Fixed rate energy deals can be a great way to avoid rising energy rates. The rate you pay will be fixed for the duration of your deal so your bills can’t be affected if your supplier raises their prices. But what happens when your fixed rate deal is coming to an end? And how do you avoid increased energy costs?
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When your fixed rate energy deal ends your supplier will automatically roll you onto their standard variable rate (SVR) tariff. This means you will pay a lot more for your energy if you don’t switch.
Because SVRs vary according to market rates, your bills could even increase twice! Once when your fixed rate tariff ends, and a second time if your supplier announces a price rise.
The good news is that you don’t have to wait for your deal to end and your bills to rise. You can switch to a new deal before your current one ends to beat your energy company. Compare tariffs to find out which could save you the most.
You can actually switch from your fixed rate deal up to 49 days before its scheduled end date! This means you can save money by switching to a new supplier early.
Even if your deal has an early exit fee you can still switch without paying within this 49 day window! You can find out whether your current tariff has exit fees by checking your energy bill or calling your provider.
If you only want to switch when your tariff ends, remember it can take up to 21 days for the switch to go through. Most switches will be completed within 17 days but it is best to sign up at least 21 days early to avoid extra costs!
It is always worth comparing energy tariffs to find out if you could save by switching.
Your energy supplier has a legal obligation to inform you when your fixed rate deal is approaching its end. You should hear from them between 42 and 49 days before your tariff ends.
If you want to get ahead of your energy company there are other ways to find out when your fixed rate energy deal ends:
It is important to know when your deal is ending in order to avoid paying more for your energy!
If your energy deal is nearing its end you might be considering switching to avoid overpaying for energy.
There are many suppliers offering multiple tariffs so it can be difficult to know which will suit your lifestyle. The best way to find your best energy deal is to compare energy suppliers.
When your supplier notifies you that your tariff is coming to an end they will also alert you to cheaper plans. This can be helpful, but it is worth remembering these are only the cheapest plans available from your current supplier.
It is best to compare both plans and suppliers to get the best energy deal.
The type of energy tariff you choose will depend upon many factors, including where you live, your home’s energy consumption and the energy plan market itself. This can make choosing a new plan daunting.
Switching to another fixed rate energy plan ensures your rates don’t change until that plan is over. You can also choose a plan without an exit fee so that you could switch energy suppliers if a better deal comes along!
Variable rate energy plans can be the cheapest out there, but remember you are not protected against price rises. Smaller suppliers are more likely to raise their energy prices with market fluctuations, so bare this in mind when comparing energy tariffs.
If your goal is environmentally friendly energy, you might consider a renewable energy plan. Many suppliers now offer energy plans powered by 100% renewable electricity and they are even competitively priced!
Be sure to compare energy deals to find one that suits your needs.
If you were lucky enough to find an especially cheap fixed rate energy deal then you may struggle to find a cheaper tariff. It is always worth running a comparison just in case!
If you cannot find a cheaper deal then run a second comparison based on your supplier’s standard rate deal, rather than your current one. This will give you a clear idea of how much you could save compared to what you’ll be switched to.
It is almost always worth switching before your fixed rate deal ends so make sure to compare energy tariffs in good time.