Fixed rate energy tariffs charge you a set amount for each unit of gas and electricity you use over a fixed period – usually one or two years. The size of your bill will still fluctuate according to how much energy you use.
These tariffs are usually the most competitively priced on the market, but once the fixed period comes to an end you will be shunted onto your supplier’s standard variable rate deal – which will be more expensive.
That’s why it’s important to look for another competitive deal before your current fix comes to an end. If your tariff carries exit fees, they will not be applied within 42 days of your tariff end-date, meaning you can move to another tariff without penalty.
How can I find out when my energy tariff is coming to an end?
Here are the ways you can find out when your tariff ends:
1) Find your most recent energy bill. Your tariff end date will be provided in the section dedicated to your key information (which includes details such as your tariff name and your account number).
2) Call your energy provider. Your supplier will be able to give you your tariff end date over the phone. If you have your account number handy they will be able to locate your details quicker.
3) You’ll receive an end of tariff notification. Energy suppliers have a legal obligation to notify account holders their tariff is approaching its end. You’ll receive this 42 – 49 days before your tariff ends.
What are my options when my fixed rate energy tariff ends?
As you approach the end of your tariff, it’s worth running a free price comparison quote to see if there is a cheaper tariff to switch to. As stated, if your provider charges exit fees, you won’t be charged should you switch within the 42 — 49 day end of tariff period.
It’s important to remember that whether you stay with the same provider or move to another one, your energy supply will not be cut off. Switching providers takes up to 21 days, and is often shorter if you are staying with same provider but moving onto a different tariff.
Our guide on switching explains how quick and hassle-free the process is.
Can I switch energy providers before my tariff end date?
Yes, but be careful of exit fees. If you find that there is a cheaper tariff on the market for you, be sure to factor in any fees your provider will charge you for leaving before your contract finishes.
Some of the most expensive exit fees can be in the region of £30 — £50, particularly if you are on a two-year fixed tariff. These costs can sometimes offset the savings you’re lined up to make by switching.
You can find out if your current energy tariff has exits fees by checking your energy bill or calling your energy provider.
Switch and save with Energy Monitor
Switching your energy supplier is quicker and easier with MoneySuperMarket’s Energy Monitor. We’ll let you know as soon as there’s a cheaper tariff available for you, so you can effortlessly switch and save money on your energy bill.
What if my business energy tariff is ending?
If you have a business energy contract, you can’t start comparing deals until your current deal enters its ‘switching window’ – this could be anything between one and six months before its end date. Because of the way commercial energy contracts are drawn up, you can’t actually switch until your current deal ends.
If you let your business energy deal end without switching or agreeing a new one with your supplier, you’ll either be placed on an expensive ‘out-of-contract’ rate or signed up for another year on an equally pricey ‘rollover’ contract. That’s why it’s important to compare deals and arrange a new commercial energy deal as soon as your current one enters its switching window.
To compare tariffs, give our energy experts a call now on 0800 088 6986.