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Wondering if switching energy suppliers is the right move now that the price cap level has been lowered? If you’re looking for some certainty around energy prices, you’re not alone.
A quick 30-second energy comparison is all it takes to ensure you're getting a great deal. What have you got to lose?
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Energy prices were affected by a range of external geopolitical events - such as the war in Ukraine - that saw wholesale prices rise steadily from 2021 and peak in late 2022. As a result energy prices that households and businesses paid were increased.
The result of this meant that Ofgem’s energy price cap increased to £3,549 in October 2022, and as a result, the government introduced the Energy Price Guarantee, limiting typical household usage to £2,500 per year.
Since then, the energy price cap has lowered to below the Energy Price Guarantee, so the Energy Price Guarantee is no longer used - except for pre-payment meters. Customers with pre-payment meters still have the benefit of the Energy Price Guarantee discount, to ensure they are not charged more than those who pay for their energy by direct debit.
You can read more in our History of the Energy Price Cap.
Energy prices are well past the peak that we saw in 2022, and now we are seeing prices stabilise, and generally drop. But there is still a way to go before energy prices are lower than pre-energy crisis levels.
While household energy rates are still mostly in line with the energy price cap, the price cap has been trending downwards too. In January to March 2024, the price cap was set at £1,928 for a typical household and in April to June 2024, the price cap was set at £1,690, a £238 reduction.
Very few suppliers currently offer energy rates below the energy price cap, so if you compare energy rates, and find a deal that is lower than the price cap it may well be worth switching.
However, as the price cap has been trending downwards, you might find it beneficial to stick with your existing energy supplier for the time being.
It is worth noting though, that not all suppliers are equal, and a fixed contract brings with it predictability and consistency, and there is no threat of rising energy bills for a year or two.
What’s more, you may want to switch to a greener supplier or a supplier whose services are best suited to your home's needs.
Others may feel frustrated with the level of customer service that their current energy supplier offers, and if that's the case, then it’s worth switching even if your monthly energy cost remains the same.
If comparing energy prices and switching to a cheaper deal is not an option for you, there are still other things you can do to lower your home energy bills, such as:
There are a few things to consider when comparing energy deals, and looking to switch:
Once you have your energy quotes, you’ll take aboard the considerations and if it means you’re paying less money than if you were to stick with the price cap, then you know you have a good deal.
All you need to switch energy suppliers is your address, including your postcode. From there our system can find your energy usage.
We’ll also need a name, phone number and email so that we can walk you through your switch.
If you’re looking to secure a cheap energy deal, selecting the right tariff type could help you reduce your costs. When you compare energy tariffs, it’s important to consider how and when you use your gas and electricity.
For example, if you use most of your energy at night, switching to a multi-rate tariff could help you save money. Below, you can find information on some of the most common types of gas and electricity tariffs.
Fixed rate tariffs lock in the price you pay per unit of energy (kWh) for a certain period of time, protecting you from wholesale energy price hikes. This offers you certainty and means you don’t have to worry about price increases during your contract.
Green energy tariffs have become increasingly popular as we put more focus on our environmental impact. Some suppliers will offer 100% renewable electricity, putting naturally sourced energy back into the grid. A renewable tariff may also include carbon-offsetting. This involves your supplier funding projects that help tackle carbon emissions to offset the gas customers use.
An Economy 7 tariff aims to provide cheap energy deals by giving you cheaper energy rates for a seven-hour window during the night. The off-peak hours and the discount offered will vary from supplier to supplier. It’s worth bearing in mind that Economy 7 peak rates tend to be much higher than regular energy tariffs.
Your standing charge is a daily fee which covers the cost of maintaining your energy supply. A no standing charge tariff sets this daily fee to zero. This can be beneficial for properties where most of your energy is used seasonally or for only a few days a week. Unit rates on a no standing charge tariff can be higher than those on standard tariffs.
Standard variable tariffs are also known as default tariffs and are often the deal your energy supplier puts you on if you haven’t specified your preferred energy deal. Your unit rate will vary depending on the current wholesale costs throughout the duration of your contract.
Prepayment meters are installed in your home, allowing you to become a ‘pay as you go’ energy customer. Prepayment meters are powered by a ‘key’ or smart card that is topped up and inserted into the meter to power it. Whereas credit meters allow you to spread energy costs evenly over the year, prepayment meters require you to pay for your exact usage.
A dual fuel tariff means that you can purchase both your gas and electricity from the same supplier with the same energy tariff. Suppliers will often offer a discount for taking out a dual fuel tariff with them.
Dual fuel tariffs are only available to homeowners and are not offered on energy deals.
This type of energy deal is a product of the Feed-in Tariffs (FIT) government scheme designed to promote and encourage the implementation of renewable and low-carbon electricity generation technologies. A feed-in tariff is available for anyone who has installed their own method of renewable energy generation, such as solar panels.
Breaking down your energy bills to help you understand what drives the cost of your bills.
Ofgem have a break down of the the costs included in a domestic energy price cap bill. The energy price cap in April to June 2024 takes the following into account and is broken up as follows:
Whether you're looking to save money as a business or on home energy costs, becoming more efficient with gas and electricity is the key to cutting the price.
You can find plenty of useful information in our handy energy guides.
In this guide, Energy Helpline will explain why energy suppliers add this fee to your bill and whether switching to a no-standing charge tariff could save you money.
This guide helps you identify the different types of meters and how to read them.
There are some significant differences between fixed and variable tariffs. This guide will help you decide what the right one for you is.
The best time to switch energy suppliers will depend on your individual circumstances. If you haven’t switched for a few years, you should compare energy prices to make sure you’re on the best deal available to you.
For those on a fixed term contract, the best time to switch will be when your renewal window opens and you have no exit fees to pay. If you allow your contract to expire, you’re likely to be placed on your supplier’s standard variable tariff. This tends to be one of the most expensive tariffs your supplier offers.
The length of time it takes to switch can depend on whether you’re a business or domestic user, and on your tariff type.
Guidelines such as the Energy Switch Guarantee offer an agreement with suppliers to complete domestic and business energy switches within 5 working days. The process can take longer where extra work is required to complete your switch. This could include installing a new meter at your premises.
Most energy deals will include exit fees for ending your contract early before your renewal window. For business users, early cancellation fees can be significant.
However, you will not be charged an exit fee by your supplier if you switch during your renewal window. Your supplier should make you aware of when your renewal window and provide information on how your energy costs will change should you fail to switch.
The Energy Switch Guarantee is a voluntary set of promises that suppliers can sign up to make sure switching energy is as simple as possible.
When signing up to the guarantee, suppliers agree to a number of promises and targets including:
Your monthly Direct Debit to your energy supplier is just a ‘estimate’ cost that’s suggested by your supplier to cover the monthly energy you’ve used - it’s never completely accurate.
At the end of winter, you might be in debit, which is the exact opposite of credit. Debit is incurred when your monthly Direct Debits aren’t enough to cover your usage. This is completely normal, and irons itself out when the warmer months come and you start using less energy.
the government have announced an Energy Price Guarantee which will see energy bills frozen at £2,500 (based on typical UK usage) from 1st October 2022 until 2024.
However, the price cap has been reduced below the guarantee. This means that the price cap is now active over the guarantee.
The energy price cap is a limit on how much your supplier can charge you for the gas and electricity you use on a default energy contract.
In the vast majority of cases, all you need to do is ask. Industry regulator Ofgem has rules that force suppliers (including any of your previous ones) to refund you credit if you ask, unless they have very good reason not to.
Comparing multiple energy suppliers and tariffs is the best way to find competitive gas and electricity deals.
In 2023, energy prices are much more stable and are up to 69% cheaper than October 2022. Now is a great time to switch domestic and business energy tariffs.