Fixed vitality offers lure warning as invoice payers could get higher deal in the event that they wait

Britons have been warned now will not be the time to safe a fixed rate energy deal as costs proceed to fall.

Greg Marsh, CEO of family money-saving instrument Nous.co, advised Express.co.uk: “For most people a fixed energy deal is not worth it right now. Wholesale energy prices continue to be volatile and may continue to fall.

“Unless you really prioritise certainty, fixing too soon could leave you stuck paying more than you need to.”

Major suppliers together with Octopus Energy, EON Next, EDF, Sainsburys and British Gas are all providing fastened offers to present clients beneath the Ofgem worth cap.

Under the present worth cap, a typical family pays £2,074 a 12 months on vitality payments. Predictions from Cornwall Insight counsel this may fall to £1,926 a 12 months from October.

Mr Marsh pointed to the anticipated charges drop in October and mentioned these fixing now might “miss out” on future worth reductions.

He mentioned: “There are smart ways to save on your energy bills without fixing using Nous – most households can save the better part of £150 without moving to a fixed tariff deal.”

He mentioned individuals get certainty by fixing as they’ll get a transparent image of how a lot they’ll pay for his or her utilization and they’re protected against costs going up.

But signing up for a hard and fast deal has different disadvantages. He commented: “Fixed tariffs have high exit fees, usually £150 for a dual fuel customer, so if prices do fall again you could be left paying more than you need to.”

Ofgem not too long ago urged shoppers to watch out when taking a look at fastened charge offers. The regulator mentioned: “Think before you fix.

“Fixed-rate energy tariffs have seen a return to the market but check if they are right for you.

“Prices are still unpredictable and signing up for a fixed rate now might mean you miss out if prices fall in the future.”

The vitality worth cap beforehand fell from £3,280 a 12 months to the present £2,074 a 12 months in July.

Consumers had been beforehand protected against paying the £3,280 quantity by the Government’s vitality worth assure, which capped the unit worth of vitality that means shoppers paid on common £2,500 for his or her vitality.

For the most recent private finance news, observe us on Twitter at @ExpressMoney_.