Save £233: British Gas, EDF, EON, Ovo, and Octopus Customers Benefit
The UK energy market offers significant savings for customers of major suppliers, including British Gas, EDF, EON, Ovo, and Octopus. Households can benefit from an average savings of £233 annually by switching to cheaper energy tariffs available on the market.
Understanding the Energy Price Cap
The Energy Price Cap serves as a limit on the maximum charges suppliers can levy on households for standard or default variable tariffs. However, households should note that there’s no fixed ceiling on their total invoices. If energy consumption increases, so will the costs.
Current Changes in Energy Pricing
As of October 1, the Price Cap adjustment results in an average bill increase of 2% for customers using gas and electricity. Will Owen, an energy expert from Uswitch.com, emphasizes the urgency for UK consumers to seek cheaper rates amidst rising monthly expenses.
Potential Savings by Switching Tariffs
By shifting to the most affordable fixed-rate deals, households could save around £233 a year. According to Uswitch, various competitive offers are available from both large and smaller suppliers, making now an ideal time for consumers to reconsider their current energy plans.
- Outfox Energy: Currently offers the cheapest tariff at an average annual cost of £1,522, helping customers save £233 compared to the price cap.
- Fuse Energy: Provides a special deal through Uswitch with annual savings reaching £185.
Advice for Consumers
If you haven’t switched to a fixed tariff in a year or more, you may be on a standard tariff and paying excess fees. Conducting a swift energy comparison can reveal your options.
Owen suggests that locking in a lower tariff now not only gives consumers peace of mind for the upcoming year but could also enhance their financial situation by next winter.
With numerous affordable energy plans available, customers of major suppliers are encouraged to take action to maximize their savings.
