It can difficult to find the best energy deals. Martin Lewis, of Money Saving Expert, is the most trusted consumer advocate in the UK. When he speaks, we listen. Martin has been influential in convincing households to switch energy supplier. At Love Energy Savings, that is music to our ears. We want every home in the UK to save on their energy.
The Hidden Price War
Speaking in November on his ITV programme ‘The Martin Lewis Money Show’, Martin addressed the hidden price war. He addressed the fact that many of the cheapest tariffs from energy providers are not available directly. To find them, it is better to use an online comparison service. These deals are also not available for existing customers.So switching is the better option.
Up until April 2021, the standard variable tariff for energy providers is set at £1,042 per year. The price cap is set by Ofgem each year. That figure is expected to rise to a minimum of £1,100 next year. Unfortunately, most of ‘the Big 6’ energy retailers’ customers are still on the variable tariff. That means millions of customers are overpaying for the energy they use.
It is cheaper for domestic energy customers to switch to a fixed-rate tariff rather than a standard variable.
Martin points out that the cheapest fixed-rate tariffs from the leading energy providers are available only through price comparison sites. Smaller energy providers, like Octopus or Green Energy UK, may have even cheaper tariffs. But if you prefer a more established brand, you could be saving hundreds of pounds a year by switching.
How cheaper are the energy deals?
E.ON offers a one-year fixed rate of £871 via online comparison sites. That’s nearly £200 cheaper than the standard variable rate of £1,042. It’s also £30 less expensive than the price you can secure with E.ON directly.
British Gas also offer their cheapest fixed rate via online comparison site. Their cheapest fixed-price is until January 2022 for £873 per year. That price includes gas and electricity insurance. Plus, it is lower than the one offered directly by British Gas to customers.
Scottish Power has a 13-month deal available on comparison sites for £876. However, this deal requires you to have a smart meter installed.
There are over fifty energy suppliers in the UK. Each offers multiple different contracts for customers. New prices and tariffs launch all the time. Contacting each supplier one by one for a quote would take hours. But that is not required to get the best deal on your home energy bills. As Martin says, the cheapest energy prices are through a price comparison site like Love Energy Savings.
We search thousands of tariffs, with many deals cheaper than those direct from suppliers. We even manage your switch from start to finish. Our energy experts can answer all your questions. Once you have switched with us, we will contact you to let you know if a cheaper deal becomes available.