With temperatures dropping, Brits will be thinking about their energy bills and have been urged to do one thing in order to save money. Uswitch has revealed the 26 fixed-rate deals cheaper than the current price cap, offering Brits a lower price if they switch.
Will Owen, energy expert at Uswitch.com, said: “Friday’s price cap announcement confirms that energy rates will remain high through the winter months. Locking in a fixed deal with cheaper rates is a smart move for households that are able to switch. There are a number of fixed rate tariffs that offer savings of up to £177 for the average household, so it’s important that everyone takes control of bringing their bills down by switching.”
The best deal can be found at Outfox Energy, according to Uswitch. The supplier’s Fix’d Dual v5.0 offer lasts for 12 months, with an average bill of £1,578 and an exit fee of £75 per fuel. This could mean savings of £177 compared to the October price cap at £1,755. This offer was tied with Outfox Energy’s Fix’d Dual v5.0 Family Advantage+ deal, which has all of the same details.
Second is E.ON Next’s Next Fixed v23 offer. This is an 18-month contract with an average monthly bill of £1,593 and an exit fee of £50 per fuel type. This means savings of £162.
In third place is the cheapest tariff from EDF. Its Simply Fixed v10 tariff lasts for 12 months with an average monthly bill of £1,599 and an exit fee of £50 per fuel type. This means savings of £156. In addition to these savings, Uswitch is offering to pay back the cost of 100 hours of electricity, as an added bonus.
Customers will need to switch to the tariff, connect their smart meter to the Uswitch app and wait for their payment to be calculated.
This amount will then be paid back to customers as ‘earnings’ within the app, which they can withdraw directly into their bank account.
Mr Owen continued: “The EDF tariff is not only the cheapest 12-month fixed deal from a large supplier, but when you switch through Uswitch, you’ll also get paid back for 100 hours of electricity.
“If you haven’t fixed in a year or more, you’re probably on a standard tariff and paying more than you need to. Running a quick energy comparison is the best way to find out if you could lock in a cheaper rate.”
It comes as energy bills are set to rise again in January for the millions of households on standard variable tariffs. These tariffs track Ofgem’s energy price cap, which is set to climb by 0.2% on January 1. This will increase the average annual energy bill for a typical household that uses electricity and gas and pays by Direct Debit to £1,758 per year.
Richard Neudegg, director of regulation at Uswitch.com, said: “Millions of homes will now have their heating on to cope with this week’s cold snap, so the stubbornly high energy price cap is a stark reminder of the need for households to take matters into their own hands.
“Industry forecasts had been predicting a small fall in the cap, so this increase will be a tedious disappointment for the millions of standard tariff customers who are already paying over the odds for their energy.
“Customers on a price-capped tariff can switch to a fixed deal now and start seeing savings. In doing so, they’ll also protect themselves from the predicted increase we might see in April.”
