Fixed rate energy deal warning over ‘crucial’ caveat that could hit your finances | Personal Finance | Finance


Consumers have been urged to do their research when looking at fixed rate energy deals and to be wary of any potential extra costs.

Myles Robinson, from, told it’s “good news” for consumers that they have more fixed rate deals to consider.

He said: “More and more energy suppliers are starting to offer fixed rate options to consumers.

“This trend is likely to continue as people are becoming increasingly aware of the benefits of fixed rate plans. So I recommend shopping around and keeping an eye out for new deals popping up.”

Many major suppliers are currently offering fixed deals with prices under the Ofgem price cap, including Octopus Energy, EON Next, EDF, Sainsbury’s and British Gas.

Mr Robinson said a major advantage of fixed rate deals is the customer gets “stability and predictability” for their bills.

He added: “However, it’s crucial to be aware that fixed rate deals often come with exit fees if you decide to switch before the contract ends.”

He said each individual should do their own search to find the best deal as this will vary depending on a person’s location and how much energy they use.

People can use online comparison tools or websites, while an energy expert can offer personalised advice to suit a person’s particular needs.

Mr Robinson also spoke about what people can do to slash their energy bills. He said: “Firstly, I highly recommend improving insulation in your home, as this can significantly reduce heat loss. This could involve insulating walls, roofs, and windows.

“Secondly, focus on optimising heating systems by ensuring regular maintenance, using programmable thermostats, and setting lower temperatures when possible.”

He also pointed to energy efficient appliances as a good way to save money, such as LED lighting and smart power strips.

Britons can also easily slash their bills by being more mindful of their energy usage. Mr Robinson said: “Simple actions like turning off lights when not in use, unplugging electronics, and avoiding unnecessary standby modes can make a big difference.

“Finally, explore renewable energy options such as solar panels, which can generate clean electricity and potentially lower your energy bills in the long run.”

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