Energy market best it's been for switchers for two years

The recent dip in oil prices have helped drive down new energy tariffs below £800 a year for the first time since 2018. 

From our own expert analysis, we can reveal that energy customers can now access new tariffs below £800 for the first time in two years.

Wholesale energy prices have fallen, including oil prices dropping to their lowest in history, which has resulted in nine new fixed-deal energy tariffs being launched from six different suppliers.

The cheapest tariff on offer is priced at £764 a year, which is nearly £400 less than the average UK household pays for their energy. The lowest priced energy tariffs have also fallen as much as £41 a year since the UK went into lockdown. 

With predictions saying wholesale rates could rise as lockdown is eased, now really is the time to make the most of the market, especially since the average daily household electricity use has surged to a 30% increase. 

Tom Lyon, Director of Energy here at Energy Helpline, said: 

“Continuing falls in the cost of wholesale energy have allowed suppliers to launch a raft of cheap new fixed deals, the likes of which we’ve not seen since 2018.

“The price between the best deal on the market and the average UK household energy deal now stands at a staggering £398, meaning switching supplier could help consumers save significant amounts.”