The energy regulator Ofgem is advising people to look at fixing – so that the price you are charged per unit of gas or electricity does not change every three months, although the total bill will still vary of course, depending on how much energy you use.
There are fixed deals currently available that are around 15% cheaper than the current variable rate that you will be paying if you have not fixed (the rate that is limited by the regulator’s cap), according to Gary Caffell, from consumer website Money Saving Expert.
When the cap goes up on 1 October, that difference rises to 17%, so switching to a fixed deal will definitely save you money over the next few months, he says.
After that it is a bit harder to predict what the variable rate will be, but fixing could save the typical household £250 over the next year, Mr Caffell adds.
Before you fix, Money Saving Expert advises you look at all the deals available, not just what your own supplier is offering.
But consumer group Which? also recommends keeping an eye on any exit fees when picking a fixed deal. If variable prices fall below your fixed rate and you want to get out of it before the end of your agreement period, you may have to pay a hefty sum.
If you are already on a fixed deal that is higher than the current price cap then check whether you face an exit fee, and whether it is worth paying it to save on your bill.