Fixing Energy Tariff Question

[Atmorning]

If I were to go onto a fixed tariff, would I instantly be charged the new unit rate even if it is higher than the current cap?

For example current unit rate on my flexi tariff is 27.84p, cap rate is 28p and the fixed tariff is 67.09p.

If I go onto the fixed tariff does that mean the cap does not apply and I will pay 67.09p from today?

Thanks for any replies!

Yes you would pay it straight away and be paying over the price cap

Yes, that's why you need todo your sums very carefully to make a decision

You would be paying more then the cap for the next 2 months, but depending on the fix, less then the cap after the October rise, and probably saving more after January rise. You need to work out if the extra you pay for the next 2 months is more or less then what you will save after that.

MSE has a calculator that might help

Yes, if you change to a fixed tariff, you pay the fixed rate.

How long is it fixed for? I've fixed until October 2024

At 67.09p per unit OP would be paying more than the price cap after the October rise (52p/kwh roughly) so would pay more from now until whatever the rise may be in January.

Thank you, I assumed so! It's a tricky calculation, would be good to do it to know my budget but just feels hard to click the fix button and more than double my entry bill.

MSE calculator says it's a 122% increase and at that rate I should 'strongly consider' fixing.