Important Disclosure: The content provided does not consider your particular circumstances and does not constitute personal advice. Some of the products promoted are from our affiliate partners from whom we receive compensation.
If you require any personal advice, please seek such advice from an independently qualified financial advisor. While we aim to feature some of the best products available, this does not include all available products from across the market. Although the information provided is believed to be accurate at the date of publication, you should always check with the product provider to ensure that information provided is the most up to date.
Table of Contents
Whether you’re on a standard variable tariff or coming to the end of your fixed-term contract, comparing the latest energy deals could help you find a more competitive tariff and save you money.
Here’s a closer look at some of the energy offers available and what you can expect from the switching process.
Fixed or variable tariff?
Fixed-rate tariffs are usually among the most competitive on the market. Compared to variable rate tariffs, they are often cheaper, and they come with the guarantee that the price per unit of energy you use during the term – usually 12 months, sometimes 24 – will remain the same.
With a variable rate deal, as the name suggests, the rate can go up or down as the supplier dictates, so long as it remains within the price cap set by the energy regulator, Ofgem.
The price cap was introduced by Ofgem, at the behest of the government, precisely because variable rates were so expensive. Currently, the energy price cap is set to £1,568 (these figures are for a household with typical consumption levels paying by direct debit). From 1 October, the cap will rise again by 10% to £1,717 a year – or £149. However, this will still mean that bills are cheaper than last winter.
Cheapest energy tariffs 2024 (costs based on typical usage)
Methodology
Using our online comparison tool, powered by our energy price comparison partner, uSwitch, we ran quotes (August 2024), to review dual-fuel tariff energy deals.
Our research is based on a typical 2-3 bedroom property with an annual electricity usage of 2,700 kWh and an annual gas usage of 11,500 kWh.
We have assumed this household pays for energy monthly via direct debit.
We then ranked each energy deal based on the following factors:
- price: how much the tariff costs
- green energy: whether this tariff offers energy from renewable sources, and in what proportion and mix
- customer service: based on Trustpilot
- exit fees: how much it costs to leave a fixed deal before the term ends once the 14-day cooling off period ends.
Exit fees safe zone
The fixed-term nature of fixed tariffs means many of them include exit fees, which are charged if you decide to leave during the term. These may be set at £30 per fuel, so you’d pay £60 to leave a dual fuel gas and electricity deal ahead of time.
But, under Ofgem rules, you can’t be charged exit fees within 42 days of your tariff coming to an end.
The actual switching process should take no more than five days under Ofgem’s energy supplier licensing regime. However, you can choose to switch at a later date too.
You can find out more about switching here.
Frequently Asked Questions (FAQs)
How long does switching take?
It takes up to five working days to switch energy suppliers – although it’s possible to arrange for your switch to take place at a later date.
Can I switch if I am renting?
If your name is on the energy bill, you are free to switch – but it’s probably a good idea to tell you landord so they know what is happening, especially if you have a pre-pay meter. If your landlord pays the bills and takes the money from your rent, only they can switch supplier, so you should ask them if you can switch to a better deal if you find one.
Can I switch energy if I'm in debt to my current supplier?
It’s possible to switch energy suppliers if you’ve been in debt to your current provider for less than 28 days. The amount you owe will be added to your final energy bill. If you’ve owed money to your energy supplier for over 28 days then you’ll need to clear it first before you can switch. If you have a pre-pay meter you can switch if you owe £500 or less per fuel. You’ll need to ask your new supplier to transfer the debt as part of what’s known as the Debt Assignment Protocol.
When is the best time to switch suppliers?
The best time to switch energy providers depends on whether you are on a fixed-term or standard variable tariff. If you’re on a fixed-term deal the best time to switch is when you’ll no longer have to pay exit fees to move to a new provider. If you’re on a standard variable tariff, the best time to switch is when you find a deal that offers better value than your current provider.
Will a smart meter cut my energy bills?
Smart meters measure how much gas and electricity you use which is useful for measuring your consumption. However, installing one doesn’t automatically mean that you’ll save money. You’ll still need to take steps to reduce your energy use in order to cut down your energy bills.
Is paying energy bills by direct debit cheaper?
Paying your energy bills by direct debit is usually the cheapest option. That’s because energy providers save money on admin costs when you pay by direct debit which allows them to offer a discounted rate.