Fixed deals from energy firms return - first sight of what they look like
A fixed rate deal as low as £2,035 a year for your energy may sound good - but there’s lots to consider before you decide

Get the best money-saving tips, tricks and deals sent straight to your inbox every week. Make sense of your money in partnership with The Money Edit.
Thank you for signing up to The Money Edit. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.
Households now have access to fixed deals as low as £2,035 after a fall in the cost of energy.
Since December, the cost of wholesale energy has fallen by around 60%.
Now British Gas, Ovo Energy, Eon and So Energy are offering fixed deals to existing customers that work out the same or just above Ofgem's price cap over the next year.
Since the start of winter, the Energy Price Guarantee has been lower than almost all energy tariffs - effectively limiting the savings that households can make by switching suppliers.
Customers have had to get used to the idea that there was no point in shopping around for a better deal because there were no better deals.
Now households may be able to benefit from a choice of fixed deals and a more competitive energy provider market.
But it does not mean households will necessarily save money - some may find they save a small amount of money by switching but then find themselves locked into a deal costing them hundreds of pounds more.
What fixed energy deals are available?
The cheapest energy fix (as of 12 June) is the So Jasmine tariff from So Energy - it gives an average bill of £2,035 a year. You'll have to decide swiftly however as it is available to a "limited number of existing customers". It has a £150 exit charge if you change your mind.
British Gas' fix gives an average bill of £2,044 a year. It has a £200 exit charge if you change your mind.
Eon Next's one-year fixes gives an average bill of £2,050 a year. It has a £150 exit charge if you change your mind.
Ovo Energy's one-year fix gives an average bill of £2,220 and you don't have to be an existing customer to get it - you simply switch to its standard variable tariff and then fix. It has a £150 exit charge if you change your mind.
Think carefully before you commit to a fixed rate deal
What do you have to think about before opting for a cheaper fixed rate deal for your energy costs?
A fixed energy deal needs to be at an average bill of £2,035 a year in order for a household to be better off than staying on a variable tariff that tracks Ofgem's energy price cap.
The only energy fix currently (as of 12 June) is the So Jasmine tariff from So Energy.
It also depends on what happens to the energy price cap going forward.
If you fix and the energy price cap drops significantly you risk paying more in the medium term.
If you fix and the energy price cap rises significantly - after all predictions are just predictions - you save money.
“Some may want to lock in the certainty of a lower price sooner, ahead of next winter, and others may wait to see what happens to the market,” said Richard Neudegg, director of regulation at Uswitch.com.
Read more on energy bills
Look After My Bills Newsletter
Get the best money-saving tips, tricks and deals sent straight to your inbox every week. Make sense of your money in partnership with The Money Edit.
-
-
Octopus Energy relaunches energy tracker deal – we explain what you need to know and if it could save you money
If you’re an Octopus Energy customer, you may be able to save on your energy bills with the relaunch of its tracker deal. We look at how it works
By Sue Hayward Published
-
Three energy firms pay £8m in switching compensation - has your provider paid out?
More than 100,000 customers have received compensation after changing providers, but is now a good time to switch energy suppliers?
By Tom Higgins Published
-
Octopus Energy relaunches energy tracker deal – we explain what you need to know and if it could save you money
If you’re an Octopus Energy customer, you may be able to save on your energy bills with the relaunch of its tracker deal. We look at how it works
By Sue Hayward Published
-
Three energy firms pay £8m in switching compensation - has your provider paid out?
More than 100,000 customers have received compensation after changing providers, but is now a good time to switch energy suppliers?
By Tom Higgins Published
-
HMRC tax credit renewal packs: act quickly to avoid losing benefit payments
Households receiving tax credits will be asked to confirm their details to ensure they continue to receive their entitlement. Here’s everything you need to know to make sure you don’t miss out on up to £3,480 a year
By Tom Higgins Published
-
Mobile provider rewards: how to earn up to £700
Your phone could be the key to unlocking hundreds of pounds worth of discounts and freebies that you don’t even know about. We reveal which mobile providers offer the best rewards
By Vaishali Varu Published
-
How much do cooking appliances cost to run?
Energy-saving cooking tips from the Energy Saving Trust
By Katie Binns Published
-
Virgin Media leaves thousands without broadband: are customers entitled to compensation?
Tens of thousands of Virgin Media customers were hit by broadband outages yesterday. We explain your rights if your broadband goes down
By Katie Binns Published
-
Broadband switching service delayed - how it will eventually work and why it’s crucial to switch
A broadband switching service designed to make it easier to change to a cheaper or faster deal has been delayed. We explain how you can still avoid huge increases to your monthly internet bill
By Katie Binns Published
-
Heat pumps: why you can claim a £5,000 government grant for longer
Why you now have more time to apply for a government grant towards getting a heat pump in your home
By Sue Hayward Published