Your Complete Guide to Fixed Price Energy Tariffs
One of the most common questions we get here at Love Energy Savings, is regarding fixed price energy tariffs and exactly how they work. With the incessant price hikes that have occurred over the last few years, fixed price energy deals have risen in popularity as business and domestic energy customers look to stabilise how much they are paying for their gas and electricity. However, finding the best fixed price energy tariffs can be an arduous task and can also be quite complex, so as well as taking care of all the hard work for you, we have also put together this latest addition to the Love Energy Savings Energy Guides…
How Do Fixed Price Energy Tariffs Work?
With an ever increasing amount of home energy and commercial customers learning about the appeal of fixed price energy deals, suppliers across the UK have been responding by bringing out a range of different packages and tariffs. You basically need to find the one that suits your locale and usage the best, to ensure you are getting the most for your money. Love Energy Savings can take care of all of this for you, but you can also see a roundup of the latest rates by going to our suppliers section. Here you will be able to see a comprehensive selection of the best fixed price energy tariffs.
Should I Opt for a Fixed Price Energy Deal?
Fixed price energy tariffs basically offer you the insurance that if your supplier decides to ramp up their prices, as they tend to do these days, then you will not impacted financially. Depending on which domestic or business energy supplier you go for, you could lock in your prices for anywhere between one and four years. Although you may not necessarily be paying the lowest amount, you will be safeguarded against providers such as the Big Six, who have been criticised heavily for the consistent increase in their energy prices. It is however, important to bear in mind that once you are tied into this fixed price energy deal, it is tricky to get out of it and doing so will leave you with fees to pay.
Pros & Cons of Fixed Price Energy Tariffs
Although there are pitfalls to deciding to go for a fixed price tariff for your home energy or even business gas and electric, they can sometimes represent the best value. Towards the end of last year, Love Energy Savings saw lots of fixed price deals appear in the best buy charts. So, some suppliers do appear to be genuinely finding a balance between protecting your prices and also offering the most competitive market energy rates.
Entering into such a tariff may not necessarily be the best option for you and your individual circumstances. The best thing you can do is take advantage of the free fixed price energy comparison service available here at Love Energy Savings and let our energy experts advise you on the best course of action.
What Happens At The End Of A Fixed Price Contract?
This is where you have to be a little bit savvy, or let Love Energy Savings look after your renewals by getting a free energy comparison. Energy suppliers have been lambasted for automatically switching business energy customers and households to their standard plans once a deal has expired, this is nearly always the most expensive option and once they have rolled you over, it can be tricky to get prices back down again. It is best to get in touch with your gas and/or electricity supplier before the deal expires and decide whether or not you want to take another fixed price energy deal, or perhaps switch to a more flexible contract. Again, we are here to help with any aspect of this and can take care of any negotiations with your energy suppliers, free of charge.
Are Fixed Price Energy Tariffs Always Recommended?
In summary, using our fixed price energy comparison and choosing to lock in your energy prices can be somewhat of a gamble. Think about it a lot like going for a fixed rate mortgage. It does protect you from price hikes but the chances are that there will be others paying less for their gas and electricity. If stability is what you are looking for, then a fixed rate energy plan could well be the way forward. With the recent inquiry called by Ofgem, we could see less providers increasing their prices but with the energy sector being so volatile, no one knows what the future holds. The best thing for anyone who is isn’t sure, is to let energy experts look into their current deal and usage and find them the most appropriate energy tariff.
You can do just that by taking advantage of the energy comparison service available here at Love Energy Savings. We are the only UK energy comparison site which offers real time prices online, with no annoying call back or lengthy forms needed. If you would like to speak to one of our energy specialists about your business energy or home energy situation, then you can call us free of charge on 0800 988 8375.