There are 73 fixed deals on the market that are cheaper than the new energy price cap which came in today[1], with consumers able to save up to £210[2]
Uswitch.com encourages households to switch energy deals now, to avoid any further wholesale price rises.
Consumers can switch to more than 73 fixed deals which are cheaper than the price cap which comes into force today[1] and save up to £210[2], reveals Uswitch.com, the comparison and switching service.
The energy regulator Ofgem announced in August that its price cap — the maximum amount that providers can charge to customers on default tariffs or prepayment meter tariffs — would fall by £84 on average from October 1.
It means the default energy price cap will today fall from £1,126 to £1,042 for those on standard tariffs, the lowest level it has been since it was introduced in January 2019.
However, these standard tariffs are not the cheapest on the market, and there are currently 93 fixed deals available, most of which are usually cheaper than suppliers’ Standard Variable Tariffs[1].
The cheapest fixed deal currently listed on Uswitch.com is the Simple and SuperConnect tariff from Avro Energy at £831.58 fixed for 12 months, which is £210.42 cheaper than the new £1,042 default price cap[2].
Richard Neudegg, head of regulation at Uswitch.com, comments: “It’s easy to see this £84 reduction in the price cap as good news, but it is important to remember that there are better deals out there.
“There is a £210 difference between the new price cap and the cheapest fixed deal on Uswitch.com right now, which is a substantial saving for anyone who is out of contract with their supplier.
“The fall in the price cap is partly due to wholesale energy costs hitting record lows during lockdown, but as costs start to increase again, there is a danger that fixed deals could get pricier.
“Take time to compare energy deals online and see if you could be getting a cheaper tariff.”
FOR MORE INFORMATION
Ross Stebbing
Phone: 07827 836 709
Email: ross.stebbing@rvu.co.uk
Twitter: @UswitchPR
Notes to editors:
1. Uswitch.com data. Correct as of 01/10/20
2. Simple and SuperConnect tariff from Avro Energy fixed for 12 months costs £831.58 on average Ofgem medium dual-fuel usage. Price correct as of 01/10/20
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