British Gas has launched a new fixed tariff priced around £250 below the predicted July energy price cap, offering households a chance to lock in lower bills.
However, customers will need to act quickly, as the deal is expected to be popular and may be withdrawn at short notice.
British Gas has unveiled a limited-time fixed energy deal priced at £1,610 per year for typical households paying by direct debit, representing the lowest rate among the major six suppliers.
The tariff, named Fixed Exclusive Jul27 v1, can only be accessed through Compare the Market and closes at 23:59 tonight (April 17).
This exclusive offer sits beneath both the current energy price cap and forecasted future rates, providing potential savings for customers concerned about rising costs.
Both new and existing British Gas customers can take advantage of the deal, which covers single fuel and dual fuel options.
At £1,610 annually, the tariff undercuts April's price cap of £1,641 by £31, offering immediate savings for households switching today.
The deal becomes even more attractive when measured against upcoming energy costs, sitting more than £250 below the anticipated July price cap.
Both new and existing British Gas customers can take advantage of the deal
| GETTYIndependent energy analyst Cornwall Insight forecasts the summer cap will reach £1,861, meaning customers who lock in now could avoid a significant increase in just a few months.
In percentage terms, the British Gas offer comes in 1.9 per cent cheaper than current regulated rates and 15.9 per cent below predicted July levels.
External research confirms this represents the most competitive fixed tariff currently available from any of the Big Six energy suppliers.
Customers should note the tariff carries exit fees of £50 per fuel if they wish to leave before the contract ends.
Customers should note the tariff carries exit fees of £50 per fuel if they wish to leave before the contract end
| GETTYTom Lyon, energy expert at Compare the Market, said: "When comparing deals, it's helpful to look beyond the headline price and check the full details of the tariff, including standing charges, contract length and whether the plan suits your meter type and usage patterns."
Those currently on standard variable tariffs can typically switch without incurring penalties from their existing supplier.
A 14-day cooling-off period applies to new contracts, allowing customers to cancel without charge if they reconsider their decision.
Ensuring your current account details are up to date can help prevent delays during the switching process.
Energy bills to jump by £258 as households warned of summer price cap rise | GETTYMr Lyon emphasised that securing a fixed rate can shield households from market fluctuations, locking in unit costs for the contract's duration.
"Moving to a fixed tariff can also provide protection from price volatility, as it locks in unit rates for the duration of the contract. This can offer greater certainty over monthly costs and help with budgeting," he said.
Recent weeks have seen increased interest in fixed deals following global uncertainty, with many households seeking stability amid volatile energy markets.
The number of available fixed tariffs has recovered since the Middle East conflict began in late February, with Uswitch data showing options rising from 15 during the initial shock to 28 more recently.