Fixed-rate tariffs lock in the price you pay per single unit of energy which protects you against any sudden price rises during your contract. Unsurprisingly, it’s a very popular type of energy deal offering competitive prices and peace of mind over the cost of your gas and electricity.
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What happens when my fixed rate tariff ends?
If you don’t switch to another type of fixed rate tariff, your energy supplier will automatically roll you onto what’s known as a standard variable tariff (or SVT).
SVTs are normally a supplier’s most expensive type of tariff and don’t charge one set price per single unit of energy. This means that your energy bills could become more expensive if your energy supplier announces a price rise.
How do I find out when my fixed-rate tariff ends?
Your energy supplier will contact you to let you know that your fixed rate tariff is coming to an end around 42 to 49 days before.
They might also suggest some other deals to switch to but even if these look good, it’s still best to use our energy comparison tool. All you need to do is enter your postcode and briefly describe your current supply in order to check which other great deals are available.
Alternatively, you can take a look at your latest paper energy bill or sign into your online account to see when your fixed-rate deal is coming to an end.
When can I switch to a new fixed-rate tariff?
You have a period of 49 days before the end of your fixed rate tariff in which you can switch to a new deal for free and not have to pay any exit fees.
If you’re unhappy with your current deal or have seen something better and want to switch before this 49 period definitely check your provider’s exit fee. The amount that’s charged does vary so, depending on how much you’ll save in the long run, it might be worth paying.
How long will it take for my energy switch to be completed?
Your energy switch will take no longer than 21 days to complete but it’s always best to get it done as soon as you possibly can. You’re also entitled to a 14-day cooling-off period within which you’re free to cancel your contract if you decide you no longer want that deal.
What happens if I can’t find a cheaper energy deal?
If you find that there are no tariffs available which are cheaper than the one that you’re on after running a comparison you should still switch your energy.
It’s best to pick the cheapest overall fixed price tariff in this situation. It will likely still allow you to save a lot more on your energy bills than you would by being on an SVT.