A fixed rate energy tariff will provide you with a fixed energy rate for a specified period of time. Typically this is 1 – 2 years however occasionally there are longer fixed rate terms available. During that time you will pay the same amount for your gas and electricity regardless of any price changes in the market.
The table below shows the cheapest fixed rate tariffs currently available on the market. If you want to see how any of the following fixed rate deals compare with the rest of the energy market, enter your post code to the side and click Compare prices. Alternatively, see below the table to find out more about fixed rate tariffs.
|Supplier||Tariff||Average Annual Bill*|
|Co-op Online February 2018||£877||Continue|
|Simple and Savvy||£890||Continue|
|iFix 12-Month Jan18 V2||£902||Continue|
|Bristol Energy 1 Year Fix Issue 7 Paperless Billing||£907||Continue|
|Double Gold Fixed 11||£919||Continue|
|Fix For Longer Feb 2018 v2||£925||Continue|
|Bristol Energy 1 Year Fix Issue 7 Paper Billing||£931||Continue|
|Together - January 2018 - fixed 42 (Paperless Billing)||£933||Continue|
|The Energy Deal Afford Online||£933||Continue|
*Based on usage of 3,100kWh of electric per year and 12,500kWh of gas per year. Shows average price across all regions. Assumes payment is made by Monthly Direct Debit. Only showing tariffs which are generally available across most of the UK.
Fixed rate tariffs are great if you want stability in your fuel costs. If gas and electricity prices go up then you are protected from these prices rises for the length of your fixed term.
However the downside is that fixed energy plans are often not the cheapest on the market and if you wanted to leave your current energy provider and switch tariffs before your contract is due to end, then you may face a cancellation fee as a penalty - but you should ensure you check for this when comparing as some suppliers choose not to charge them, to help attract more customers.
Also if gas and electricity prices go down then you will still be paying your fixed rate costs, so in this respect fixed rate tariffs carrying a termination fee (also known as a cancellation or exit fee) may represent something of a gamble, depending on how much it costs you to get out. As such, be sure you factor this fee in to any comparisons when looking to switch away.