Best 1, 2 & 3 Year Fixed Energy Deals
What is A Fixed Price Energy Deal?
A fixed-rate energy deal means that your gas and electric unit per kWh remains the same for the whole contract period. Most suppliers offer fixed plans of 1 year, 2-year and 3-year plan according to your budget and requirements.
The fixed energy tariff also depends on your region because different regions have different unit prices and daily standing charges per kWh.
If you are on a standard variable, the price of your dual fuel bill can vary if the energy prices go up and down. One cheap bill for the current month does not mean that your next bill will be cheap or expensive. It’s a bit of a surprise game in standard variable plans.
In a Fixed energy deal, you won’t get affected by market price fluctuations. You will be getting the same bill every month for the whole number of fixed tariff years.
What Are The Extra Options If I Go For A Fixed Energy Deal?
In a fixed-rate energy deal, the daily standing charges and units/kWh are fixed but you will have to take some things into consideration first.
When choosing a fixed plan, it is best to know your average yearly energy consumption. This will help you get the best fixed energy deal possible. You can calculate your kilowatt per hour by using a smart meter or a smart device.
It is also very beneficial to use dual-fuel fixed deals. Single fuel fixed energy deals are often more expensive than dual ones. Most of the people, who switch from standard variables to fixed tariffs or switch from one supplier to another supplier for a cheaper fixed deal, choose dual fuel for cost-effectiveness.
Method or mode of payment also plays a vital role to further cut down fixed energy deals cost. Choosing online billing and monthly direct debit saves you a lot of money within these fixed energy tariffs.
Most suppliers have a green tariff for those who care about the environment and want clean energy. The green fixed tariff prices are higher than the normal ones because of the higher infrastructural and operating costs to get you clean energy.
You can also choose between Economy 7 and standard fixed tariffs. Economy 7 tariffs are a lot cheaper in off-peak hours but can be much more expensive during peak hours. Standard tariffs charge you the same whether off-peak or not.
What Are The Advantages Of Fixed Energy Deals?
The first and foremost advantage is you won’t be in for a surprise every month for a different energy bill in a fixed tariff.
For example, if you fill up your car to the top and your car averages around 400km per tank. It means that can take a road trip of 400km without having to worry about filing it up again.
The same goes for fixed energy deals. Knowing your average yearly energy consumption and getting a fixed deal means you won’t have to pay for anything else for the length of the energy contract.
The second advantage mainly focuses on market competition. Who doesn’t want to get more customers? Right? Energy suppliers offer discounts on various fixed energy tariffs to get more customers.
According to Ofgem, as of September 2020, there are 55 energy suppliers operating throughout the UK. The fierce competition between them results in the cheapest fixed energy deals ever to hit the market. It is a major plus for the end-user.
What Are The Disadvantages Of Fixed Energy Deals?
Well, apart from lots of pros, there are a few disadvantages that come with fixed energy deals.
As these tariffs hook you up for a certain amount of time, it is tricky when you want to get out of the plan earlier than expected. This could result in high early exit fees. Exit fees vary from supplier to supplier.
Another biggest disadvantage is that if the energy wholesale prices get cheaper, you won’t get that price benefit on the fixed deal. But, Ofgem statistics show that more people are opting for yearly fixed plans rather than considering price adjustment in the wholesale energy market.
Best 1 Year Fixed Dual Fuel Energy Deals
Following 3 energy suppliers provides the best 1 year fixed energy deals. Also, their ratings on consumer rating sites is above average.
|Supplier||Monthly FixedEnergy Bill||Yearly FixedEnergy Bill||Early Exit Fees|
|Outfox The Market||£85.68||£1028.00||None|
|Pure Planet||£85.53||£1026.39||£30 per fuel|
|So Energy||£86.42||£1037.10||£5 per fuel|
Best 2 Year Fixed Dual Fuel Energy Deals
There are a handful of suppliers who offer 2 years, 24 months and 25 months of energy deals.
|Supplier||Monthly FixedEnergy Bill||2-year FixedEnergy Bill||Early Exit Fees|
|EDF||£93.37||£2334.25 (25 months)||£35 per fuel|
|OVO Energy||£95.36||£2288.00||£30 per fuel|
|Shell Energy||£97.72||£2443.25 (25 months)||£50 per fuel|
Best 3 Year Fixed Dual Fuel Energy Deal
At the time of this writing, only one supplier is offering a 3 year, 36-month deal. The £72 early exit fee can be a true burden if you want to switch suppliers before 36 months.
|Supplier||Monthly FixedEnergy Bill||3-year FixedEnergy Bill||Early Exit Fees|
|Green||£98||£3528||£72 per fuel|
How do I get a fixed Energy Deal?
It is a simple process.
- Choose the best 1, 2 &3 year fixed energy deals from the above tables.
- Ask the supplier for a quote according to your region and postal code.
- Fill in your average yearly KWh usage for both gas and electricity.
- The supplier will show you fixed tariffs.
- Compare your current plan written on your bill to the one you’re willing to fix.
- Select a switching company to shift you seamlessly within hours.
- That’s about it.
All suppliers are required to deliver you a notice 49 days before the fixed energy deal contract date expires. You can expect a letter, SMS / Call or an email regarding the end of contract details and renewal procedures.