Should I fix my energy or stay on the Price Cap?

Average annual energy bills are set to fall by 12% on Monday 1 April for those on standard price-capped tariffs (most households). But should you stay on the Price Cap, or move to a fixed deal? We've help to decide if fixing's right for you, plus analysis of the tariffs we've spotted...

How to check if it's worth fixing your energy

Before you switch to a fix (or any other tariff), you need to understand how the Price Cap will dictate what you pay over the next 12 months if you stick on a price-capped tariff...

  1. If you're not on a fix, you're almost certainly on a price-capped tariff, so that's what you need to compare against

    Almost every household is currently on a standard tariff with prices dictated by the Energy Price Cap. For a household with typical usage, paying by Direct Debit, it's currently set at £1,928 a year and will fall to £1,690 a year from 1 April.

    But remember, the Cap is not a cap on how much you pay – it only limits standing charges and gas and electricity unit rates. See Price Cap FAQs for full info or see the full region-by-region rates in our Price Cap rates guide.

    Yet that's not the full story as the Price Cap changes every three months, so you need to know how it's likely to change over the next year...

  2. The Price Cap is set to fall by 12% on 1 April

    The most important thing to understand is that price-capped tariffs are variable, and the prices change every three months in line with the Cap. 

    So when considering if it's worth switching to a fixed deal, you need to look at what is expected to happen over the course of the next year. A fix that looks decent now could end up costing you more over the next year if energy prices drop.

    Energy Price Cap changes

    Time period

    Price Cap on typical use (1)
    CURRENT PRICE CAP
    1 Jan 2024 to 31 Mar 2024

    UP 5% 

    £1,928 a year

    NEW PRICE CAP

    1 Apr 2024 to 30 Jun 2024

    Strong prediction (2)

    DOWN 12% 

    £1,690 a year

    1 Jul 2024 to 30 Sep 2024

    Weak prediction (2)

    DOWN 13% 

    £1,463 a year

    1 Oct 2024 to 31 Dec 2024

    Crystal-ball gazing (2)

    UP 4%

    £1,521 a year

    Based on a dual-fuel household paying by Direct Debit. (1) 2,700 kilowatt hours of electricity, 11,500 kilowatt of gas. (2) According to the latest prediction (on 21 February 2024) from analysts at Cornwall Insight.

  3. Martin's rule of thumb for when it's worth switching

    Some of this is crystal-ball gazing and averaging, but if the predictions above are right, our best guess is...

    Based on current published predictions, it would be worth fixing for 18% less than the current (January to March 2024) Price Cap.

    NB: This is compared with the current Price Cap, yet E.on's Pledge tariff is open to almost all and tracks 3% below the Price Cap.

    We've full details of the current deals below, or if you want to check whether a deal you've been offered is worth considering, see our 'Should you fix?' calculator.

Top energy deals

We've a full list of the energy deals we're aware of below. Most are currently for existing customers only, but there are a handful that anyone can switch to. We've also included a few other tariffs that aren't fixed but could be worth considering (if you've been offered a deal we don't mention, please let us know).

What you'll pay varies by region and usage, so once you have a quote, use our 'Should you fix?' calculator for our best guess on whether it's worth considering. Or see Stick, switch or fix your energy tariff? for your full switching options.

One-year energy deals currently available

Supplier & tariff info
Average cost compared with January Price Cap & exit fees (1) Key info
Worth considering

E.on Next

Next Pledge
New and existing customers

- Stays 3% LESS than every Cap (so moves with Price Cap)

- £50 dual-fuel exit fees

Not a fix, but worth considering. This variable tariff offers a fixed discount off the Price Cap for 12 months. It'll stay £50 below the Price Cap, so about 3% less (at average annual use) for the fixed term. See our E.on Next Pledge analysis for full info. Available as dual-fuel or electricity-only.
Cheaper, BUT it's complicated...

Utility Warehouse

Fixed Saver 15
12-month fix until 31 March 2025
New and existing customers


Fixed 15
12-month fix until 31 March 2025
New and existing customers

- 20% LESS

- £150 dual-fuel exit fees





- 17.5% LESS

- £150 dual-fuel exit fees

You need to take at least TWO other services with Utility Warehouse. See 'How do Utility Warehouse's fixed deals stack up?' Available as dual-fuel or electricity-only. You need to get smart meters if you don't have them already, but Utility Warehouse is offering £50 bill credit if you get them installed.
 

You need to take at least ONE other service with Utility Warehouse. See 'How do Utility Warehouse's fixed deals stack up?' Available as dual-fuel or electricity-only. You need to get smart meters if you don't have them already, but Utility Warehouse is offering £50 bill credit if you get them installed.

Octopus Energy

Octopus Tracker
Variable
Existing customers only

- Not a fix and prices change daily, but could be worth considering. A smart variable tariff where the rates you pay change every day. In recent months, it's been cheaper than the Price Cap, but rates can increase quickly, so it's more of a gamble. See our Octopus Tracker analysis for more. Available as dual-fuel, electricity-only or gas-only.

Octopus Energy

Agile Octopus
Variable
Existing customers only

- Not a fix and prices change every half hour, but could be worth considering. Here the rates change every half an hour. It's best if you're able to shift energy usage out of peak times when rates are at their highest. Rates can spike quickly, so you need to monitor them. See Agile Octopus analysis for more. Available as electricity-only.
Borderline
British Gas
Price Promise May 25
Fixed term ends 31 May 2025
New and existing customers

- 12% LESS (but guaranteed to be below April's Cap)

- £150 dual-fuel exit fees (2)

Guaranteed to fall to £30 under April's Price Cap, on typical use. The rates will then be fixed for 14 months at that level from 1 April and won't change again. British Gas previously said it would be at least £1 per fuel less than April's Cap, but it has since changed this.

On current Price Cap predictions you'd lose out from July, but fixing gives you surety, so it's not a bad one for those who want that.

It's available for dual-fuel or single-fuel, but you need to manage your account online and have paperless billing.

Outfox the Market
Fix'd 24 4.0
12-month fix
New and existing customers

- 14% LESS

- No exit fees

Available as dual-fuel only and you must manage your account online.
Octopus Energy
Loyal Octopus 12M Fixed Feb 2024 v1
12-month fix
Existing customers only
- 13% LESS
- No exit fees
You must have been with Octopus for at least eight months before you can get this tariff. It's a cheap-ish fix, and has no exit fees, so you can always move if you find you're paying too much. But while it's available as dual-fuel or electricity-only, it's limited to those who have been with Octopus for a while.
Borderline, BUT it's complicated...
Ovo Energy
1 Year Fixed & Boiler Cover
12-month fix
New and existing customers

- 17% LESS  

- £150 dual-fuel exit fees

You need to be a homeowner and sign up to Ovo's boiler cover. This costs between £15 and £32 a month and is half-price for the first six months (until Thu 21 Mar). You must sign up online and pay by Direct Debit, and you can choose not to auto-renew at the contract's end. Available as dual-fuel only.
Scottish Power
1 Year Flexi Price Tariff + Boiler Insurance Apr 2025
Fixed term ends 30 April 2025
New and existing customers
 

- 11% LESS

- £300 dual-fuel exit fees

You must take boiler cover for one year. It costs £4.50 a month (£54 for the 12 months), which means it works out the same price (based on typical use) as Scottish Power's straightforward fix – see below. Available as dual-fuel or electricity-only.

This tariff isn't a standard fix as it includes a small portion of variable costs, which are linked to external industry factors, such as network, social, and environmental obligation costs, which rise or fall during the tariff term, so your unit rates and standing charges could go up or down.
Unlikely to be a winner
E.on Next
Next Fixed 12m v9
12-month fix
New and existing customers

- 12% LESS

- £150 dual-fuel exit fees

Available as dual-fuel or electricity-only. You must be willing to have smart meters installed.
EDF Energy
Essentials 1yr Mar 25 v2
12-month fix
New and existing customers

- 12% LESS

- £150 dual-fuel exit fees

You'll need to have or get smart meters. Available as dual-fuel or electricity-only.
Ovo Energy
1 Year Fixed
12-month fix
New and existing customers

- 12% LESS

- £150 dual-fuel exit fees

Available as dual-fuel only. You must pay by Direct Debit and manage your account online.
Sainsbury's Energy
Sainsbury's Fix and Reward 12 V8
12-month fix
New and existing customers

- 9% LESS

- £150 dual-fuel exit fees

Available as dual-fuel or electricity-only. New customers will get 4,000 Nectar points when signing up (2,000 for electricity-only) and two extra points for each pound spent in Sainsbury's stores (one extra point for electricity-only).
So Energy
So Nectarine
12-month fix
New and existing customers

- 9% LESS

- £150 dual-fuel exit fees

Available as dual-fuel or electricity-only. You must pay by monthly Direct Debit and can only manage your account online with paperless billing.

Scottish Power

Help Beat Cancer Flexi April 2025

Fixed term ends 30 April 2025

New and existing customers

- 8% LESS

- £300 dual-fuel exit fees

Available as dual-fuel or electricity-only. 

This tariff isn't a standard fix as it includes a small portion of variable costs, which are linked to external industry factors, such as network, social, and environmental obligation costs, which rise or fall during the tariff term, so your unit rates and standing charges could go up or down.

With this tariff, Scottish Power makes a donation to Cancer Research UK on your behalf.

Correct as of 29 February 2024. (1) All tariffs assume typical use (2,700 kilowatt hours of electricity, 11,500 kilowatt hours of gas), paid by monthly Direct Debit – your exact price depends on region and usage. (2) You can switch penalty-free to another fixed tariff with British Gas but exit fees will apply if you switch to another provider, or to a British Gas tariff with no fixed end date, such as its standard variable tariff.

  • There are longer-term fixes available but they're unlikely to be worth it for most

    There are a handful of longer-term open-market deals available. The main advantage of locking in to a long fix is to give yourself price certainty for a longer period. But if prices drop elsewhere over the length of your fix, you could end up overpaying for much longer, and if you want to switch deals before the fix ends, exit fees can be as high as £400 for a dual-fuel tariff.

    It's worth noting that our rule of thumb regarding when it's worth thinking about switching doesn't work with longer fixes. That's because we currently only have Price Cap predictions until December 2024 – so without any past this date, we don't have anything to base our guidance on, and so we can't say when it would be worth considering an 18-month or 24-month tariff. Yet for simplicity, we've still compared these tariffs with the current Price Cap in the table below.

    Currently none of these deals would be worth considering, even if they were only 12-month fixes (based on current predictions). So for most, it's very unlikely to be worth locking in for even longer at these rates.

    Longer-term energy deals currently available
    Supplier & tariff info
    Average cost compared with January Price Cap & exit fees (1) Key info

    E.on Next

    Next Fixed 24m v8

    Two-year fix

    New and existing customers

    - 12% LESS

    - £300 dual-fuel exit fees

    Available as dual-fuel or electricity-only.
    Ovo Energy
    2 year fix Feb 24
    Two-year fix
    New and existing customers

    - 12% LESS

    - £190 dual-fuel exit fees

    Available as dual-fuel or electricity-only.

    Ecotricity

    2 Year Fixed Green Electricity V24.1
    Two-year fix

    New and existing customers

    - 11% LESS

    - £300 dual-fuel exit fees

    Available as dual-fuel, electricity-only or gas-only.
    Sainsbury's Energy
    Sainsbury's Fix and Reward 24 V7
    Two-year fix
    New and existing customers

    - 9% LESS

    - £300 dual-fuel exit fees

    Available as dual-fuel or electricity-only. New customers will get 8,000 Nectar points when signing up (4,000 for electricity-only) and two extra points for each pound spent in Sainsbury's stores (one extra point for electricity-only).
    British Gas
    The Fixed One 24m v5 / Fixed Feb 26 v2
    Two-year fix
    New and existing customers

    - 7% LESS

    - £400 dual-fuel exit fees

    Available as dual-fuel or electricity-only.
    EDF Energy
    Essentials 2yr Mar 26
    Two-year fix
    New and existing customers

    - 7% LESS

    - £250 dual-fuel exit fees

    Available as dual-fuel or electricity-only.

    Scottish Power
    2 Year Flexi Price Tariff + Boiler Insurance Apr 2026

    Two-year fixed term

    New and existing customers

    - 6.5% LESS

    - £200 dual-fuel exit fees

    Available as dual-fuel or electricity-only.

    This tariff isn't a standard fix as it includes a small portion of variable costs, which are linked to external industry factors, such as network, social, and environmental obligation costs, which rise or fall during the tariff term, so your unit rates and standing charges could go up or down.

    Scottish Power
    Help Beat Cancer Flexi Price Energy Apr 2026

    Two-year fixed term

    New and existing customers

    - 4% LESS

    - £200 dual-fuel exit fees

    Available as dual-fuel or electricity-only.

    This tariff isn't a standard fix as it includes a small portion of variable costs, which are linked to external industry factors, such as network, social, and environmental obligation costs, which rise or fall during the tariff term, so your unit rates and standing charges could go up or down.

    Correct as of 29 February 2024. (1) All tariffs assume typical use (2,700 kilowatt hours of electricity, 11,500 kilowatt hours of gas), paid by monthly Direct Debit – your exact price depends on region and usage.

Spotted an existing-customer deal you want but you're not with that firm? You might still be able to get it

Some of the fixed deals available right now are still only for existing customers of that firm – particularly the cheaper ones that are more likely to be worth considering. 

If you want one of these deals but you're not an existing customer, you may still be able to get it. Simply switch to that provider's standard tariff first, and once that's done ask to be switched to the existing-customer deal.

The only issue here is if the deal is pulled before you become a customer. It can happen – deals can disappear without warning. Yet switching only takes five days, so it's a relatively small risk.

'Should you fix?' calculator

We've been hard at work building a tool to help you work out if a fix you've been offered by your supplier is worth it. Enter your usage and region (or plug in your current rates for more accuracy if you know them), plus the new rates you've been offered, and we'll let you know the percentage difference, and our best guess on whether it's worth considering based on our rule of thumb. So grab a recent bill and the info of the deal you've been offered and give it a go.

Currently it only compares dual-fuel (gas and electricity) tariffs. As it's a new tool, please do give us your feedback.

  • Still not sure if it's worth it? You can also compare the unit rates and standing charges

    If you're still not sure, you can double-check the unit rates and standing charges of the deal you've been offered, and then compare against the January Price Cap rates. If what you're offered is around 18% less than the Price Cap rates, it could be worth considering (based on current predictions).

    You can see the current Price Cap rates below, but bear in mind these rates are averages, and exact rates vary by region – we've added those below the table if you'd prefer to use them to compare.

    Average Direct Debit standing charges and unit rates from 1 January 2024

    Gas 

    Unit rate: 7.42p per kilowatt hour (kWh)

    Standing charge: 29.60p per day

    Electricity

    Unit rate: 28.62p per kWh

    Standing charge: 53.35p per day

    Rates and standing charges are averages, which vary by region. Assumes payment by Direct Debit and includes VAT (at 5%). For those who pay each month after getting a bill, it's 7% higher.

    Prices vary by region – see regional Direct Debit rates and charges for 1 January to 31 March 2024.

    What are the standing charges and unit rates for gas and electricity under the Energy Price Cap on Direct Debit for my region from 1 January to 31 March 2024?
      Gas  Electricity
    North West

    Unit rate: 7.42p per kWh
     

    Standing charge: 29.60p per day

    Unit rate: 28.44p per kWh

     

    Standing charge: 51.80p per day

    Northern

    Unit rate: 7.34p per kWh

     

    Standing charge: 29.60p per day

    Unit rate: 27.81p per kWh

     

    Standing charge: 57.44p per day

    Yorkshire 

    Unit rate: 7.35p per kWh

     

    Standing charge: 29.60p per day

    Unit rate: 27.79p per kWh

     

    Standing charge: 56.00p per day

    Northern Scotland

    Unit rate: 7.37p per kWh

     

    Standing charge: 29.60p per day

    Unit rate: 28.48p per kWh

     

    Standing charge: 59.38p per day 

    Southern

    Unit rate: 7.52p per kWh

     

    Standing charge: 29.60p per day

    Unit rate: 28.79p per kWh

     

    Standing charge: 49.97p per day 

    Southern Scotland

    Unit rate: 7.37p per kWh

     

    Standing charge: 29.60p per day

    Unit rate: 28.16p per kWh

     

    Standing charge: 62.08p per day

    North Wales & Mersey

    Unit rate: 7.45p per kWh

     

    Standing charge: 29.60p per day 

    Unit rate: 29.57p per kWh

     

    Standing charge: 62.21p per day 

    London

    Unit rate: 7.42p per kWh

     

    Standing charge: 29.60p per day

    Unit rate: 29.73p per kWh

     

    Standing charge: 38.50p per day 

    South East 

    Unit rate: 7.45p per kWh

     

    Standing charge: 29.60p per day

    Unit rate: 29.38p per kWh

     

    Standing charge: 47.56p per day 

    Eastern

    Unit rate: 7.31p per kWh

     

    Standing charge: 29.60p per day

    Unit rate: 29.22p per kWh

     

    Standing charge: 44.00p per day 

    East Midlands

    Unit rate: 7.29p per kWh

     

    Standing charge: 29.60p per day

    Unit rate: 28.02p per kWh

     

    Standing charge: 50.69p per day 

    Midlands 

    Unit rate: 7.34p per kWh

     

    Standing charge: 29.60p per day

    Unit rate: 28.12p per kWh

     

    Standing charge: 54.36p per day 

    South Western

    Unit rate: 7.62p per kWh

     

    Standing charge: 29.59p per day

    Unit rate: 28.43p per kWh

     

    Standing charge: 58.68p per day 

    South Wales

    Unit rate: 7.57p per kWh 

     

    Standing charge: 29.59p per day

    Unit rate: 28.71p per kWh

     

    Standing charge: 54.21p per day 

    Assumes payment by Direct Debit and includes VAT (at 5%).

What to do if you're struggling to pay your energy bills

There are three key areas you can focus on:

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