If you have not changed energy supplier for a number of years it may be possible to save hundreds of pounds by swapping to a cheaper tariff.

Swapping tariffs

The government’s website goenergyshopping.co.uk provides all the information you need regarding shopping for energy tariffs.

Energy tariff options

TARIFF

PROS

CONS

Standard Tariff

Around 60% of energy consumers are on standard variable rate tariffs

  • Prices go up and down with the wholesale cost of energy
  • Not usually the cheapest tariff available

Fixed tariff

Energy prices are fixed for a defined period, typically one, two or three years

  • Typically the cheapest tariff overall
  • Customers are protected from price rises
  • Early exit fees sometimes apply
  • May not be the best option if energy prices are falling over a long period

Off-peak tariff

Economy 7/10 – cheap off-peak electricity

  • Cheap night-rate electricity
  • The best/only option if you use electric storage heaters
  • Daytime electricity rates are very expensive

Green tariff

Renewable energy tariff

  • Helping to invest in  renewable energy
  • Limited number of green tariffs available

Prepayment tariff

Linked with prepayment meters

  • A good option for those who have difficulty budgeting
  • Expensive 
Other ways to save

Combining gas and electricity into one ‘dual fuel’ tariff can save you money. Typically you will receive an annual discount of around £15.

Managing your account online or paying by direct debit – both of thesenormally provide you with discounted tariffs.

 

Home Energy – Energy Tariffs (L0)                                          

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