, these colder months are where we use around 75% of our annual gas consumption as we reach for the thermostat to warm our homes. As such, thousands of UK consumers are scanning the market to see what they should do. The answer, to if you should fix your energy prices, is simply - yes. Right now, we urge all customers on their energy supplier's 'Standard Variable' tariff, to switch to a "fixed rate" energy tariff.
More so, if you are 1 of the 10 million pensioners who have had their Winter Fuel Payment revoked by the new Labour government. Here, these customers aren't just seeing a 10.0% rise to their energy bills, but, factoring the lose of a maximum £300 towards their energy bills, this results in a 36.0% price rise heading in to the coming colder months.
NOTE: The prices below are based on an average UK energy consumption of 2,700kwh Elec and 11,500kwh Gas per year. In the industry these are referred to as Typical Domestic Consumption Values (TDCVs).
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.
| Supplier | Tariff Name | Estimated Annual Bill |
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Estimated Annual Bill is based on prices from the London region with an annual gas consumption of 11,500kWh and electricity consumption of 2,700kWh. Your energy bill will vary depending on the region you live in and your annual energy consumption.
Advantages of this type of tariff are:
Disadvantages are:
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.
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.
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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The Energy Shop is a free, independent and impartial energy comparison service. We can help you compare and switch energy suppliers to save money. Our service is accredited by the Ofgem Confidence Code.
