The one silver lining in this miasma of bad news is that the slump at the sumps feeds into the price we pay for gas and electricity too. It’s one of the prime reasons that we’re now seeing the cheapest prices for switchers in three years – HUGE SAVINGS are possible right now. And this isn’t just about tiddler firms, it’s about the big six well-known names who are pumping out cheap prices too.
Don’t rely on the price cap, it’s not cheaper
The majority of UK homes are on tariffs at or near the price cap. This gives you a false sense of security. That price is capped at £100s a year more than the cheapest tariffs.
If you’re on the cap, by definition you’re paying the maximum allowed for standard tariffs. More so, the price cap only moves every six months, so it hasn’t factored in the recent drop in the oil price.
For someone with typical use the cap is currently £1,127/year (use more your caps higher, use less it’s lower), while the cheapest deals are less than £800/yr.
That’s why EVERYONE should check their tariff and take advantage of historically low oil prices.
READ MORE: Martin Lewis advises where to put money to keep it safe and ‘totally protected’
How cheap do these cheap fixed tariffs go?
As mentioned the typical big six standard tariff is within a pound of the £1,127/year price cap for someone with typical usage. Yet, for the same usage the new cheapest one year fix is £774/yr on average, that’s £350/year cheaper with Green Network Energy.
Other cheap fixes include, Tonik Energy, British Gas, Avro, EDF and E.on. Importantly, many of these tariffs are for new customers only, not existing.
Yet don’t worry, if you were with EDF and wanted to stick with a big name, there’s Eon or British Gas to choose, or vice versa. There’re so many cheap deals you’ve lots of choice.
To find YOUR cheapest, do a comparison
Exactly who your winner is depends on your usage and where you live, as prices vary regionally.
So, to find your cheapest use a comparison site like my www.cheapenergyclub.co.uk (which also gives £25 dual fuel cashback you don’t get direct) or any www.ofgem.gov.uk approved site.
Plus, some of the cheapest tariffs, like British Gas for example, are ONLY AVAILABLE via comparison sites.