Thursday, June 20, 2024

Compare energy prices - Find the best home energy tariff !

BEST home energy deals 2023

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Compare electricity prices and gas prices from the UK's most popular home energy providers

LATEST UK ENERGY UPDATE British Gas, EDF, E-ON, Octopus, OVO, SO Energy, SSE, Scottish Power have all launched new tariffs. Click ‘compare energy prices’ to compare the latest home energy deals in your area.

What details do you need to compare energy prices?

To get the BEST home energy deal with accurate electricity prices and gas prices you’ll need to provide a few details:

Home Address

You’ll need to provide your postcode and house number to check electricity prices & gas prices where you live.

Current Supplier

You’ll need details of your existing energy supplier and the electricity and gas tariff you are on.

Energy Usage

You’ll need to provide estimated energy use in monthly or annual kWh. Or average monthly or annual expenditure.

Energy Type

You’ll need to select the type of energy you need quotes for: electricity, gas, or both (dual fuel).

A selection of the latest 'fixed price' home energy tariffs available now

Are you looking to fix your home energy tariff for the next 12 months? Check out some of the latest fixed price energy tariffs below. Fixed price energy deals are usually slightly more expensive than variable tariffs, however the energy price cap fell at the beginning of April, so it’s a good time to consider switching to a cheaper energy deal.

If you’re out of contract and like to budget, consider locking in a new fixed priced energy deal this spring/summer.

Octopus Energy


OCTOPUS 12M FIXED
Electricity
Unit rate 24.235 p/kWh 
Standing charge 47.85 p/day


OCTOPUS 12M FIXED
Gas
Unit rate 5.286 p/kWh 
Standing charge 28.95 p/day


FREE – £50 CREDIT
NEW CUSTOMERS  ONLY 

OVO Energy

1 YEAR FIXED TARIFF
Electricity
Unit rate 24.318 p/kWh
Standing charge 45.97 p/day

1 YEAR FIXED TARIFF
Gas
Unit rate 5.733 p/kWh 
Standing charge 27.62 p/day

Ecotricity Energy

1 YEAR FIXED
Electricity
Unit rate 23.562 p/kWh
Standing charge 49.91 p/day

1 YEAR FIXED
Gas
Unit rate 5.03 p/kWh 
Standing charge 31.01 p/day

Compare loads more energy tariffs with the UK’s most popular energy providers…

(Source: WOW Compare – Energy Price comparison prices updated 3rd June 2024) * Octopus Energy – £50 for new customers signing up via referral link. 

What is the current energy price cap and how does it affect energy bills?

Between 1 April and 30 June 2024 the energy price cap is set at £1,690 per year for a typical household, for combined electricity and gas. This represents the maximum charges permitted for standard variable tariffs. Fixed tariffs may be higher.  

Ofgem announced a new price cap of £1,568 will take effect from 1st July, £122 lower than the current cap. The standing charges for gas and electricity remain about the same. The new price cap effectively means bills should be around 7% less overall. 

 

Current energy price per unit

1 April to 30 June 2024

New energy price per unit

1 July to 30 September 2024

Electricity

24.50 pence per kWh

60.10 pence daily standing charge

22.36 pence per kWh

60.12 pence daily standing charge

Gas

6.04 pence per kWh

31.43 pence daily standing charge

5.48 pence per kWh

31.41 pence daily standing charge

 

(*source Ofgem June 2024 – Note: Rates are averages and will vary by region, payment method and meter type). Contact your supplier for personalised information.

Why did energy prices increase so much in 2022/23?

UK Domestic energy prices started to increase at the end of 2021 and carried on increasing throughout 2022 and into 2023 due to rising wholesale energy prices across Europe. In recent years countries across Europe were able to rely on free-flowing, cheap Russian gas. However a reluctance to buy from Russia and unforeseen pipeline issues saw energy prices spike across Europe.

Unfortunately the UK’s energy market is heavily reliant on gas (even for our electricity generation), so electricity price increases have pretty much mirrored increases in gas prices as illustrated in the graphs below.

Electricity - Annual electricity price increases 2013 to 2024

ONS UK electricity price increases 2013 to 2023

Source: ONS electricity prices in the UK increased by around 60% between the end of 2021 and beginning of 2023. Since March 2023 wholesale electricity prices have been falling.

Gas - Annual gas price increases 2013 to 2024

ONS UK gas price increases 2013 to 2023

Source: ONS domestic gas prices in the UK increased by around 130% in the same period.

Consumer energy prices began to fall in the second quarter of 2023 and in September energy companies started to reintroduce new fixed price energy tariffs. 

Compare the latest energy tariffs

Customers already on fixed price energy tariffs have locked in prices that will remain until a fixed deal ends. If your fixed tariff is coming to an end, you can compare new energy offers from many of the UK’s energy providers here: Compare home energy deals >>

For most households fixed energy deals are becoming more affordable, some energy companies have recently launched the cheapest fixed tariffs for over 2 years. 

As fixed tariffs are usually lower in the summer months it could be a good time to compare fixed energy deals if you like to fix your energy prices for 12 months or longer. 

Government 'Energy Price Guarantee'

The UK government’s ‘Energy Price Guarantee’ which provided price support to households ended in July 2023. The government has said it is prepared to consider re-introduction of support, should energy prices increase above £3,000.

From October 2023 financial assistance to help ‘very low’ income households (specifically those with pre-payment meters) will come via a standing charge discount for bill payers. Households on tariffs with no standing charge, where they pay a higher price for the first units used in a billing period will get an equivalent discount applied to the more expensive units.

See official Government info on energy support GOV.UK energy price support 

How to get help with energy bills

There are some ongoing schemes designed to help vulnerable households with energy bills these include:

Warm Home Discount – £150 off your electricity bill for winter 2023 to 2024 (eligibility you receive the ‘Guarantee Credit’ element of Pension Credit / You are are on a low income).
Energy saving home improvements You may qualify for energy-saving improvements including home insulation, boiler & heating upgrades if you receive certain benefits or live in social housing.

Other Help – You could be eligible for other support including:

– Up to £900 in 3 separate Cost of Living Payments for households on means-tested benefits.
– £300 pensioner Cost of Living payment, to be paid alongside the Winter Fuel Payment for 2023 to 2024.
– £150 disability Cost of Living Payment for people who get certain disability benefits.
– Help from the Household Support Fund accessed via your local council.

How to save energy and reduce your electricity & gas bills

Besides comparing energy prices to get a cheaper energy deal, there are many things you can do to reduce your energy consumption and keep your electricity & gas bills as low as possible. Check out our Energy Saving Guide 2024 – BEST energy saving tips.

FAQ's - How to get the BEST home energy deal

You can switch energy supplier with no penalty when your contract (if you have a contract) comes to an end. If you are out of contract you are free to switch now!

– Start looking for new energy deals a few weeks before your contract period ends.
– Lock in a new energy deal before your existing contract ends. 
– Compare prices right up until your switch over date. Energy prices change on a daily basis so keep an eye on energy deals right up until you are due to switch. You could find a better ‘last minute’ deal on your electricity and gas. 

Energy price comparison sites like WOWCOMPARE.CO are here to help you find great deals and save on your bills.

You are free to to go direct to individual energy providers in order to get home energy quotes, however it is generally quicker and easier to compare home energy tariffs using a comparison service.

Comparing energy deals at WOWCOMPARE is free, we may earn a small referral commission if you sign up to a new energy deal via our website. This will never effect your quote and you won’t pay a premium for securing a great energy deal! 

It’s easy to switch energy suppliers, all you need are a few details including your address, your existing supplier, and your average usage. Search for gas & electricity prices using our price comparison (prices and offers complied by The Energy Shop).

Being prepared to switch energy suppliers could save you money. Frugal consumers regularly check the latest prices on home energy. Electricity and gas prices go up and down all the time and switching to a cheaper electricity supplier ensures you and not paying over the odds.

It isn’t always about the price you are paying, sometimes you might want to switch for other reasons:
– You could be fed up with bad customer service at your existing provider and want better service.
– You might want greater flexibility & better payment options.
– You might want to change to a 100% renewable tariff (energy from  renewables like wind, solar or hydro-electric).

Or maybe you feel it’s time to change energy suppliers.

Energy tariffs are based on your energy usage and the time of usage (day or over night).

Other energy tariffs are based on how your energy is generated (renewable energy tariffs, non-renewable or mixed). As well as duel fuel tariffs where you buy both gas and electricity from the same supplier.

    • Variable Rate Tariff – Gas and electricity prices will go up and down in accordance with the market price (units cost will be based on the wholesale energy market and how your provider sets their resale price).
    • Fixed Rate Tariff – Fixed energy prices for a set contract period, this will lock in a unit pricing,  you know what you will be paying, your prices will remain the same throughout the contract period.
    • Dual Fuel Tariff  - When you buy both electricity and gas from a single supplier. Your dual fuel energy supply can can be set up with either variable or fixed rate tariffs.
    • 100% Renewable / Green – Your Energy comes from 100% renewable or green generation sources (wind farms, solar, hydro-electric).
    • Economy 7 Tariff – Tariffs based on a split meter reading (day & overnight) economy 7 provides a cheaper unit rate for 7 hours overnight. Usually in houses that use night storage heaters where off-peak usage is higher than normal.


Economy 10 Tariff
– Similar to Economy 7 with day and night rates. 10 hours charged at an off-peak rate. Electricity used outside of off-peak hours is often charged at a significantly higher rate.

Prepayment Meters – Pay as you go meters often installed in flats and sheltered housing. They can be topped up and do not require contracted/regular billing, top up cards can be purchased locally, you basically pay in advance and top up as needed. Historically charges were much higher for prepayment meters however the regulator has been enforcing a price cap to ensure prepayment customers are not taken advantage of.

It generally depends on your circumstances and your usage and whether you are happy to have a variable rate that can go up or down depending on wholesale price changes, or if you would prefer to fix your rates for the contract term. Other factors include:

You have a smart meter – Some providers will have specific rates for smart meter users.
You want dual fuel – You want to use the same supplier for both gas and electricity and have single billing.
You have night storage heating – If your home is heated by night storage heaters that charge overnight, you will probably want to be on an economy 7 or 10 tariff.

All UK Energy companies are signed up to Ofgem, the UK regulator. Ofgems’ most recent customer service standards review (2023), found NO suppliers had zero weaknesses. 

Ofgems review found the best performing energy providers, those with only minor weaknesses were: Green Energy, Ecotricity, Octopus & Shell Energy.

Ofgem found 11 energy suppliers to have moderate weaknesses in terms of overall customer service these were: British Gas, E Gas & Electricity, EDF, Good Energy, Outfox the Market, OVO, ScottishPower, SO Energy, Utilita, Utility Warehouse and Tru Energy.

YES – If you are renting and pay for your gas & electricity (i.e. bills are in your name) you should not be prevented from shopping around for cheaper gas & electricity.

Bear in mind if you are renting, you should check your rental agreement and notify your landlord prior to switching, just to make sure.

NO –The UK operates with an energy switch guarantee and all suppliers have to honour continuation of service.

When you switch your old and new suppliers should work with each other to ensure your switch is straight forward and seamless. There should be no interruption to supply.

NO – When you switch energy suppliers there should be no charge for doing so once your contract period ends. But you will have to settle any outstanding bills for energy use up until the day you change over.

Make sure you take meter readings on the changeover day to ensure your end bill/s are accurate, plus you can use these readings to check your new supplier is also using accurate readings.

If you are moving home you might be able to keep your current energy tariff and take it with you to your new home, speak to your supplier first.

If you’re not able to use your existing tariff, you’ll need to find another supplier. 

Remember to notify your existing supplier of your moving date & submit energy meter readings the day you move out. Your old supplier will want your new address in order to send on your final bill for energy use at your old address.

In the first instance it is always important that you try to sort out any issues directly with your energy supplier. They have a duty to provide you with delivery of electricity or gas and a competent service.

If you are unable to sort issues or complaints out with your energy supplier you can escalate your complaint to the Energy Ombudsman. The Energy Ombudsman complaint guidance provides details of the process, the Ombudsman will determine action required by the supplier and if needed.

The Ombudsman will decide whether your complaint should be referred to the energy regulator ‘Ofgem’.

Who are Ofgem?

Ofgem regulates the UK wholesale and consumer energy market for electricity and gas – Ofgem is a non-ministerial government department and an independent National Regulatory Authority. Ofgem is there to protect consumers, promote value for money and ensure there is fair competition in the market. Ofgem does everything from setting industry guidance on what information should be included on customer bills, to ensuring payment terms and supplier T&Cs conditions are fair and transparent.

Ofgem is also granted with the authority to set the energy price cap, and to determine whether to raise or lower the energy price cap – for more information see the Ofgem website.

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