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Energy Tariffs
Fixed rate energy tariffs
Article updated: Friday 27 May, 2011
If you’re worried about the rising cost of your energy bills, and want to protect yourself from further possible increases in the coming year then a fixed rate energy tariff might just be the peace of mind you’re looking for.
Fixed energy tariffs promise not to increase the cost of your gas or electricity - or both if you’re a dual fuel customer - for a set amount of time, even if prices across the rest of the market sky-rocket.
However, depending on the energy supplier and the tariff you sign-up to, you might have to pay a bit more than the current market-leading tariff. And if prices go down during your fixed price period, you could be left paying a much higher price for your energy.
Read our breakdown of some of the UK's fixed price tariffs, and see if you can save money by switching...
E.ON fixed rate tariffs
E.ON has launched its Energy Saver tariffs. These dual fuel deals allow you to fix your gas and electricity prices for a set period. The latest tariff, Fixed Price 5, guarantees your prices until 1 July 2013.
Fixed Price 5 offers an 8% discount for dual fuel customers who pay monthly by direct debit.
And, you not only earn Tesco Clubcard points for money spent on energy, but can also exchange your Clubcard vouchers for online tokens to pay towards your energy bills.
This aspect of the deal makes Clubcard vouchers worth more than their face cash value, as for every £10 of Tesco Clubcard vouchers exchanged, E.ON adds 50%, so you will see £15 deducted from your bill.
E.ON has also launched the StayWarm fixed price tariff, designed specifically for the over-60s, which allows you to fix your energy prices for 12 months. You must take both gas and electricity from E.ON and pay by monthly direct debit with this tariff, but the amount you pay is based on the number of people who live in your home and the number of bedrooms it has.
After your first year, E.ON reviews your energy consumption and will quote you a new price for the next 12 months.
Information on E.ON's fixed price deals are available through our energy comparison service, just enter your postcode, details and select compare capped tariffs.
Scottish Power fixed rate tariffs
Scottish Power offers its Platinum Fixed energy deal which runs until January 2014.
Dual fuel customers also save an extra £16.80 a year and if you choose to manage your account online, you could save an additional £15.75.
It is important to note that if you cancel your supply contract for any reason other than moving house or switch to another tariff before 31 January 2014, cancellation charges will apply. These are £30.64 for electricity and £20.42 for gas.
Information on the Platinum Fixed energy tariff is available through our energy comparison service, just enter your postcode, details and select compare capped tariffs.
EDF fixed price tariffs
EDF Energy offers its Fixed Price 2014 which guarantees your prices until 31 March 2014. Paying by monthly direct debit qualifies you for an additional 6% discount and dual fuel customers get a further £8.40 off a year.
If you decide to leave the tariff or change supplier, you may be charged an early termination fee of £35 for gas and £35 for electricity - so £70 for dual fuel customers - if you leave before 31 March 2012.
If you leave between 1 April 2012 and 31 March 2013 it will cost £15 for gas and £15 for electricity, though if you withdraw between 1 April 2013 and 31 March 2014, no early termination fee will be applied.
New tariffs
Other energy providers such as npower and British Gas (www.britishgas.co.uk) have offered fixed energy tariffs in the past, so keep your eye on the market to ensure that you get the best possible price for you energy.
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