Money Wellness
Electricity pylons at dawn
category iconbills
category iconcost of living
calendar icon26 Jun 2023

Should I fix my energy bill?

Some energy providers are starting to offer fixed deals again. So what should you do if you’re offered one?

Deals for existing customers

Providers including Octopus, Ovo, So Energy and E.on are offering fixed deals to existing customers.

Deciding whether to fix isn't an exact science as we can’t predict with any certainty the future of energy prices.

From July, the typical household will be looking at an annual energy bill of £2,074. Taking into account what experts are predicting, a fixed rate under this amount could be a deal worth taking.

If you value the certainty of knowing what you'll pay each month, it may even be worth considering fixing at the £2,074 mark or even slightly above.

Deals for new customers

As well as the deals for existing customers, there are some deals that are available to everyone.

Utility Warehouse is offering a one-year deal below July’s price cap. But to qualify, you also need to take out at least two of the company’s other services. These include boiler cover, broadband and a mobile sim.

You should check these other services are competitively priced before signing up or any savings you make on energy could be wiped out.

If you see a fixed-rate deal you want

Once you’ve decide it makes sense to go ahead with a fixed-rate deal, don’t hang around. At the moment, a lot of deals are being offered on a limited basis.

So Energy launched a deal that was pulled before many people had a chance to sign up. It’s been relaunched now but could be withdrawn again without notice.

If you’re struggling to pay your energy bills

The first thing you should do if you’re struggling to pay your energy bills is speak to your provider. A lot of suppliers offer financial support to qualifying customers who have money issues.

You may also benefit from debt advice if the cost-of-living crisis means it’s difficult to make ends meet. We’ll be happy to help with this.

Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

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