If you are shopping for a better energy deal, you will have come across fixed price tariffs from First Utility. But what are they, and should you consider one? In this guide, we will be answering need to know questions about First Utility fixed tariffs to help you decide if one is right for you.
Related: Changing tariff with First Utility.
What is a First Utility fixed price tariff?
A First Utility fixed price tariff guarantees the cost of your energy for a period of time, for between 1 and 4 years. However, it’s important to note that a fixed price tariff merely freezes the rate you pay for each unit of energy. So you aren’t guaranteed to pay the same for your energy every month, as this will differ according to the amount of energy you use.
Why are fixed tariffs so popular?
First Utility fixed tariffs are popular because they give people control over their energy. Many people prefer the idea of paying a fixed cost for each unit of energy they use, rather than paying whatever the market sets. However, there are some downsides to paying for energy in this way (below).
What are the downsides to a First Utility fixed tariff?
The main downside to one of First Utility’s fixed tariffs is that they tie you into paying a certain amount of money for each unit of energy you use. So if the price per unit of energy falls, then you won’t benefit from the lower price the same as other customers do. Additionally, if your energy needs change, then a fixed tariff could work out more expensive than a variable tariff in the future.
How long can I fix a First Utility tariff for?
At the time of writing, the longest fixed tariff First Utility offers is until 2018. This is called the iControl fixed September 2018 tariff. It offers price protection for three years and no price rises on the amount you pay for each unit of energy until 2018. The second longest fixed tariff on offer is the iSave Fixed 2017. The average annual bill for each of these fixed rate tariffs if £1,032 and £992 respectively. The 2017 tariff works out as a better deal in the long-term.
What First Utility fixed tariffs are on offer?
First Utility has three fixed rate tariffs to choose from. In addition to the iControl fixed September 2018 tariff and the iSave Fixed 2017 tariffs, there’s also the iSave Fixed December 2016. The iSave Fixed December 2016 is First Utility’s cheapest fixed rate tariff with an average annual bill of £905. However, it doesn’t run for very long compared to the others on offer.
Where can I find out more about First Utility’s tariffs?
You can call first Utility customer services on 0843 770 5059 to speak with a representative about their tariffs. This is the easiest and quickest way.