Should you switch to a fixed-price energy deal?

With energy prices having spiked in recent years, you may be wondering if it’s worth switching to a fixed energy tariff to give yourself some security. Here’s a quick look at the options.

While energy suppliers used to be very competitive, there are unfortunately very few attractive fixed deals. The website estimates that based on current forecasts, a deal would need to be fixed at 18% less than the current price cap to make it worth considering. It bases this on switching to the Pledge tariff from E.on, which is always 3% lower than the energy price cap set by Ofgem.

Other deals can be cheaper, but they can be complicated or involve an element of risk. For example, Octopus Energy offer variable rates priced on a daily or half-hourly basis that have been cheaper than the price cap. Of course, with this type of deal prices could rapidly spike and leave you with higher bills. Utility Warehouse, meanwhile, offers a 20% 12-month fix, but you need to take out two further services with the company to get the deal.

There is also a possibility that the market may become more competitive in April when the average energy bill is set to fall by 12%, so you may instead prefer to wait at least until then. The best way to cut energy costs is to use less energy, and a yearly boiler service can ensure that your gas or oil boiler is working efficiently. Get in touch with Xgas to arrange a boiler service in Wrexham and the surrounding area.