British Gas, OVO, EDF, EON, Octopus customers have 72 hours to escape £149 charge
British Gas, OVO, EDF and EON customers - as well as those who pay a bill to Octopus - can escape the forthcoming price cap hike. UK households who take action can reduce the impact of a £149 price hike, which will see a new cap from Ofgem take effect on Tuesday October 1.
Energy bills will rise to an average of £1,717 a year, but there is a way to save. The typical home currently pays energy bills of £1,568 a year, for a deal with prices set by regulator Ofgem's price cap. But this will rise to £1,717 from 1 October, or 10 per cent
If you can find a fixed rate cheaper than the price cap likely to come in in October, then you can save money on your energy bills. he current cheapest fixed rate energy deal is from Outfox the Market for £1,555 a year, or £162 less than the 1 October price cap.
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The Uswitch data also shows British Gas' Fixed Tariff 12M v16 is priced at £1,612,a £105 saving on the new cap. Co-op Energy's Co-op 15M Fixed September 2024 v1 is priced at £1,626, a £91 saving. Octopus Energy has the Octopus 15M Fixed September 2024 v2 priced at £1,626, saving customers £91.
E.On Next Next Gust 12m v11 / Next Fixed 12m v26 is priced at £1,626 , saving you £91. Sainsbury's Energy Sainsburys Fix and Reward Fixed 12m V26 is priced at £1,656, saving customers £61. EDF Energy Energy Essentials Fixed 1Yr Sep25v3 will save customers £59.
Ovo Energy has its 1 Year Fixed 28 August 2024 at £1,660, saving customers £57. Co-op Energy's Co-op Community Power 15M Fixed September 2024 v1 has a £1,691 cap, a £26 reduction on the new cap. So Energy and its So Sunflower 1yr Fixed tariff is a £12 saving.
Five deals have exit fees of £50 per fuel (British Gas, E.On Next, Sainsbury's Energy, Ovo Energy, So Energy), Uswitch warns.