Fixed vs Variable Energy Rates in the UK: Which Is best?

Choosing the right energy rate plan is a decision that can significantly impact your household’s budget. In the UK, consumers have the choice between fixed and variable energy rates. Each type has its pros and cons, and the decision isn’t always straightforward. In this blog post, we’ll explore the differences between fixed and variable energy rates and help you determine which one might be the best fit for your specific needs.

**Advantages of Fixed Rate Plans:**

– **Price Stability:** With a fixed rate, you won’t be affected by market price fluctuations. This means you can budget more accurately, as your energy costs remain consistent.

**Drawbacks of Fixed Rate Plans:**

– **Higher Initial Costs:** Fixed-rate plans often come with slightly higher initial costs compared to variable rates. However, this cost may be worth the stability they provide.

**Section 2: Exploring Variable Rate Plans**

Variable rate energy plans, on the other hand, offer flexibility. These plans are tied to market prices, and your rate can change every 3 months on review, which can lead to the following:

**Advantages of Variable Rate Plans:**

– **Flexibility:** Variable rates can be beneficial when energy prices are low, potentially saving you money.

– **No Early Exit Fees:** Variable rate plans typically don’t have exit fees, giving you the freedom to switch plans without penalty.

**Drawbacks of Variable Rate Plans:**

– **Price Fluctuations:** The major downside is that your bills can increase during times of high market prices, making it challenging to predict expenses.

Now is a great time to switch energy tariffs near you – prices are on the rise.

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How it works

The process of finding the cheapest gas and electricity suppliers is very quick and easy when you compare tariffs online. All you need to do is answer a few questions. The answers that you’ll provide will be used to find the cheapest energy supplier.

If you’re already with the cheapest energy supplier in your area, you’ll find out immediately and there will be no need to switch. The only thing that you will have to do is make sure you are on there cheapest tariff.

As soon as you’ve filled your postcode in and answered a few questions, which literally takes a few minutes, you’ll see a list of all the cheap energy suppliers in your area. This will also include how much you can save with each energy supplier when you make the switch online. You can then go ahead and choose the best energy supplier that offers you the most savings and we will send you an email to confirm the switch. The details are processed and forwarded to the supplier. The supplier will contact you to confirm the date on which your new service will commence. You will have to take a meter reading on this date, to ensure you’re not billed twice for the same energy.

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Fixed vs Variable Energy Rates in the UK: Which Is Right for You?

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