British Gas, OVO, EDF, EON, Octopus customers warned 'you have 24 hours'
British Gas, OVO, EDF, EON Next and Octopus customers have been told they have ONE DAY to escape a £149 bill hike. The new Ofgem price cap will take hold from October 1, Tuesday, with households and customers braced for the rise.
People can offset the cost and mitigate the bill rise by moving to fix their energy tariff, personal finance and energy experts have revealed. Customers are told to lock in and fix their bills for reassurance over their expenditure amid the Cost of Living crisis.
From October 1, energy bills will rise to an average of £1,717 a year, up from the current £1,568 - a 10 per cent increase. Currently, the cheapest fixed-rate deal is offered by Outfox the Market at £1,555 a year, which is £162 less than the new price cap.
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Other tariffs worse considering include a British Gas' Fixed Tariff 12M v16 is priced at £1,612, offering a £105 saving, as welll as Co-op Energy's 15M Fixed September 2024 v1 is available for £1,626, saving customers £91. Octopus Energy's 15M Fixed September 2024 v2 also offers a £91 saving with a price of £1,626.
E.ON Next's Next Gust 12M v11 / Next Fixed 12M v26 comes in at £1,626, while Sainsbury's Energy’s Fix and Reward Fixed 12M V26 is priced at £1,656, offering a £61 reduction. Other options include EDF Energy’s Essentials Fixed 1Yr Sep25v3, which saves £59, and Ovo Energy's 1 Year Fixed August 2024 at £1,660, with a £57 saving.
Co-op Energy’s Community Power 15M Fixed September 2024 v1 also offers a £26 discount on the price cap, Uswitch revealed, and So Energy’s Sunflower 1yr Fixed tariff saves £12 compared to the new cap, which was announced back in August.
The price cap will renew again in January on New Year's Day.