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Fixed rate plans

Fixed rate plans

A “fixed price” energy tariff means that your unit rates stay at one price for the duration of the plan, usually about 12 months.

If you have a fixed price plan and your supplier announces a price rise, your rates will not change because they are 'fixed'. Fixed rate tariffs offer energy bill security, and no longer cost a premium over variable plans — compare now to find a competitive fixed price tariff for your home.

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The pros and cons of fixed price energy plans

If you’re still unsure about switching to a fixed price plan, check out our quick list of pros and cons of fixed rate energy:

Pros

  • Saving money in the long term, and peace of mind that price rises won’t affect your household
  • Having options — fixed rate energy plans have become so popular that you have your choice for cheapest, longest fix, and with or without an early exit fee.
  • Choice of supplier — nearly all energy suppliers offer a fixed rate plan now, and you can quickly compare fixed rate plans from one supplier to the next
  • Still getting a competitively priced energy plan — nearly all of the cheapest energy plans are fixed rate plans

Cons

  • A price decrease announcement, meaning your paying over the odds. (However, you can find fixed plans that do not have a cancellation fee, so you’re free to switch plans if prices drop)
  • Early exit / cancellations fees. These can range between £25 - £50 for switching away before your tariff ends

Should I get a fixed price energy plan?

Still not sure if you want to take the gamble? It might boil down to how you feel about your current financial situation, and how often you anticipate being able to compare the energy market for better deals.

If you are comfortable in paying a slight premium on your energy now for protection in the future, then you should compare fixed rate plans.

You can always run an energy plan comparison to see all the plans out there that offer savings on your current plan. Then check which of those plans are fixed rate plans.

Fixed plans currently available

So you know the pros and cons of fixed price energy, but kind of plans are currently on the market? Below is a table of the cheapest fixed plans currently available.

Supplier Plan Name Price
avro energy Simple and Select £770 Compare now
First Utility First Fixed August 2017 £778 Compare now
So energy So Falcon £779 Compare now
GB Energy Fixed 12 Crystal £780 Compare now
Affect Energy Fixed Saver August 2017 £782 Compare now
SSE SSE 1 Year Fixed £782 Compare now

This table's average bill sizes are based on a medium energy user paying monthly by direct debit, with bill sizes averaged across all regions. Does not include energy tariffs available solely through private initiatives such as collective switching schemes.

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What should I do when my fixed price plan ends?

It's important to know that when your fixed plan ends and you do not proactively switch to a new plan, your supplier will roll you on to their standard tariff. This tariff is their most expensive.

To avoid your energy costs going up, compare all available energy plans online. You can do this up to 49 days before your fixed plan ends, even if you have an early exit fee.

To learn more, read our energy tariff ending guide.

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