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As energy prices slowly ease, households and businesses wonder if they can compare them and whether they should fix their energy prices until 2024.
Are you considering fixing your business energy prices until 2024?
Fixing energy prices at the right time allows you to benefit from cheaper prices offered by suppliers looking to attract new customers. It also locks in those rates, protecting you against future price volatility.
But for both homes and businesses, people are asking – is now the right time to fix energy prices?
The answer depends on whether you need energy for your home or business. Continue reading for our detailed answer to both.
On 1 April 2024, customers on standard variable tariffs benefited from a 12% fall in energy prices thanks to a change in the price cap.
Market analysts predict that the price cap will now remain stable throughout the remainder of 2024.
We recommend fixing your home energy prices if you find a deal significantly cheaper than the current price cap.
Use our energy comparison tool to compare the cost of your current tariff to fixed deals available in the market.
Businesses do not benefit from a price cap, which means out-of-contract tariffs tend to be uncompetitive and needlessly expensive.
All government support for the energy crisis ended on 1 April 2024. We, therefore, recommend reviewing your current arrangements to see how much you could save with a fixed business energy tariff.
Compare the latest business electricity prices and commercial gas rates to make an informed decision.
Use our business energy comparison service to get the best prices offered by our panel of energy suppliers.
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:
There are two key schemes to help households and businesses into 2024. These are:
The energy price cap is set at £1,690 for the average UK home until June 2024. It limits the maximum that can be charged on a variable tariff.
💡It’s important to note there are significant regional differences in the energy price cap. These variations are due to factors such as distribution costs and regional energy demands. Discover what the cap means for your home with our energy price cap checker.
The Energy Bill Discount Scheme provided support to businesses on expensive energy tariffs but came to an end on 31 March 2024.
Unlike domestic consumers, there is no business energy price cap, which means that variable business energy tariffs can be uncompetitive.
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 today and benefit from:
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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:
To understand how the energy price cap applies in your region here’s links to our:
Energy prices remain approximately double the historical average of the past decade and are expected to stay elevated for the foreseeable future.
Electricity and gas prices continue to feel the impact of geopolitics, notably the conflict in Ukraine, which has caused a significant scarcity of natural gas on the European continent, thus raising the wholesale cost of gas.
In Great Britain, both the electricity and gas networks rely on gas imports to meet demand, meaning that our energy price also remains high.
According to market analysts, energy prices are expected to remain largely stable throughout 2024.
Energy analysts Cornwall Insight have issued predictions that the current energy price cap of £1,690 will change as follows:
Energy prices are significantly influenced by geopolitical events, and developments in ongoing conflicts in Gaza and Ukraine could significantly impact future prices.
Here are commonly asked questions surrounding whether you should fix your energy contract in 2024:
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:
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 better prices are available.
Use the AquaSwitch energy comparison tool today.