The price cap set by energy regulator Ofgem is going down by around 7% for the average consumer. However, consumers willing to go on a fixed energy tariff may find they can do better than the July price cap.
While fixed-rate tariffs can a be double-edged sword, they give peace of mind that energy prices won’t skyrocket in response to geopolitical events that jeopardise the supply of natural gas. Fixes typically last for a year, but two-year fixes are also available. On the downside, as a consumer you may not be able to benefit from any future drops in retail prices. This is because some suppliers charge an early exit fee for leaving before the end date. You can compare the options on comparison sites like the Cheap Energy Club on MoneySavingExpert.com.
While no one can know for sure what will happen in the coming year, current predictions are pointing towards modest rises in the price cap. What’s more, some deals are offering much wider flexibility. Octopus, for example, have a fixed tariff that has no exit fee but is still cheaper than the July price cap. This means you can easily switch tariff in future should energy prices fall.
Ensuring heating is running efficiently and replacing an outdated boiler are also important for reducing energy bills. Xgas can send heating engineers to Wrexham and other homes in nearby places like Chester and Ellesmere port. Get in touch to learn more.