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Should I fix my energy tariff?

By EDF | Posted March 05, 2024

Stuck on energy tariffs? Should you fix your energy tariff or choose a standard variable one? And if you do fix, how long should you fix for?

Trying to figure out the best gas and electric deals can be a bit of a headache! Don't worry - we're here to help explain your options, so you can work out what's best for your household.

What is a fixed energy tariff?

A fixed energy tariff is a type of energy plan that locks in your gas and electricity price for a defined length of time, typically one or two years. Unlike variable tariffs, which shift when the wholesale energy market changes, fixed tariffs give stability and price certainty. But is fixing your energy tariff the right choice for you?

Should I switch to a fixed energy deal?

The decision to switch energy deals depends on how you or your household use energy.

What are the benefits of a fixed energy tariff?

  • Price certainty: With a fixed deal, you know exactly how much you’ll pay per unit of electricity and gas. This helps with budgeting
  • Protection from price rises: If energy prices go up, your fixed rate won’t change during your contract period
  • Peace of mind: No need to worry about your bill suddenly going up due to energy market changes

How to find the best fixed price energy deals

  • Compare plans: Explore fixed deals. Look beyond the headline price and consider exit fees, contract length, and customer service
  • Check price cap predictions: The energy price cap changes every three months. Consider future predictions when deciding whether to fix
  • Evaluate short-term savings: For example, fixing below the current cap during winter months can lead to short-term savings

What to consider before fixing your energy tariff

  • Contract length: Decide how long you want to fix your rates, for example, one or two years
  • Exit Fees: Check if you have to pay an exit fee if you leave your plan early
  • Renewable options: Some fixed tariffs offer zero carbon alternatives

Can I have a single fuel fixed energy tariff?

Yes, you're in complete control of your energy. For example, you can choose to have your electricity on a fixed tariff and your gas on a variable tariff. The important part is finding the right tariff to suit your household's needs.

Fixed tariffs 

With a fixed tariff, or plan, you pay a set unit price over the lifetime of your gas and electric contract. It helps you budget better and gives you peace of mind because the unit price doesn't change when energy prices go up, making it cheaper than our standard prices when this happens.

  • Your energy unit rate stays the same for the length of your contract
  • If energy prices go up, your unit price doesn’t change
  • Great for budgeting, as you’ll always know your energy unit rate

How to fix your energy tariff

Will energy prices go down?

While predictions suggest a potential decrease in the price cap, market changes remain uncertain. There are many factors which affect energy prices for example, supply and demand of energy, supply chain issues, global politics and even natural disasters. It's best to look at how your household uses energy, consider your situation and choose an energy plan that best serves you.

Should I get a fixed energy deal?

The short answer is: It depends! Prefer more flexibility and are happy to accommodate changing prices? Then a variable tariff might be right for you. Or, if price security and budgeting for the future is more important to you, then a fixed tariff could be your best option. If a fixed tariff isn’t the cheapest option at the time, think about whether you’d prefer to pay slightly more to guarantee your energy costs won’t go up.

Check out your options today with EDF!

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