Millions of householders will know the fate of their energy bills this week as Ofgem will officially announce the price of the October energy price cap. Fixed tariff options may work out cheaper overall if customers are able to get one with their provider.
Ofgem, the energy regulator, will announce the October energy price cap on Friday, August 26. The energy price cap is the maximum figure that can be charged to customers for typical usage of gas and electricity. Forecasters are expecting the October price cap to be £3,553 a year for the average household.
According to energy analysts, Cornwall Insight, energy bills are expected to rise over £5,300 in April next year according to their most recent predictions. Entering a fixed tariff with energy providers may work out cheaper in the long-run, despite the monthly outgoings being costly.
READ MORE: Timeline of energy price cap as gas and electricity bills set to soar over £5,300
A fixed rate tariff is a contracted rate you pay per unit of energy, and will be set for an agreed period of time - normally around 18 months, but as the energy regulator Ofgem increases the limit a supplier can charge for each unit of gas and electricity this October, entering a fixed tariff may save you in the long run.
Utility Warehouse customers could get a cheaper deal on a fixed tariff option for the next energy price cap, although it is best to check direct with the supplier as this depends on a person's energy usage and location. You can check regular fixed tariff options with energy suppliers on the MSE website here.
Fixed tariff option with Utility Warehouse
On a 12 month fixed tariff Utility Warehouse customers can get the Green Fixed 37 one-year fix. This works out at 80% more above the current price cap, at £3,500 a year and £150 dual-fuel exit fees.
However, this price only becomes available when customers take out two other services with Utility Warehouse, so for example, broadband, mobile, or boiler and home cover. It is also an open market switchable tariff so you are best checking their website here to see what you can get for your area.
For a Merseyside postcode, Utility Warehouse are offering energy at £160 a month, broadband for £21.60 a month, mobile from £12 a month and insurance from £16 a month. They also say on their website that they offer 5% off the government's energy price cap, saving consumer's £98 a year, although this may be subject to change when the October energy price cap is announced.
Utility Warehouse also state they offer a 10% broadband discount, saving customers £28.80 a year and £200 towards early termination fees with your current suppliers.
They say customers who bundle energy with two other services, will unlocked 100% renewable electricity and are eligible for their f ixed tariff . Plus, they will also plant a tree for you in the UW Woodland.
Can't afford to pay your bill?
If you can't afford to pay your energy bill or if you are struggling to do so, Utility Warehouse mention the Warm Home discount scheme on their website here, as well as independent advice from Citizens Advice.
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