Yahoo News Energy bills can be slashed by £410 for 320,000 households on certain contracts
Better deals on energy bills have entered the market in the past month, with some suppliers offering fixed rates almost 10 per cent lower than the current energy price cap, potentially knocking up to £410 off the average bill. For many people on fixed tariffs coming to an end, this could mean locking in a better price for the next year.
Over 320,000 people are due to leave a 12-month fixed tariff in the coming weeks and, regardless of who they go with, will find their monthly energy bills much lower than they have been for the past year. In April, amid lower wholesale prices and consumer demand, the price cap was lowered to £1690 for the typical household.
But with firms like Outfox the Market undercutting the price cap by up to nine per cent, many savvy energy switchers will be able to knock hundreds off their annual energy bill if they move to the right supplier when their contract ends. If your contract is coming to an end in the next couple of months, you might still be able to save, as you can even switch tariffs early, according to comparison site Uswitch.
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Elise Melville, energy expert at Uswitch.com, comments: “Households who signed up for a fixed energy tariff last summer should get a new deal as soon as possible, as they could save hundreds of pounds. Those whose tariff started in July last year need to act now – as they can leave their current tariff up to 49 days before it ends without paying any exit fee.
“The deals available are the lowest we’ve seen since late 2021, with some fixes even cheaper than the predicted forthcoming price cap, which will be announced next week. Consumers wanting to benefit from these cheaper deals may need to act fast to lock in these rates while they are available.
“Signing up to a fixed deal is the only way to lock in certainty over what you will pay for a set period of time, and prices are expected to rise again this winter.”
Uswitch.com's best 12-month fixed deals
Supplier | Tariff name | Average household bill with typical consumption | Exit fees | % below the current price cap | Availability |
|---|---|---|---|---|---|
Ecotricity | 1 Year Fixed Electricity | £1,540 | £75 per fuel | 9% | Direct |
Outfox The Market | Fix’d Dual May24 v2.0 | £1,563 | None | 7.5% | Direct |
British Gas | Fixed Tariff 12M v4 / Fixed Lighter 12M v3 | £1,580 | £50 per fuel | 6.5% | Direct |
Octopus Energy | Octopus 12M Fixed | £1,589 | None | 6% | Direct |
EDF | EDF Essentials 1Yr May25 v2 | £1,590 | £25 per fuel | 6% | Uswitch.com |
E.ON Next | Next Fixed v15 / Next Gust v6 | £1,640 | £50 per fuel | 3% | Direct |
Outfox The Market | Super Fix’d 12m Apr-24 v1 | £1,642 | £25 per fuel | 3% | Exclusive to Uswitch.com |
OVO | 1 Year Fixed 18 April 2024 | £1,668 | £75 per fuel | 1.5% | Direct |
Sainsbury’s Energy | Sainsbury’s Fix and Reward 12m v15 | £1,670 | £50 per fuel | 1% | Direct |
So Energy | So Peach One Year - Green | £1,672 | £50 per fuel | 1% | Uswitch.com |
