Household energy bills continue to soar as Ofgem increases the price cap once again. Which is why Martin Lewis, the man behind the Money Saving Expert, is urging bill payers to look into fixed tariffs as it may work out cheaper.
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.
The average annual bill is expected to cost £3,582 a year, that's £355 a month compared to the current average of £164 a month. And as if that isn't enough, the cap will now be renewed every three months, instead of six, meaning bills will increase even further this coming January.
