Ofgem’s price cap will rise by 10% on October 1 to £1,717 for the average household, prompting a potential shift to fixed deals for the first time since 2021. The cap, reviewed quarterly and likely to increase again in January, sets the maximum charge per unit of gas and electricity on standard variable tariffs. Current rates are 5.48p per kWh for gas and 22.36p per kWh for electricity, rising to 6.24p and 24.5p respectively in October. Fixed deals may offer savings, with the cheapest at £1,568 annually. However, consider potential higher costs before October and exit fees. Long-term forecasts suggest the cap may rise to £1,720 in January and drop to £1,690 by July 2025. Flexible tariffs with low exit fees, like those from Octopus or Co-op Energy, could be beneficial. Additionally, the Great British Insulation Scheme and other insulation initiatives can help reduce bills.