If you want to pay less for energy this year, then you need to find a cheaper energy tariff. To help you get started, Which? has found the top five energy deals on the market this February.
This month, the Big Six energy companies – British Gas, Eon, EDF, Npower, SSE and Scottish Power – dropped their gas prices in response to falling wholesale gas prices. The price cuts were around 5%, which translates to an annual saving of about £31 for the average user.
But these prices changes won’t start until the end of March or, in some cases, even April 2016.
If you want to start saving money now, there are smaller companies who are offering much cheaper tariffs than the Big Six (even after their price cuts). We have found the top five cheapest tariffs, with the cheapest still being offered by GB Energy supply.
Want to find the best deal for your home? Then use our independent switching site, Which? Switch, to track down the cheapest energy tariff for you.
Top five energy deals
We found these to be the cheapest deals on the market. Click the links to find out more about the individual energy companies:
|Top five cheapest energy deals for February 2016|
|Supplier||Tariff||Annual price||Tariff type||Exit fee|
|GB Energy Supply||Fixed 12 Sapphire – Paper and Paperless||£765||Fixed||None|
|GB Energy Supply||Premium Energy Saver – Paper and Paperless||£765||Variable||None|
|Avro Energy||Simple and Save – Paperless||£765.99||Variable||None|
|Extra Energy||Fresh Fixed Price Oct 2017 v1 – Paperless||£769.53||Fixed||£60 (£30 per fuel)|
|First Utility||First Fixed April 2017 v3 – Paperless||£770.53||Fixed||£60 (£30 per fuel)|
Table notes: The prices given in the table above are correct as of 15 February 2016 and are based on a dual fuel tariff for an average user (using 3,100 kWh of electricity and 12,500 kWh of gas per year), paying by direct debit and are averaged across all regions. Exact prices can vary according to region, usage and payment method.
Current standard tariffs from the Big Six
Most households are still on a standard variable tariff offered by one of the Big Six energy firms. These tariffs are usually more expensive than the cheapest tariff available on the market. If you are on one of these tariffs, you’re probably paying too much.
Our research found that if you’re on a standard tariff with one of the Big Six, you could save up to £348 a year by switching to the cheapest deal:
- Scottish Power £1,113 – £348 more expensive than GB Energy Supply’s Premium Energy Saver
- EDF £1,100 – £345 more expensive
- NPower £1,110 – £345 more expensive
- SSE £1,100 – £345 more expensive
- British Gas £1,075 – £310 more expensive
- Eon £1,047 – £282 more expensive
(All prices are from Energylinx, based on the details of a dual fuel medium user [12,500kWh of gas and 3,100kWh of electricity a year] paying by monthly direct debit and choosing paperless billing. Prices are averaged across all regions and correct as of 12 February 2016).
Before switching supplier based on price alone, find out more about energy companies. Our exclusive survey asks people what they really think of their energy provider. Click to reveal the best and worst energy companies.
Is your energy deal coming to an end?
If your fixed energy deal is coming to an end soon, don’t wait to switch. If you do nothing, you will be transferred on to your supplier’s standard tariff. In most cases, this will be more expensive.
Your energy supplier has to send you a notification that your tariff is about to expire 42 to 49 days before it ends. From then on, you are allowed to switch without having to pay any exit fee.