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Should I fix my energy costs?

Posted on 20 October 2016

At Co-operative Energy, we want to be completely clear with you about your energy bills. You can be sure that with us, you’ll receive uncomplicated, easy-to-understand energy prices and honest advice, as this is what sets us apart.

The truth is, when it comes to your energy costs, many are unsure whether to opt for a fixed or variable tariff. Energy bills are made up of a number of components and so deciding which package best suits you can be quite a daunting process. To make this easier for you, we’ve highlighted which tariff – either fixed or variable - will best suit your circumstances, as many often ask, should I fix my energy bills?

Yes, you should fix your energy

Energy prices are unpredictable because the energy market is quite volatile. On top of this, there are a number of external factors that affect your bills, which means prices often fluctuate. Alongside the actual price of electricity, your bills are also made up of government levies, tax and the transportation of the energy to your home. Therefore, if any one of these should increase, your bills could too.

It has been predicted that energy prices are steadily on the up, which is why it may be beneficial for you to opt for a fixed tariff. Combined with this, transportation costs are also expected to rise in the future - by around 8-15% for electricity and 5-6% for gas. To help protect yourself from increasing bills, a fixed tariff is often the best option, as your prices will be the same for a set period of time, usually 12 months.

No, you shouldn’t fix your energy

However, fixed energy tariffs aren’t as flexible as variable tariffs. With variable tariffs, you’re not tied to a contract and can therefore switch to another tariff or provider without having to pay a cancellation or termination fee. Subsequently, customers can take advantage of price reductions and enjoy cheaper prices should energy prices fall, but again, this isn’t a guarantee. It’s also worth bearing in mind that prices are predicted to increase, as is demand.

Other ways to save money on your energy costs

Although, unfortunately, we can’t control energy prices, there are a number of ways you can manage how much you spend on your energy bills. First of all, you could save money by switching to Co-operative Energy or to a different tariff. Our online comparison tool allows you to compare your current tariff with our new tariffs – to find the most suitable and cheapest energy deal for you.

Alongside this, you can reduce your energy bills by being more energy efficient. At Co-operative Energy, we are passionate about sustainability, and offer energy saving tips and advice on smart technology – all of which can help you cut down your energy costs. You can choose from a selection of LED lightbulbs over at Co-operative Energy Saving, and you’ll soon be able to also buy draught excluders, biomass boilers and solar panels, plus many more products.

Want to get started? Check out these 8 easy energy saving habits that could cut your bills

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