Energy deal fixed until 2021 - any reasons not to choose?

[Thecreosotekid]

I usually get a fixed one year online deal but have found a cheaper deal with another supplier but it’s fixed until 2021. Is there any reason that this could be a bad idea to go for? It’s with EDF. What with Brexit uncertainty is a 2 year fixed deal a good choice ? Thanks for any advice.

In the past I've been suspicious that fixing for too long would lock you into higher prices unnecessarily, but I don't think energy prices are coming down any time soon with all the environmental subsidies, smart meter installations and Brexit uncertainty.

It probably is worth going for. If it ends up looking uneconomic, you can always switch away to another deal. And apparently, if you first switch to the EDF variable tariff, you won't even need to pay the exit penalties as you don't pay the penalty to move between EDF tariffs and if you end up on the standard deal, there's no penalty to switch away from that, but that is a little bit cheeky. Only downsides I can think of is, if you do pay an exit fee, it might be higher than standard, as it's a 2 year deal.

Also, if you're a regular switcher, you can usually get cashback from a bank, quidco or MSE deal, so you're missing out on a chunk of cashback. But if prices keep going up, you're probably better off overall.

If it's the same deal I got with EDF there is no penalty for leaving early so what's the risk? I'm fixed to Feb 2021.

Thanks for replying to such a boring thread. I think you’re right about prices not coming down any time soon. I’ll go for it.