More than 320,000 households could save £133 million on their energy bills by the end of July as 12-month fixed tariffs come to an end[1]
The average household coming to the end of their deal could save £410 by switching to the cheapest fix currently on the market[1] — many lower than the predicted forthcoming price cap[2]
Households that fixed in July 2023 can start saving now by leaving their fixed deal 49 days before the end without paying any exit fees
The cheapest fixed deal on the market is currently Ecotricity One Year Fixed Tariff, costing £1,540 a year for the average household
Uswitch.com advises consumers to compare what fixed deals are available to them, with prices at the lowest levels since late 2021.
More than 320,000 households could save up to £410 by switching to a new energy tariff on average as their fixed deals come to an end[1], according to analysis by Uswitch.com, the comparison and switching service.
Competitive fixed deals lower than the price cap started returning to the energy market last summer, resulting in 324,715 consumers switching in June and July 2023[1].
Those 12-month deals will finish by July 2024, with consumers automatically rolling onto the price cap unless they sign up to another fixed tariff.
If all of those households signed up to the cheapest deal currently available, they would save £133 million between them compared to their current energy bills[1].
The current price cap, which runs until the end of June, is set at £1,690, meaning that the average household with typical usage would save around £260 when moved onto the standard price-capped variable tariff from their current fixed deal. The recently announced Ecotricity One Year Fixed Tariff is cheaper, coming in at £1,540. It is priced £20 below the predicted price of the July cap[2], which will be announced next week.
Households who signed up for a fixed deal last summer can benefit from even cheaper rates in the coming weeks, as it is possible to leave 49 days before it ends without paying any exit fees.
Uswitch.com is encouraging consumers to compare the fixed deals available to them, with prices at the lowest levels since late 2021.
Table: Best 12-month fixed deals available to new energy customers
Table: Best 12-month fixed deals available to new energy customers
| 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 |
Source: Uswitch.com. Correct as of 15th May 2024. Tariffs subject to availability and prices may vary.
Source: Uswitch.com. Correct as of 15th May 2024. Tariffs subject to availability and prices may vary.
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.”
See if you can save by comparing fixed energy tariffs at Uswitch.com
Notes
1. Energy UK. Data shows 324,715 domestic switches were carried out in June and July 2023. In June 2023, the cheapest available deal was from So Energy, priced £1,950 for the average home with typical consumption. Cheapest deal now (for the average home with typical consumption) is £1,540 from Ecotricity. £1,950-£1,540 = £410. 324,715 households multiplied by £410 = £133,133,150.
2. Cornwall Insight - Predictions and Insights into the Default Tariff Cap.
About Uswitch
Uswitch is one of the UK’s top comparison websites for home services switching, including energy, broadband and mobiles.
More people go to Uswitch to switch their energy, broadband and mobile than any other site, and we have saved consumers over £2.7 billion off their bills since we launched in September 2000.
Free mobile app Utrack also helps households manage their home energy usage and make potential savings.
Uswitch is part of RVU, a group of online brands with a mission to empower consumers to make more confident home services, insurance and financial decisions.
