What is a fixed electricity tariff?
Is now a good time to switch to one? Read on to find out if this type of tariff is right for you.
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All the information on fixed rates.
What is a fixed electricity tariff?
A fixed-rate electricity tariff is one where you pay a fixed price per kWh, regardless of the time of day.
You agree the price per kWh for each time band with your electricity supplier, and this price remains the same until the contract ends (the contract is usually for one year).
Because you don’t have time to waste thinking about when to run the three washing machines you’ve got waiting, without being charged for the kWh at the price of a Fabergé egg.
Features of the fixed-rate electricity tariff
With a fixed tariff, you’ll always know how much you’ll pay per kilowatt.
So, if your consumption is more or less stable, the amount of the bill you have to pay each month will be similar.
Why? Well, because with a fixed tariff, you know in advance how much you’ll pay per kilowatt.
And if the price of electricity goes up tomorrow, you don’t need to worry because your tariff won’t change.
Are there any drawbacks? Unlike time-of-use tariffs, your agreed price per kWh will remain the same, regardless of the days and times when the price of electricity is at its lowest.
And so, you’ll end up paying more.
Is it worth signing up for a fixed-rate plan at the moment?
As you can see, a fixed-rate tariff can be a very good option if you’re looking to stop worrying about changes in the price of electricity.
Will you still have off-peak, standard and peak hours?
Yes, but with the certainty of knowing exactly how much a kWh costs and the peace of mind that it will always be the same.
So if you want to stop worrying about the price per kWh, a fixed-rate tariff is the ideal choice.
Which electricity supplier is best for a fixed-rate tariff?
Well, off the top of my head, it’s difficult to give you an answer without knowing what your home is like or your current energy consumption. But one of the advantages is that there are over 100 energy suppliers that can be tailored to your needs.
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Questions? We answer them
What is a flat-rate electricity tariff?
This is a tariff where you pay a fixed price per kWh, regardless of the time of day. The price is agreed with the electricity supplier and remains the same until the contract ends, which is usually for a period of one year. quecomparo
What is the main advantage of a fixed-rate tariff?
You’ll always know how much you’ll pay per kilowatt. If the price of electricity goes up tomorrow, you don’t need to worry because your tariff won’t change. quecomparo
Are there any drawbacks to a fixed-rate tariff?
Unlike time-of-use tariffs, on days and at times when the price of electricity is lower, your agreed price per kWh will not change, so you’ll end up paying more at those times. quecomparo
Do I still have off-peak, standard and peak hours with a fixed tariff?
Yes, but with the certainty of knowing exactly how much a kWh costs and the peace of mind that it will always be the same. quecomparo
Who is the fixed-rate plan particularly recommended for?
It’s ideal if you want to stop worrying about changes in electricity prices and stop worrying about when to use electricity to keep your bills down. quecomparo
Which provider is best for a fixed-rate plan?
It depends on your consumption and the type of household you have. There are over 100 energy suppliers that can cater to your needs. At Quécomparo.es, they analyse your bill and offer impartial, free advice to help you find the tariff that will save you money. quecomparo
How long does a fixed-rate contract usually last?
The standard contract term is one year, during which the agreed price per kWh remains stable. quecomparo
How can I tell if a fixed-rate plan is the best option for me?
You can use the online comparison tool at Quécomparo.es to get a personalised, free and no-obligation comparison, or call 900 377 532 free of charge from Monday to Friday, 10.00–20.00.
