Should I fix my energy prices?
Updated 13th March 2024
No one wants to pay more for their energy than they need to. We understand that. And we want to help you make informed decisions to help manage the cost of your energy effectively.
In this blog post, we talk about the upcoming Ofgem Price Cap and the benefits of choosing a fixed energy tariff now.
If you’ve already decided, you can get your personalised quote for our latest fixed rate tariff here.
April’s price cap is going down
The energy price cap helps to protect customers by capping the maximum amount energy suppliers can charge for standard variable tariffs. The price cap is not fixed and can change based on market conditions. It’s currently reviewed and set every three months.
From 1st April 2024 the price of energy for a typical household on a dual fuel tariff paying by Direct Debit will reduce by £238 a year, or around £20 a month, from £1,928 (1 January to 31 March) to £1,690.
Should I fix my energy prices?
With the price cap changing every three months, and no guarantee on whether prices will go up or down, now could be the time to lock in a rate that provides price stability and peace of mind.
We’ve launched a 1-year fixed tariff, that’s priced below the April 2024 price cap.
You’ll get:
- Price protection: With a fixed energy tariff you’ll be charged the same rate for your gas or electricity and your standing charges, until your contact ends. This protects you from future price rises. Remember – it’s the cost per unit rate and standing charge that’s fixed and not your bill. Read more about fixed vs. variable tariffs in our comparison guide.
- Swap for free: if you choose a fixed energy tariff now, and we launch an even better fixed tariff in the months to come, you can swap to it for free. We won’t charge you exit fees if you move from one British Gas fixed tariff to another fixed tariff. We will charge exit fees if you leave us for another supplier though.
How do I move to a fixed energy tariff?
If you’re already with us, then you can switch your gas and electricity tariff in minutes in your online account. We’ll give you a personal projection so you can see if it’s the right option for you.
Not a British Gas customer yet? We'd love you to join us - getting a no obligation quote is quick and easy to do. And, if you decide to switch to us, we’ll take care of everything.
Centrica’s Rough storage is helping to balance the grid and keep prices stable
Rough, owned by our parent company Centrica, is the UK’s largest gas storage facility. Amid a cold snap, Centrica announced it would pump gas from Rough into the grid to help the UK manage higher heating demand, keeping families warm and prices more predictable.
Rough provides enough energy to heat over three million homes every day, all winter. Centrica’s long-term ambition is to transform Rough into the largest low-carbon energy storage hub.
Other ways we can help lower your bills
Get smart meters
See how much energy you’re using in real-time. Understanding your energy use could help you make small changes to reduce your energy usage and your bills.
Check out our latest offers
We have loads of offers to help you save on energy, boilers, homecare cover and more all year round.
Use less - save more
Reduce your bill and your carbon footprint with our handy tips to help you save energy and money.