Should I fix my energy prices until 2024?

As energy prices slowly ease, households and businesses wonder if they can compare them and whether they should fix their energy prices until 2024.

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Should I fix my energy prices until 2024?

Yes, we recommend fixing energy prices if you can secure a cheaper fixed deal that reduces costs in the short term but also protects you against volatile energy prices in 2024.

However, it depends on whether you are looking to fix energy prices until 2024 for a business or a home.

Businesses can currently make huge savings by securing cheaper fixed rates, but for a household, the savings may be limited until the spring. Read on to learn more.

Business energy

We have many customers asking if it is best to fix business energy prices now. For businesses, we recommend comparing the latest business electricity prices and business gas prices to make an informed decision.

Use our business energy comparison service to get the best prices offered by our panel of energy suppliers.

Standard variable business energy tariffs are needlessly expensive, and most businesses can spend less by fixing their energy prices until 2024.

Home energy

From 1 April 2024, domestic energy users on default tariffs will automatically benefit from a 12% fall in energy prices. Market analysts at Cornwall Insights predict that the price cap will then fall again in the second half of the year.

We only recommend fixing your home energy prices if you can find a deal that’s significantly cheaper than the upcoming price cap of £1,690 for the average UK home.

Given the limited savings currently on offer, waiting until spring for a better deal might be the best option due to two regulatory changes that are due to come into effect.

On 1 April 2024, Ofgem, will remove the Stabilisation Charge and the ban on Acquisition-only Tariffs. Both measures currently prevent suppliers from offering competitively priced fixed energy tariffs to new customers. We anticipate that this change will encourage suppliers to offer significantly more competitive fixed energy tariffs.

You can use our home energy comparison service to check the latest electricity and gas prices on offer.

Why should I fix my energy prices in 2024?

There are a few reasons to fix energy prices until 2024, from peace of mind to securing cheaper energy rates; here’s why you should fix your energy rates:

  • Peace of mind
  • Combat against volatile energy prices
  • Be able to plan your energy spend for the next 12 months
  • Some suppliers offer cheaper one-year fixed tariffs

What help is available for energy bills in 2024?

There are two key schemes to help households and businesses into 2024. These are:

Household – Energy Price Cap

The energy price cap is currently £1,928 for the average UK home until March 2024. The energy price cap limits the maximum that can be charged on a variable tariff.

From 1 April 2024 until 30 June 2024, the energy price cap will fall by £238 to £1,690.

Business – Energy Bill Discount Scheme

There is no business energy price cap; however, the Energy Bill Discount Scheme supports businesses if the wholesale rates of electricity and gas exceed:

  • 30.2p/kWh for electricity; or
  • 10.7p/kWh for gas

Read the complete guide to Energy Bill Discount Scheme.

Should I renew my business energy contract now?

Business energy suppliers want to retain their customers and typically offer a fixed rate renewal quote to customers approaching the end of their business energy contract.

We recommend not blindly accepting the renewal rates offered by your supplier but instead comparing them to those offered by alternative suppliers. Using our business gas comparison and business electricity comparison services, you can assess whether your renewal quote is a fair offer.

Get the latest business energy prices – fix until 2024

Get the latest business energy prices today and benefit from:

  • Fixed prices
  • Saving £1,000’s on your energy
  • Better customer service
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What is the energy price cap, and how does it affect me?

The energy price cap is a cap on the price per kWh a home energy supplier can charge on their default standard variable tariffs. The standing charge and the price per kWh are included in the cap.

However, the overall cost of your bill is not included in the price cap. Your bill is calculated depending on your usage for the month. The more energy you use, the higher your energy bill will be.

The price cap doesn’t apply to you if:

  • You are on a standard variable green energy tariff.
  • Or already signed up for a fixed-term energy tariff.

To understand how the energy price cap applies in your region here’s links to our:

Why are energy prices still so high?

Wholesale prices are continuing to drop month on month. However, they double the historical average.

Read our full explanation of current wholesale electricity and gas prices.

Will energy prices go down in 2024?

According to market analysts, energy prices are forecast to gradually fall throughout 2024.

Energy analysts Cornwall Insight have issued predictions that the current energy price cap of £1,928 will change as follows:

  • January to March 2024: £1,928 (current price cap)
  • April to June 2024: £1,690 (announced price cap)
  • July to September 2024: £1,462
  • October to December 2024: £1,521

The energy price cap is based on the cost energy suppliers are expected to incur in purchasing electricity and gas on the wholesale markets. Check out our complete analysis of electricity prices.

Fixing your energy contract – FAQs

Here are commonly asked questions surrounding whether you should fix your energy contract in 2024:

Is there help for households struggling with energy price hikes?

There is help out there. We’ve created a guide highlighting current government and energy supplier initiatives that can help save you money and contribute to your energy bills.

The full guide can be accessed here.

The guide looks at the following options:

  • Receive £150 if you pay your council tax.
  • Fuel vouchers are available.
  • The warm home discounts are available to you.
  • Energy supplier grants to combat the increasing energy costs.
  • Winter fuel payments.

What should I do if my fixed tariff is due to expire?

It depends on what’s on offer to you. Once your fixed tariff expires, your current energy supplier will put you on a variable tariff. The default variable tariff is price-capped and may be cheaper than fixing a new tariff.

It’s worth comparing to see what’s out there, but if nothing affordable is available to fix, it’s probably worth staying on the default tariff until a price drops below the price cap.