Households could save up to £173 a year by switching to fixed energy deal
Summary
Energy prices in Great Britain are set to rise again in October, with millions of households facing higher bills due to a government price cap increase. Households can save up to £173 per year by switching to a fixed energy tariff, which locks in prices for a specific period and protects against future rises.Key Facts
- The energy price cap will increase by 4% on October 1, after a 13% rise in July.
- This increase will raise the average annual energy bill to about £1,723 for 22 million households on default tariffs.
- About 11 million homes (35% of households) are already on fixed tariffs and will not be immediately affected by the price cap rise.
- Fixed tariffs offer a set price for energy over a period, typically one or two years, helping customers avoid rising costs.
- The cheapest fixed tariff currently available is from Fuse Energy, costing around £1,550 annually, saving £173 compared to the new price cap.
- Other suppliers like Co-op Energy, Octopus Energy, E.ON Next, and Ecotricity also offer fixed deals with savings over £100 per year.
- Analysts predict another possible price increase of 9% in January 2027, potentially raising average bills to £1,872.
- Customers should check their current contract length and terms before switching to a fixed tariff.
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