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, this may be difficult until later in the year. Read on to learn more 👇
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.
We recommend only fixing your home energy prices until 2024 if you can source a cheaper fixed tariff than the upcoming price cap of £1,928 for the average home.
As of November 2023, only a handful of suppliers are advertising a fixed tariff that is slightly cheaper than the current price cap and these are often only available to current customers. We expect better offerings in the market over the winter.
You can use our home energy comparison service to check the latest electricity and gas prices on offer.
Want to understand the situation more? Here’s our guide on why electricity is so expensive.
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 £1,834 for the average UK home until December 2023. The energy price cap limits the maximum that can be charged on a variable tariff.
From 1 January 2024, the energy price cap will rise by 5% to £1,928 for the average home for the first quarter of next year.
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.