With Ofgem having announced that its price cap on default tariffs will be rising by 10% from October, it’s an ideal time to revisit the question of whether to lock in your energy prices for the coming year.
Fixed energy tariffs all but disappeared when energy prices started shooting up in the wake of the energy crisis in 2021, but now that wholesale prices have stabilised somewhat, they have become more common again. Indeed, at the time of writing, you can still find fixed deals that will work out cheaper than the October price cap. In addition to the price, though, you should also make sure you’re happy with any conditions, such as early-exit fees and requirements to have a smart meter.
A page on the moneysavingexpert.com website gives a good roundup of the available deals, but your decision should ultimately be based on whether you believe energy prices will go up or down. Tentative predictions currently point to a moderate rise in the energy price cap in January, meaning you could be paying even more during what will likely be the coldest three months of the year. Fixing your energy prices may give you peace of mind knowing that you’re insulated from price hikes.
It’s also important to make sure your heating system is working efficiently, so you use gas as efficiently as possible. Xgas can provide a boiler service in Chester to ensure your boiler working not just reliably but also efficiently, so get in touch to learn more.
