Friday, July 19, 2024

Cheapest gas and electricity deals: is it time to switch?

As winter starts to bite, it’s time to see if you can save on your heating.

GB Energy has gone bust because of rising wholesale energy prices, and there are many concerns that some small rival energy suppliers might not be far behind it.

If you’re one of GB Energy’s 160,000 customers then Ofgem will put you onto a tariff with another provider. But as companies are at higher risk by taking people on in a hurry, the chances are you’ll be paying even more for your new tariff.

Even if you’re not with GB Energy, the standard tariffs on offer from energy suppliers are usually the most expensive and sitting on your supplier’s standard tariff will end up costing you FAR more than the cheapest deals.

Fortunately, you still have the option to switch now.

The cheapest energy deals

Here’s a round-up of the cheapest tariffs right now if you opt for both fuels from one supplier (known as dual fuel), pay by monthly direct debit and manage your account online. The price includes both the unit rate and any standing charge.

Energy supplier Tariff name Type of tariff Average UK price*
EDF Energy Blue+Price Freeeeze September 2018 Fixed (until September 2018) £779.70
SSE SSE 1 Year Fixed v8 Fixed for 12 months £782.18
Npower Intelligent Fix October 2018 Fixed (until October 2018) £802.00
GnERGY GnERGY Fixed December 2017 v3 Fixed (until December 2017) £831.49
Flow Energy Connect 12 Fixed (until December 2017) £840.74
Southend Energy Southend Energy Fixed Fixed for 12 months £859.00
Places for People Together October 2017 fixed 39 Fixed (until October 2017) £862.99
iSupply Energy iFix 33 Month Sep19 Fixed (until September 2019) £864.95
So Energy So Gecko Fixed (until September 2017) £869.34


Source: loveMONEY comparison centre

Prices based on average consumption as measured by Ofgem of 12,500kWh of gas and 3,100kWh of electricity and a customer paying by monthly direct debit including VAT.

Bear in mind the price of your energy will be based on your postcode and so may be more expensive, or even cheaper, than the ones listed.

Other things to consider

Fixing your energy bills is a bit of a gamble, much in the same way as fixing your mortgage rate. That’s because prices could come down, which means you end up paying more than you would have done if you were on a variable or even a shorter-term fix.

Having said that, the general trend for gas and electricity prices is to only go one way and that’s upwards, certainly over the long term, although they may fluctuate within a year.

Compare gas and electricity prices and see if you could save big money

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