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My capped/fixed tariff is coming to an end - what should I do?

Whether trying to beat price rises or wanting to control energy costs, millions have switched their energy to capped or fixed price tariffs.  Now with many of these tariffs coming to the end of their fixed terms and suppliers offering these customers a bewildering range of tariff options to move onto, many have been wondering whether they’re still getting a good deal.

We’ve taken account of these concerns by modifying our comparison calculator.  Instead of working out your savings based on the prices you’re currently on, we’ve adjusted our calculator to also use the prices you’ll most likely be put on by your current supplier in the next 12 months.
Capped Tariffs

How our calculator works – between 2 and 12 months left on your capped or fixed tariff

If your tariff is due to expire within the next 12 months, we’ve used the prices you’ll most likely be put on by your current supplier as well as your current capped ones to give you a more accurate price comparison.

So if you’ve got 4 months left to go until your capped or fixed prices expire, we’ve calculated 4 months’ worth of energy at these prices, and 8 months at your new prices, added these together and used this to compare against the rest of the market.

How our calculator works – less than 2 months left on your capped or fixed tariff

For those with less than 2 months to go on their capped or fixed rate, we’ve used the prices you’ll most likely be put onto by your current supplier to do your price comparison rather than your current prices.

Because of the short time until your capped or fixed term expires, it makes sense to use the prices you’ll be put on to do a comparison rather than the prices you currently pay, especially as any switch application takes 3-6 weeks to go live.  If however, you’d rather still see an energy comparison based on your current prices, that’s not a problem.  When you get to the results table, follow the links to take you to a comparison based on your fixed or capped prices.

What about cancellation penalties?

Unfortunately, some tariffs incur cancellation penalties if you leave before the term expires.  With tariffs that have more than a couple of months left to go, it may still make sense to switch now and incur the penalty if it is small and your potential savings are big, especially as there have been recent price cuts and new cheaper products introduced.

With tariffs with less than 49 days to go, cancellation fees aren’t a problem.  Under Ofgem rules your current supplier can’t charge you a cancellation fee if you switch away once you’ve received a renewal letter from them, which they are obliged to send you when you have at least 49 days to go before the end of your capped or fixed tariff.

Want to see whether switching from a capped or fixed tariff makes sense?

Click here to start an energy price comparison
to start a price comparison

If you’re unsure when your tariff comes to an end and whether it has cancellation fees or not, click on the relevant supplier link below for more information:
British Gas
SSE (Scottish Hydro, Southern Electric, Swalec)

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