The best fixed rate energy deals currently available and how much you'll save

Roof tops across a suburb of Cardiff
-Credit: (Image: WalesOnline/Rob Browne)


The energy price cap is falling again this summer, leaving many wondering whether now is the time to fix their bills. Regulator Ofgem has confirmed the typical household bill will drop to £1,568 per year in July, around 7% lower than it is now.

It means many households will save around £122 a year, though this is only for those with a typical usage - if you use more energy you'll pay more and vice versa. But the potential saving is good news for many households after energy bills peaked at a whopping £4,059 back in early 2023.

With that in mind, MoneySavingExpert has compiled a useful list of the best fixed energy deals on the market right now and some of them could offer you a saving on the new price cap in July. To get the latest money stories straight to your inbox twice a week sign up to our newsletter here.

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Should I fix my energy bills now?

Whether you fix your bills or not depends on your own individual situation and whether you prefer certainty in what you'll pay over a certain period. MoneySavingExpert reports that there are currently five deals on the market from different suppliers that are worth considering. The cheapest would be around 9% lower than the current price cap. Here are the current deals that might be worth a look:

Ecotricity Green 1yr fix: This is available to new and existing customers on dual fuel, elec-only or gas-only. You must pay by direct debit and need to have or apply for a smart meter. The deal is around 9% cheaper than the current price cap but has a £75 exit fee.

Octopus 12m fix May 24 v3: This is around 7% less than the price cap on average and is open to new and existing customers on dual fuel or elec-only. It doesn't require a smart meter and there are no exit fees.

Ovo Energy 1 Year Fixed: For new and existing customers, this is dual fuel or elec-only and only for those paying by direct debit. You need to have or apply for a smart meter and will pay 5% less on average. There is a £75 fuel exit fee.

EDF Essentials 1yr Jun25 fix: For new and existing customers, this is dual fuel or elec-only and for those paying by direct debit, cash, cheque or prepay if you have a smart meter. You'll pay 3% less on average but there is a £25 fuel exit fee.

E.on Next Pledge 1yr tracker: This is not a fix but is a tracker deal which remains 3% under the price cap, so it's a good option if you aren't sure what to do. It's available to new and existing customers on dual fuel or elec-only, and is only open to direct debit customers. There is no early-exit fee on this one.

What should I consider when deciding whether or not to fix my bills?

When choosing whether or not to fix your bills, there are a few factors to consider. Firstly, let's look at the long-term forecast for energy bills. While predictions get less accurate the further into the future you get, currently it doesn't make good reading.

The consultancy firm Cornwall Insight says that the October to December Ofgem energy price cap could come in 12% higher than the July cap at £1,762 a year for an average household, with an average amount of energy usage. This is due to an uptick in wholesale prices - which generally lag behind the prices we pay - and bills are currently expected to remain at this level for the first three months of 2025, though this is too far into the future to predict with any certainty.

Bills are predicted to rise by an average of 2% in the next year. Most energy fixes lock you into the deal for 12 months (you can leave early but often you have to pay an exit fee), so right now it looks like a good time to fix as the price cap is very unlikely to drop so much that you'll be stuck on a fix that is higher than the cap.

It might therefore be worth fixing especially if you value certainty in what you pay and don't want to worry about unexpected changes. You can use the MoneySavingExpert Cheap Energy Club comparison which will give you a prediction based on your usage, area and payment method here.