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Fixed-price deals are not affected by the energy price cap, which changes every three months and can go up or down. <\/p>\n
They offer certainty for a set period – often a year, or longer – but if energy prices drop when you are on the deal, you could be stuck at a higher price. You may also have to pay a penalty to leave a fixed deal early. <\/p>\n
Ofgem, the energy regulator, says customers who want the security of knowing what their bill will be should consider moving to a fixed deal before April. However, it says they should make sure they understand all the costs.<\/p>\n
Martin Lewis, founder of Money Saving Expert, told the BBC that the level of fixed deals currently on offer means that switching is a “no-brainer”.<\/p>\n
He recommends checking whole-of-market energy price comparison sites to help find the best deal. They should also consider waiting a little while as some “good tariffs are being launched”, Mr Lewis said.<\/p>\n
However, analysts at consultancy Cornwall Insight who monitor the energy market have predicted that the cap could fall back again in July, to close to the current level.<\/p>\n
Ofgem says around four million customers have moved to a fixed tariff since the last price cap announcement, in November 2024. <\/p>\n<\/div>\n