‘By opting for a fixed deal, you’re locking in those rates for the duration – which means households could have price certainty and avoid the ups and downs of the price cap.
Meter readings: Nine million households need to submit them by 1 January
Comparison website Uswitch says that Britons risk overpaying by a collective £66million if accurate meter readings are not submitted.
Elsie Melville, energy expert at Uswitch, said: ‘Customers who don’t have a smart meter should aim to submit their readings before or on Wednesday 1 January, so their supplier has an updated – and accurate – view of their account.
This would spell a third consecutive increase for households on default tariffs, following the 1 per cent rise in January and 10 per cent increase in October.
‘Now is also an ideal time to look at switching to a new energy tariff, as there are a range of fixed deals currently available that are cheaper than the January price cap.
A fixed energy deal, as opposed to a SVT, could help some households save money on their bills and help lock in rates cheaper than the January price cap.
Can you save money on energy bills? Check the best fixed deals
Regulator Ofgem has urged households to take advantage of rising choice in the market and look for the best deal to help keep their bills down.
However, some fixed rates work out more expensive than simply staying on an energy tariff limited by the Ofgem price cap.
Switching energy provider can also help the planet, if you move to one of the a green deals offering electricity from renewable sources and more environmentally-friendly gas.
In November, Ofgem said the price cap will increase to £1,738 per year for a typical household using both electricity and gas, from 1 January 2025.
By entering your address and energy usage, you can search for energy deals that can cut your costs and suit how you live.
Homes on standard variable tariffs and without a smart meter risk having some of their energy usage estimated and potentially being charged under new, higher rates, unless they submit a meter reading on or before 1 January.
