The energy market can be quite complicated. With so many different types of pulse power energy plans like variable rates, fixed rates, and no-contract options available, it can all feel a bit overwhelming.
But if you’re feeling confused about what option is best for your family, a fixed-rate plan might be the way to go.
Here are 5 reasons why:
1. Stay in control of your energy costs
By staying on a market-based plan, you always know what the next month will bring. You don’t have to worry about fixed prices that could go up or down at any time. This can be beneficial if you are comfortable with predicting how much your usage will be over the next 12 months. However, if there are big changes to your family’s lifestyle or if you’re moving into a new home, it may be best to lock in your rate for a set period.
2. A fixed-rate energy plan can keep energy bills predictable
When gas and electricity prices rise, a variable rate plan could come with higher costs that mean an increased charge on your monthly energy bill. If you have a fixed-rate plan, your electricity price will stay the same for the entire billing cycle, so you always know what to budget.
3. Having the power to choose a fixed-rate energy plan can be beneficial if you are receiving financial assistance with your energy bills
If you are on income support or receiving some form of government assistance for your energy bills, a fixed-rate option will be the best choice for you. When power prices rise, it can quickly become too expensive to pay your energy bill and cover all of your other expenses. However, with a fixed-rate plan, you’ll never have to worry about paying more than what’s on the contract.
4. Fixed-rate plans are perfect for single-income families
A fixed-rate plan ensures that you’ll never have to pay more than what’s on the contract. If you’re a single parent or if your partner is not working, this type of plan can be beneficial because it means that paying energy bills will always fit within your budget. When you sign up with a fixed-rate plan, you’ll have peace of mind knowing how much your energy costs will be for the next 12 months.
5. Fixed-rate plans can protect you from market changes
If you feel like the energy market is a risky place with volatile prices, opting for a fixed-rate plan could be best for you. By locking into a contract that guarantees your rate for 12 months, it will prevent any price increases as long as you stay on your current plan. If you’re looking for a safe bet, this might be the best plan for you.
Regardless of whether or not you choose to stay on a fixed-rate plan, it is important to do your research and figure out what contract options are available in your area. With so many different types of plans available, it may take some time before you find the right one for you and your family’s needs.
