Fixed-priced deals offer certainty for a set period – often a year, or longer – but if prices drop, you could be stuck at a higher price.
Ofgem says it is “encouraging” customers to consider a fixed deal before the price cap changes.
However, it recommends getting independent advice.
The price comparison site Uswitch says it is important to check whether fixed deals have exit fees before signing up and to make sure you fully understand the terms of the contract.
With the price cap changing every three months, it is difficult to know with any certainty whether a fixed tariff is a good deal. The longer the fixed term, the greater the uncertainty.
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