Why You May Want To Consider a Fixed Rate Plan

At Seek The Deal, we use the phrase “we will help you find the best plan for your needs” on a regular basis. A lot of the time this means helping Australians find the cheapest energy plan available to them – but not always. Different people have different priorities, and it’s our job to help you find the energy retailer that best meets all of your unique requirements.

While some homes may want the cheapest energy deal, others may want the best customer service. If you’re looking to switch energy suppliers in the near future, it may be worth your while to consider prioritising a fixed rate plan. While they may not always be the cheapest option in the short term, they often end up saving money in the long term.

We’ve outlined the pros and cons of a fixed rate plan to help you determine if this kind of contract is something you and your household can benefit from.

Why You Should Do It

  • Energy companies sometimes raise their prices soon after you’ve signed on with them. When you sign onto a fixed rate plan, you can rest easy knowing that any price rises won’t affect you or your energy bills
  • Fixed rate energy plans are hugely popular, which means energy retailers are competing to provide you with the lowest price – you should have a lot of luck finding an affordable, long term deal.
  • Most energy retailers offer these plans, so you don’t have to worry about being limited in your choice of supplier.

Why You Shouldn’t Do It

  • If there is a price drop while you are on your fixed price plan, you’ll end up paying more than you need to. (This can be avoided by finding a plan that doesn’t have a cancellation fee – you can switch over to a cheaper plan if there is a price drop)

Ultimately deciding if a fixed rate plan is best is up to you and what you think is best for your current financial situation. If you’re looking for future protection and consistency, a fixed rate plan is for you. If you’re able to compare the market on a regular basis and switch energy suppliers accordingly – they may not be worth it.

Our team at Seek The Deal is happy to help you compare energy retailers and determine what will work best for your lifestyle and budget. Simply fill out a form online, and our experts will be in touch with you shortly.

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