Customers of major energy firms including British Gas, EON, EDF, OVO and Octopus Energy are being urged to act now and switch to a new tariff before prices rise.
Energy regulator Ofgem has announced prices will rise 10 percent from October 1, suspiciously just in time for winter.
It means that the average household bill will go up by £149, from £1,568 to £1,717 per year for typical use – of course, if you use more, you pay more because it’s a cap per unit of electricity/gas, not a hard limit on the total bill/
Now those customers who are on a variable tariff – ie not currently on a fix – or whose fix is due to run out before October 1, are being urged to sign up to a new fixed deal now before prices rise and save up to £135 per year on average use (or even more, if you’re a high user).
Currently Outfox The Market has the best deal available, its Fix’d Dual Aug 24 v4.0 giving users a £135 saving per year against the October 1 price cap, with its typical use bill coming in at £1,592 against the £1,717 price cap.
OVO Energy is offering a One Year Fix 23 August 2024 for £92 lower than the price cap, while Octopus Energy offers a £91 saving, as does Co-Op Energy, and EDF an £80 saving and E.On Next a £57 saving, as does British Gas, against the October 1 price cap.
You may pay slightly more in the next month if you fix now, but it will be balanced out by the savings you make after October 1.
The closer it gets to October 1, the more likely it is that these fixes go up in price or get pulled, so it’s best to act fast.
Fixes lock your unit rates in for the year and will charge exit fees for changing thereafter, although current predictions suggest there won’t be significant price drops in the coming 12 months, so it’s a good time to fix.
