Compare the whole tariff, not its label. For a household in England, Scotland or Wales, calculate the expected annual cost from your own electricity and gas use, each fuel’s unit rate, each daily standing charge, the contract length and any exit fee. A fixed tariff keeps the agreed rates stable for its term, but it does not freeze your total bill. A standard variable tariff can change, while its unit rates and standing charges are limited by Ofgem’s price cap; that cap does not limit what an individual household can spend.
The right choice depends on how much certainty you need, how much flexibility you want and what the actual contract costs. Future wholesale prices and your future consumption cannot be known with certainty, so no general rule makes a fix or a variable tariff permanently cheaper.
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Scope: which energy customers this comparison covers
This guide covers domestic household electricity and gas tariffs in Great Britain: England, Scotland and Wales. Ofgem’s price-cap rules discussed here do not cover Northern Ireland, business contracts, heat networks or heating oil. If you live outside Great Britain, use your own regulator’s rules and tariff definitions.
“Variable” in this article means a standard variable or other default tariff whose rates can change. Some suppliers also sell tracker or time-of-use products with separate rules. Read the individual terms rather than assuming every non-fixed product is covered in exactly the same way.
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What “fixed” and “variable” actually mean
Fixed tariffs lock rates, not your bill
On a fixed tariff, the supplier agrees unit rates for electricity and gas, plus the daily standing charges, for a stated contract term. Citizens Advice Wales puts it this way: “A fixed tariff charges you the same rate for your gas or electricity and your standing charge, until your contract ends.”
Your meter readings still determine the bill. If you use more kilowatt-hours (kWh), you pay for more kWh; if you use less, you pay for less. A cold winter, a new appliance or a change in occupancy can therefore make the total bill rise even when the tariff rates have not moved. A fixed deal is rate certainty, not a promise of a fixed monthly or annual payment.
Standard variable tariffs can change within the cap rules
A standard variable tariff can have its unit rates and standing charges changed by the supplier. For covered default tariffs, Ofgem’s price cap limits the maximum rates that can be charged under the cap methodology. The cap level is updated every three months and varies by region, payment method, fuel and meter type.
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Compare the cost components that determine your bill
For each offer, estimate the annual cost separately for electricity and gas:
annual energy cost = (annual usage in kWh × unit rate) + (365 × daily standing charge)
Add the electricity and gas results for a dual-fuel household. If you would leave an existing fixed contract before its end date, include any applicable exit fee when comparing the switch. Keep the fee separate in your notes so you can see both the ongoing tariff cost and the one-off cost of changing.
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Unit rates
The unit rate is the price for each kWh. Use the rate for the correct fuel and, where relevant, the correct time-of-use period. A tariff with a lower electricity rate but a higher gas rate may be cheaper for one household and dearer for another, depending on its fuel mix and annual consumption.
Standing charges
A standing charge is paid for each day the account is active, whether or not you use energy that day. It therefore has a larger effect on a low-use home than on a high-use home when expressed as a share of the annual bill. Compare the electricity and gas standing charges in addition to the unit rates.
Contract length and exit fee
A fixed deal’s term determines how long the rates are protected and how long you may be tied to the contract. An exit fee can make an apparently cheaper fix expensive to leave. Check the amount, when it applies and whether it is charged per fuel or per account.
Payment, meter and regional details
Compare like with like: the same region, payment method, meter type, fuels, contract term and time-of-use periods. A direct-debit quote, prepayment rate or smart-meter tariff may not be comparable with a standard credit-meter quote. Ofgem’s cap rates also vary on these dimensions.
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Fixed versus standard variable: the practical trade-offs
| Comparison point | Fixed tariff | Standard variable tariff |
|---|---|---|
| Unit rates and standing charge | Set for the agreed term, subject to the contract’s stated terms. | Can change; Ofgem’s price cap limits maximum rates for covered default tariffs. |
| If market prices rise | Contracted rates do not move with ordinary market changes during the term. | Rates may rise, subject to the cap and supplier rules. |
| If market prices fall | You may continue paying the fixed contracted rates. | The tariff rate may fall, but a fall is not guaranteed and the cap can also change. |
| Leaving the tariff | Early departure may carry an exit fee; check the contract and dates. | Ofgem says variable customers can switch; fixed-contract termination fees are the key comparison risk. |
| Useful comparison input | Your expected annual use multiplied by the fixed unit rates, plus daily charges and any exit fee. | Your expected annual use and current rates, with scenarios for later rate changes. |
This table describes exposures, not a forecast. The available evidence does not establish future wholesale prices or your future consumption, so it cannot identify a universally cheapest tariff.
How Ofgem’s price cap affects a variable tariff
Ofgem updates the cap every three months. At the time covered by the current figures, the published period was 1 October to 31 December 2026. For the exact rate that applies to you, use Ofgem’s table for your region, payment method, fuel and meter type rather than relying on an old article or a national “typical household” number.
The cap applies to the rates and standing charges of covered standard variable or default tariffs. It does not apply to a fixed tariff in the same way: a fixed contract is governed by its agreed terms. A capped tariff can still produce a high bill if your home uses a lot of energy, and a fixed tariff can still cost less or more than the capped alternative depending on its rates and the market during the term.
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Q4 2026 standing-charge figures as dated context
The House of Commons Library reported the following average Great Britain direct-debit standing charges under the October–December 2026 cap:
| Fuel or combination | Average daily standing charge | Scope and date |
|---|---|---|
| Electricity | 54.8 pence per day | Great Britain direct-debit average, October–December 2026 cap period. |
| Gas | 29.7 pence per day | Great Britain direct-debit average, October–December 2026 cap period. |
| Combined electricity and gas | 84.5 pence per day | Sum of the reported electricity and gas averages for that cap period. |
The same 2026 source estimated that standing charges represented 18% of a typical dual-fuel bill under the Q4 cap. That percentage is not a universal share: your usage, tariff, payment method and region can produce a different result. Ofgem’s medium typical domestic consumption values cited by the Library were 2,500 kWh of electricity and 9,500 kWh of gas. They are reference values, not a substitute for your own annual readings.
Do not carry those figures into a later cap period without checking the next Ofgem publication. The cap is revised quarterly, and the exact rates can differ by region, payment method and meter.
A step-by-step method for comparing two offers
- Collect your actual usage. Find the last 12 months of electricity and gas consumption in kWh. Use statements, annual summaries or meter readings. If you have moved recently, use the best available estimate and mark it as uncertain.
- Record every tariff input. Write down each fuel’s unit rate, daily standing charge, payment method, meter type, contract start and end dates, and any exit fee. Capture time-of-use rates separately if the offer has them.
- Calculate electricity. Multiply your annual electricity kWh by the electricity unit rate, then add 365 multiplied by the electricity standing charge.
- Calculate gas. Multiply your annual gas kWh by the gas unit rate, then add 365 multiplied by the gas standing charge.
- Add the fuels. Combine the two annual results for a dual-fuel total. For a single-fuel home, use only the fuel you buy.
- Adjust for an early switch. If you would leave a fixed contract before it ends, add the stated exit fee to the first-year cost of the new option. Check whether the fee applies to one fuel or both.
- Run a variable-rate scenario. A variable tariff’s current rate is only a starting point. Recalculate the expected cost under a higher-rate and a lower-rate scenario without presenting either outcome as a prediction. A fixed tariff’s contracted rates remain the same for the agreed term in these scenarios.
- Compare the same basis. Use the same annual usage, period and fuel coverage for both offers. Do not compare a twelve-month fixed-term estimate with a monthly variable quote that assumes a different usage or payment basis.
- Check the contract before accepting. Confirm the rates, standing charges, term, exit-fee wording, billing method and any conditions tied to a smart meter, direct debit or paperless billing.
Why a quoted monthly direct debit is not the tariff price
Suppliers often show a monthly direct-debit amount based on expected annual costs and the management of your account balance. It is a payment arrangement, not a separate unit rate. A supplier can change the recommended payment as your usage, forecast or account balance changes, while the tariff’s unit rates and standing charges are the figures needed for a like-for-like comparison.
Use the annual calculation above to compare offers. Then check whether the proposed direct debit is likely to build a large credit or debit balance, especially if your usage is seasonal. A low monthly figure does not prove that the underlying tariff is cheap, and a high figure does not prove that it is expensive.
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Check the fixed-term end date first
Ofgem says a switch generally completes within five working days, but leaving a fixed tariff before its end can trigger an exit fee. Find the exact end date on the contract or bill before starting a switch.
Use the 49-day window carefully
Citizens Advice says customers with 49 days or fewer remaining on a fixed contract can switch without an exit fee. When 50 or more days remain, a fee may apply. This is a rule of thumb for the switching window, not a substitute for reading your contract: confirm the fee and the dates with your supplier before acting.
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Weigh the fee against the potential saving
There is no universal break-even point. Compare the one-off fee with the estimated saving over the period you expect to stay on the new tariff, while allowing for changes in variable rates and your own consumption. If the saving is small or uncertain, flexibility and avoiding a fee may matter more than the headline rate.
When each tariff structure may suit a household
A fixed tariff may suit you when budget certainty is valuable
- You need predictable unit rates for the contract term to plan household spending.
- A higher rate would create financial stress, so protection from ordinary market increases has significant value.
- You expect to remain at the property for the term and are comfortable with the exit-fee restrictions.
- The fixed offer remains competitive after adding both standing charges and any fee, using your own usage.
These are decision factors, not a promise that the fixed offer will be cheapest. If variable rates fall, you may pay more than someone who stayed variable.
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- You may move home, change supplier or alter your energy arrangement soon.
- You want to avoid a fixed-term exit fee.
- You can tolerate rate changes and keep enough budget headroom for a higher bill.
- The current variable rates and standing charges compare well with the available fixed offers for your usage.
Variable does not mean rates will automatically fall. The supplier can change them within the applicable rules, and the price-cap level itself is revised quarterly.
Low-use homes should inspect standing charges closely
When annual kWh is low, the daily charges make up a larger share of the total. Two tariffs with similar unit rates can produce different annual costs if their standing charges differ. Multiply each daily charge by 365 before deciding that a lower unit rate is better.
High-use homes should focus on unit rates as well as charges
For a home with substantial annual consumption, a small difference in a unit rate is applied to many kWh. Still include standing charges: omitting them can reverse the ranking where the rate difference is narrow.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Common comparison mistakes and how to avoid them
“Fixed” is mistaken for a fixed annual bill
Correct the assumption by separating the rate from consumption. The contract fixes the agreed price per kWh and the daily charge; it does not fix how many kWh your household will use.
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The price cap is treated as a spending ceiling
The cap limits covered tariff rates, not total household spending. More consumption produces a higher bill, even under the cap.
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Only the unit rate is compared
Add 365 days of standing charges for each fuel. This is particularly important for low-use properties and for tariffs marketed with a low headline unit rate.
A “typical household” figure is used as a personal quote
Typical-use figures are reference assumptions. Your region, payment method, meter, occupancy and appliances determine your actual costs. Use your own annual kWh whenever possible.
Monthly direct debits are compared instead of tariff rates
Direct debit is a payment schedule affected by forecasts and account balances. Compare unit rates, standing charges and contract terms first.
An exit fee is ignored
Read the fixed contract’s termination section and check how many days remain. A one-off fee can outweigh an apparent annual saving.
Old cap figures are carried into a new quarter
Ofgem updates the cap every three months. Check the current period and the rate table for your location and payment method before relying on a quoted figure.
A forecast is presented as a fact
No current comparison can establish whether wholesale prices will rise or fall over your contract. Use scenarios to understand exposure rather than treating a prediction as guaranteed.
Policy developments around standing charges
Ofgem has listed proposals and consultations about lower-standing-charge options, including a zero-standing-charge cap variant. These are policy developments, not proof that a particular option is currently offered to every household. Check the current status and the actual tariff terms before assuming that a zero-standing-charge product is available or suitable.
How to use a comparison website safely
Ofgem directs consumers to supplier information and energy comparison websites. The UK Government describes these sites as third-party intermediaries and warns that conflicts of interest, opaque contracting and mis-selling are possible. If you use one, treat its result as a way to find tariffs, not as a replacement for reading the supplier’s terms.
- Check which suppliers and tariffs the service actually includes.
- Confirm that the displayed unit rates and standing charges match the supplier’s contract.
- Look for fees, incentives or commission disclosures and understand whether they affect the ranking.
- Verify the fixed-term length, exit-fee conditions and meter or payment requirements before agreeing.
- Save a copy of the tariff information and your usage assumptions so you can audit the estimate later.
A final decision checklist
- Is the tariff available in your Great Britain region and for your meter and payment method?
- Have you used your own annual electricity and gas kWh?
- Have you multiplied each fuel’s unit rate by usage?
- Have you added 365 days of standing charges for each fuel?
- Are the contract term and fixed-rate end date clear?
- Could an exit fee apply, and have you confirmed the remaining days?
- For a variable tariff, have you considered how a higher or lower rate would affect your budget?
- Are you comparing annual tariff costs rather than only the suggested monthly direct debit?
- Have you checked the current Ofgem cap period instead of relying on an old typical-bill figure?
Bottom line
A fixed tariff buys certainty about rates for a defined term; a standard variable tariff preserves flexibility but exposes you to rate changes within the price-cap rules. Neither guarantees the lowest total bill. Calculate both fuels with your own kWh, unit rates and 365 days of standing charges, then include any exit fee and the value you place on certainty. Recheck the figures whenever the contract, cap period or household usage changes.
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