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Is it time to fix your energy deal?

As the energy market crisis approaches its first-year anniversary in September with a second consecutive price cap increase announced for October, you could soon be in a position to fix your energy deal if you wish to do so. What do you need to know before deciding whether it’s the right move for you?
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As a result of various factors, wholesale energy prices rocketed last autumn and haven’t yet lowered significantly. This had a knock-on effect for the price cap, which will be raised and frozen for six months in October 2022 to £2,500 per year for a medium use average-sized household paying by Direct Debit.

With these figures in mind, it may now be worth locking in a fix if you want to be sure about the amount you could pay. 

It’s worth considering the deal options that are available, though. It’s likely that the only attractive deals will be offered by suppliers to existing customers who are on their standard variable tariff (which is the vast majority of people now).

Find out if fixing your energy is an option with the Uswitch Quick Checker

If you're unsure about what might be best to do, the Uswitch Quick Checker is here to help. All you need is your postcode and your current plan name and our system will provide a recommendation based on factors including your current energy spend and usage. You can get started by clicking the button below.

What are the dos and don'ts of switching to a fixed deal now?

  • Do consider exit fees. You may change your mind about your fixed deal and want to switch. If this happens after your 14-day cooling-off period, you might have to pay an exit fee. Not all tariffs have them but some do, so make sure you know whether yours does. 

  • Do consider the length of the deal. Most deals are for 12 or 24 months. During this time the price cap could rise or fall depending on market conditions, so consider how long you would like to stay locked in for. 

  • Do stay informed. It’s important to keep a close eye on the market and run regular comparisons to see what deals are on offer. By signing up to alerts, you will be able to stay close to what’s happening in the energy market and be informed when a good deal comes along. 

  • Don’t just go for the first deal you’re offered. Just because a deal is available doesn’t mean it is a good one or the right one for you. Consider the price of the deal, how long it is for and how important stability is for you right now.

  • Don’t get a deal you cannot afford. Make sure you can afford the deal you choose to take and do not feel pressured into taking one that you will struggle to pay for. 

  • Don’t just look at the direct debit amount. The price you pay through Direct Debit each month is usually based on the estimated amount you will use over a year and may not be the actual cost. Make sure you look at the unit price and standing charge so you can understand how much you will be charged for your energy usage and how it differs from what you are currently paying.

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