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Protect Yourself from Rising Prices with a Fixed Rate Tariff

Jordan Torres

We understand that energy costs can be a concern for many households, and we want to help you make informed decisions to manage your energy expenses effectively. In this blog post, we'll explore the benefits of switching to a fixed rate tariff. According to Cornwall Insights, the energy price cap will likely rise in 2024, so now could be the time to lock in a rate that provides stability and peace of mind.

If you’ve already decided, you can get your personalised quote for our latest 100% green fixed rate tariff here.

The Impending Energy Price Rise:

As you might know, the energy price cap in the UK helps protect customers by capping the maximum amount energy suppliers can charge for standard variable tariffs. However, this cap is not fixed and can vary based on market conditions. Despite the cap lowering from October 1, recent reports predict that the cap is set to rise afterwards, possibly resulting in higher energy bills for households across the country.

graph showing energy price cap over the next year

Take Control with a Fixed Rate Tariff:

Switching to a fixed rate tariff can bring numerous benefits and protect you from future price increases. Here are the key advantages to consider:

1. Price Protection:

With a fixed rate tariff, you'll lock in your energy rates for a certain period, providing you protection from any spikes in energy prices or subsequent increases in the energy price cap. You can better plan your budget knowing that your energy costs will remain consistent over the fixed period. We wrote a blog comparing fixed and variable tariffs that you can check out here.

2. Help Budgeting:

With a fixed rate tariff, providing you with stability and predictability in terms of your monthly bills. You can better plan your budget knowing that your energy costs will remain consistent over the fixed period.

3. Long-Term Savings Potential:

Fixed rate tariffs can offer competitive rates, allowing you to potentially save money compared to standard variable tariffs in the long run. By locking in a favourable rate, you can protect yourself from future price rises, potentially avoiding the need to constantly switch tariffs to keep your costs down.

Given the anticipated rise in the energy price cap, switching to a fixed rate tariff is a smart move to protect yourself against future price increases. If Ofgem increase the price cap, or your supplier announces a price rise, your prices won’t change. With price stability, potential savings, and greater control over your energy usage, a fixed rate tariff offers peace of mind at a time when energy bills are still a worry for most.