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Smart Home Mag > Blog > Smart Home > Guides > Time To Take Action And Avoid Price Hike – Now It Is Time To Fix Energy Prices!
Guides

Time To Take Action And Avoid Price Hike – Now It Is Time To Fix Energy Prices!

John Roberts
Last updated: August 25, 2024 5:13 pm
By
John Roberts
ByJohn Roberts
Author & Co-Founder
John Roberts is an experienced blogger and smart home expert. His blog posts cover everything from smart home automation to product reviews and much more. He's...
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- Author & Co-Founder
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If you’re currently on a standard variable price cap tariff, now is the perfect time to secure a fixed energy rate. Ofgem has just announced a 10% increase in energy prices from October 2024, with another price hike expected as early as January 2025. Acting now could save you from rising costs as energy companies may soon withdraw their most affordable fixed-rate deals.

Contents
Octopus Energy Cheapest 12-Month Fixed Energy Deal AvailableWhat Is A Standard Variable Tariff?What is Current Price Cap?Energy Price Cap HistoryShould I fix energy?What is Ofgem price cap?When will be next energy price cap announced?

Which energy provider is currently offering the best fixed price gas and electricity tariff?

If you are wondering which supplier is currently offering the best deal on 12 months fix, then do not worry. We’ve done the research for you!

Right now, Octopus Energy has the cheapest fixed-rate tariff available. Plus, if you switch using the link below, you’ll receive a £50 credit on your energy account which you can use towards your energy bill.

Switching to a new energy supplier is simple. Just sign up using the link below, and your new provider will handle everything, including notifying your current supplier.

Switch Now To Octopus Energy In Less Then 5 minutes!

Make sure to select the “Octopus fixed 12m” Tariff

Why Choose Octopus Energy?

Cheapest 12 months fix in the market

Get £50 welcome bonus

You can sign up regardless of if you have a smart meter or not

NO exit fees, you can switch to another tariff or supplier without paying any penalties

What Other Energy Tariffs Are Available Which May Be Cheaper Than Staying on Variable Price Cap Tariff?

If you’re wondering what other suitable energy tariffs are available, take a look at the table below. We’ve compared our top recommendation with other tariffs that are cheaper than staying on the price cap tariff. The estimated annual bills are calculated using an average gas usage of 11,500 kWh and average electricity usage of 2,700 kWh. Your final bill may be higher or lower than the prices shown below, depending on your actual usage

TariffAvg Annual Price
Standard Price Cap Tariff (Variable)£1769
12 Months Fix Tariffs
Octopus Energy (Cheapest)£1551 (including £50 credit)
OutFox The Market£1574
EDF energy£1600
British Gas£1647
How Cheapest Tariff Compare With Other Tariffs
cheapest energy fix

Octopus Energy Cheapest 12-Month Fixed Energy Deal Available

Lock in the lowest 12-month fixed-rate energy plan on the market today and enjoy a £50 welcome bonus when you switch.

Switch Now To Octopus Energy In Less Then 5 minutes!

Whether you have a smart meter or not, you can easily sign up and start saving. Plus, with NO exit fees, you have the flexibility to switch to another tariff or supplier at any time without paying penalties.

What Is A Standard Variable Tariff?

With gas and electric tariffs, there are two main types of tariffs:

Standard variable tariff where your rate goes up and down with the price of energy.

Fixed tariff – your rate stays the same for the length of your contract

What is Current Price Cap?

Current Price Cap (price in pence)Price Cap From October 2024 (price in pence)
Electricity22.36 kWh
60.12 daily standing charge
24.50 kWh
60.99 daily standing charge
Gas5.48kWh 
31.41 daily standing charge
6.24 kWh
31.66 daily standing charge
Price Cap Information

Energy Price Cap History

If you’re curious about how the price cap has changed over time, take a look at the price cap history below:

October – December 2024 10%
July – September 2024 -7%
April – June 2024 -12%
January – March 2024 5%
October – December 2023 -7%
July – September 2023 -37%
April – June 2023 -23%
January – March 2023 20%
October – December 2022 80%
Summer 2022 54%
Winter 2021/22 12%
Summer 2021 9%

Should I fix energy?

Yes, it’s time to fix your energy prices now. Ofgem, Britain’s independent energy regulator, has already announced a 10% price hike. By securing a fixed tariff now, you can avoid this increase. However, you’ll need to act quickly, as energy companies are likely to raise prices on their fixed tariffs soon.

Switch Now To Octopus Energy In Less Then 5 minutes!

What is Ofgem price cap?

The energy price cap is a limit set by Ofgem (Britain’s energy regulator) on the maximum amount energy suppliers can charge per unit of gas and electricity. This cap aims to protect consumers from excessively high prices, ensuring that energy costs are fair and reflect the actual costs of supplying energy.

The current energy price cap reflects the latest adjustments by Ofgem, with changes typically occurring every three months. The cap is reviewed and updated regularly to account for fluctuations in wholesale energy prices, operating costs, and other factors. The next price cap, covering January to March 2025, is expected to be announced soon.

The price cap per kWh varies depending on the type of energy (gas or electricity) and the region you live in. It is designed to ensure that consumers pay a fair price for their energy, but it’s important to note that it’s a cap on unit prices, not on your total bill, which will depend on your actual energy usage.

If you’re wondering when the next energy price cap review will take place, Ofgem typically reviews the cap every three months. The results of the latest review will be implemented in the upcoming price cap period.

Understanding how the energy price cap works is crucial for managing your energy bills. The cap ensures that while prices can fluctuate, there is a limit to how much suppliers can charge, providing a level of protection for consumers.

When will be next energy price cap announced?

Ofgem has already announced the price cap for October to December 2024, with the next price cap set for January to March 2025. Experts are predicting an additional 3% increase on top of the 10% hike in October 2024. To avoid these rising costs, we recommend fixing your energy prices now.

Is it better to fix energy prices now?

Given the current market conditions and expected increases, it’s better to lock in a fixed energy rate sooner rather than later. Fixing your prices now ensures that you won’t be affected by the upcoming price hikes.

When is the best time to fix energy prices?

The best time to fix energy prices is before major price hikes or when you notice that fixed-rate tariffs are still competitive. With experts predicting further increases, now is an optimal time to secure a fixed rate.

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ByJohn Roberts
Author & Co-Founder
Follow:
John Roberts is an experienced blogger and smart home expert. His blog posts cover everything from smart home automation to product reviews and much more. He's the co-founder of smarthomemag.net, a blog that provides guidance to get the most out of your smart home systems.
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