EDF has launched the longest fixed-price energy tariff on the market. Its new Fixed Price 2015 tariff promises customers the security of set prices for five years, but comes with hefty exit fees.
The fixed-price energy tariff offers fixed energy prices until 30 June 2015 and a 6% discount to customers paying by direct debit.
However, if customers want to leave the tariff early, they may have to pay an early termination fee of up to £200.
To find the cheapest fixed price tariff available in your area, visit Which? Switch. You can also find out how to cut your energy costs, buy a more efficient boiler and discover the most energy efficient home appliances Which? has tested.
Fixed tariff exit fees
If customers want to leave EDF’s Fixed Price 2015 tariff within the first three years, they will face hefty exit fees as follows:
- £100 fee per fuel, if they leave before June 2011
- £75 fee per fuel, if they leave before June 2012
- £50 fee per fuel, if they leave before June 2013.
Our annual energy companies survey rates the best and worst energy companies, including customer scores for satisfaction and value for money for energy companies including British Gas, EDF, Eon, Npower, Scottish and Southern and Scottish Power.
Fixed price security
Head of switching at Which? Switch Alison Morrison advises: ‘Fixed-price deals are more expensive than the cheapest online deals, but some people want to know that their energy prices won’t change for a certain period of time.
‘Consumers signing up for five years should consider if they want to be tied to one deal for this period of time. You need to weigh up the pros and cons and accept that you will be stuck on this tariff for three years if you want to avoid the exit fees – up to £200 for dual fuel if you leave before June 2011.’
To compare tariffs available from all energy suppliers, visit Which? Switch.
Online energy tariff
EDF has also launched a new online energy tariff, Online Saver Version 6, which guarantees to be 2% cheaper than EDF’s standard tariff until 30 June 2011.
Customers on either the Fixed Price 2015 tariff or the Online Saver Version 6 tariff can earn a 6% discount by paying by direct debit, and a discount of £8.40 if they take a dual fuel tariff.
Lower your gas and electricity bills
You can compare energy prices and switch to a new gas and electricity supplier on Which? Switch. People who switched with us between 1 October and 31 December 2013 are predicted to save an average of £234 a year on their bills.
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