00:00The energy price cap affects 80% of homes in England, Scotland and Wales.
00:04Everyone who's on their energy firm's standard, the default tariff,
00:08is on a price cap tariff. So if you're not sure it's likely to be you,
00:11it's only those who are on a fix or have chosen a special tariff that aren't on the price cap.
00:16And a 1.2% rise, remember, is on top of the 10% rise we've already had in October.
00:21So for every £100 you're paying now, you'll pay £101.20 from 1 January.
00:27Then the prediction is it'll go up again in April, come down a little bit in July,
00:32come down a little bit again in next October.
00:34But even by the end of 2025, if predictions are right,
00:40you're likely to be paying more than you are right now.
00:44So we've already seen a 10% energy bill rise in October.
00:47It's going up by 1.2% in January. It's likely to go up again in April,
00:51come down a little bit in July and a little bit in October.
00:54But you'll still be paying more then than you are now.
00:57Whereas the cheapest fixes on the market are 5% less than current prices.
01:04So if you fix, you can pay less than you are now and get a guarantee for a year
01:09that your rates won't rise. If you stay on the price cap and the predictions are right,
01:14you're going to pay more than you do right now over the next year.
01:17So the no-brainer option is find yourself a cheap fixed deal.
01:22Go into a whole-of-market-by-default comparison site and find what your cheapest fix is.
01:26The only people that doesn't work for, unfortunately, is those on non-smart prepayment meters
01:31because there just aren't any fixes available for them.
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