Spring Bill Shock: up to 418,000 households will see energy costs go up if they don’t take action

• Uswitch.com is warning that up to 418,000 households will see their energy bill go up by the end of May if they don’t act, as 79 fixed tariffs come to an end^[1]
• The average household coming to the end of their deal could save around £259 per year compared with default tariffs by switching to the cheapest fix available^[1]
• Households that picked a 12-month fix before 28 May 2024 can start saving this month by leaving their fixed deal 49 days before the end without paying any exit fees
• The cheapest fixed deal on the market is currently from Outfox the Market, costing £1,590 a year for the average household
• Uswitch.com advises households to compare what tariffs are available and use the ‘fixed deal ending’ hack to beat the spring bill shock

Nearly 418,000 households could avoid a spring ‘bill shock’ and save around £259 by switching to a new energy tariff as their fixed deals come to an end^[1], according to analysis by Uswitch.com, the comparison and switching service.

Competitive fixed deals started returning to the energy market last year, resulting in 471,870 consumers switching in April and May 2024^[1].

Some 79 12-month fixed deals offered this time last year will finish by the end of May^[2], with consumers automatically rolling onto their supplier’s standard tariff unless they take action now. These standard tariffs are effectively set by the price cap, making them some of the most expensive on the market. 

The fixed deals that are ending are from a range of suppliers, including British Gas, EDF, OVO, E.ON, Octopus Energy, and several small suppliers.

If all of those households signed up to the cheapest deal currently available, they would save around £108 million between them compared to what they would pay if they rolled onto a standard tariff^[1]. 

The average price of fixed energy deals could rise in the coming weeks, and households may not have long to lock in these bigger savings. Fixing at a rate below the price cap will protect against future increases, helping to keep bills more manageable.

Households on fixed deals are free to switch 49 days before the tariff ends without paying any exit fees – a little-known hack that can let consumers jump to a cheaper deal earlier^[3].

The cheapest fixed deal available this time last year was a 12-month tariff from British Gas costing £1,654^[4]. Households falling off this deal onto a standard tariff on 1 May would immediately start paying £195 extra a year.

Uswitch.com is encouraging consumers to check when their ‘fixed deal ending’ window ends and switch to a fixed deal to avoid a bill shock this Spring. 

Elise Melville, energy expert at Uswitch.com, comments: “Households who signed up for a fixed energy tariff last spring should get a new deal as soon as possible, as they could save significant sums compared with a standard tariff.

“Those whose tariff started in April last year need to act now – as they can leave their current tariff up to 49 days before it ends without paying any exit fees.

“When wholesale energy prices rise, the cost of deals on the market usually increases at the same rate. But suppliers are currently fighting to win customers and this means big savings on offer. 

“It’s unusual for such well-priced deals to be available, and we believe that households may have a relatively short window of opportunity to grab one before they disappear.

“If you’re on a standard tariff, now is the time to protect yourself from upcoming price rises. Run a comparison to see what deals are available to you.” 

See if you can save by comparing energy deals at Uswitch.com