EDF Energy is offering to hand customers a £118 boost with just one change.
Martin Lewis’ Money Saving Expert website is telling customers about a cheap fix that guarantees you an average of £118 off your energy bill if you change to it now.
The saving is equal to 7 percent off the current price cap and would be locked in for one year – but you need to hurry because the deal won’t be around for very long.
It comes as energy firms like British Gas, EON and EDF make fixed tariffs available which are cheaper than the current price cap, in a move which has barely been seen since the cost of living crisis erupted following Russia’s invasion of Ukraine.
The price cap, currently set at the equivalent of £1,690 per year for a typical household, does not apply to fixes. As a result, you could technically pay more than that, and still fix at higher than the cap if the cap significantly drops.
Energy analysts at Cornwall Insight think prices will fall in July and rise again in October, making the average saving over the next year about 3 percent, so it’s up to you to decide whether a fix is right or you want to gamble on the price cap dropping further.
The EDF Energy deal is called EDF Essentials One Year May 25 Fix. The 12 month deal is 7 percent cheaper than the current price cap and is open to both new and existing customers.
It can be dual fuel or just gas or electricity, but you have to have a smart meter or be willing to get one installed.
If you change your mind though, there’s a £250 early exit fee which could wipe out some of the savings, although it is eligible for a £10 per fuel cashback deal.
