Worried about rising gas and electricity prices? We reveal the top five fixed energy deals to help you save cash.
Five of the biggest six energy companies announced price rises this autumn. If you want to avoid future price hikes, you might want to consider switching to a fixed rate energy deal – which guarantees the price you’ll pay per unit of gas and electricity for a set period of time.
To help you choose the best tariff, we’ve found the top five cheapest fixed deals, based on using a typical amount of gas and electricity each year and paying by direct debit.
You can also find out which is the best deal for your specific circumstances by comparing energy prices with Which? Switch.
Top five cheapest fixed energy deals
The top five cheapest energy deals on the market at the moment are:
- Eon Energy Fixed 1 Year (online version) v5 – £1,167.63
- Eon Age UK Energy Fixed 1 Year (online version) v5 – £1,167.63
- Ovo Energy New Energy Fixed + Ovo Just Reward – £1,175.38
- Eon Energy Fixed 1 Year (offline version) v5 – £1,178.13
- Eon Age UK Energy Fixed 1 Year (offline version) v5 – £1,178.13
All the current cheapest deals available are from Eon and Ovo – suppliers which haven’t yet announced price rises this autumn. See more on this winter’s energy price rises.
Which deal is the cheapest for you will depend on how much energy you use and how you pay – for example if you don’t pay by direct debit you may find a different deal is cheapest.
Fixed deals offer longer-term peace of mind but can sometimes be up to 20% more expensive than variable tariffs.
The cheapest variable tariff on the market at the moment is Spark Energy’s Spark Advance 2 at £1,116.41 a year.
Customers on fixed deals won’t benefit from any price cuts energy suppliers make during the period they have signed up for. And if you choose a fixed deal you need to make sure you check what exit fees it comes with (applied when leaving the deal before the set period ends). See our energy tariffs explained guide for more information.
Cut energy use and save cash
Five of the biggest six energy suppliers have announced price rises of up to 11% this autumn.
And with almost half of consumers (43%) worried about getting into debt as a result of rising energy prices it’s worth knowing how else you can save gas and electricity.
Here are some simple ways to cut energy costs this winter:
- Buy energy saving light bulbs – this could save you £60 a year. Find out which are the best energy saving lightbulbs
- Turn down your thermostat – cutting the temperature by just one degree Celsius could save you up to £65 a year
- Cut draughts – stopping heat escaping from your doors and windows could save you £75 a year
- Insulate your home – proper insulation in your loft and cavity walls can save you up to £320 a year. Find out more about how to buy loft insulation.