Households who took a gamble on a fixed energy deal could have been better off by hundreds of pounds, new analysis suggests.
Research from Uswitch found that switching to the cheapest fixed tariff available on any day over the past year would have beaten the energy price cap over the course of the deal.
Households who fixed saved £182 on average, with the biggest saving reaching £289 and the smallest £102.
The cheapest fixed deal was below the price cap on 341 of the past 365 days.
But even people who fixed on one of the 24 days when the cheapest deal was more expensive than the cap could have come out ahead over the following year.
One household saved £262
The figures show how the decision to fix can pay off even when the deal initially appears more expensive.
Someone who took out a £1,459 fixed deal on July 9, 2024, when the price cap stood at £1,568, would have saved £262 compared with the actual cost of remaining on the cap for the following 12 months.
The real cost of the price cap over those four quarters was £1,721.
Uswitch said the days when fixed deals were more expensive than the cap were linked to short-term shocks in wholesale energy prices.
There was volatility during autumn 2024, while another spike came between March 20 and May 25, 2026, following the outbreak of conflict in the Middle East.
Despite those temporary increases, households fixing during these periods still came out ahead over the full term of their deals because the price cap rose afterwards.
Energy bills are expected to stay high
The analysis comes as households face another rise in the energy price cap.
The October price cap is set to increase by 4%, while January's level has been forecast to rise by a further 9%.
Uswitch says the cheapest fixed deal currently available offers average savings of around £158 a year compared with the October cap, while also protecting households from future price rises during the fixed period.
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Ben Gallizzi, energy expert at Uswitch, said: “Over the past year, anyone taking out the cheapest fixed deal would have beaten the price cap every day of the year – by £182 on average.
“The beauty of fixing is that the rate you lock in is the rate you keep. The price cap changes every three months and can jump up with little warning, but a fixed deal holds steady for the whole length of your contract.
“There were spells – in autumn 2024 and again this spring – when global events pushed wholesale prices up and fixing briefly cost more. But even households taking out fixed deals on these days were better off than the price cap overall.
“With bills expected to stay high into the colder months, now is a sensible time to lock in. The best fixed deals are shorter than many people assume – you don’t have to commit for years to protect yourself. Run a comparison, see what’s available for your home, and fix for peace of mind before winter arrives.”
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