British Gas, EON, EDF and Octopus Energy customers must act now to slash £647 off bills | Personal Finance | Finance

Customers at British Gas as well as other major energy suppliers including EON, EDF, OVO and Octopus Energy are being urged to act now to secure a saving worth £647 off their energy bills this summer.

Ofgem recently announced its price cap rate for July, setting bills at £1,568 for the average household, a drop of £506 less than one year ago and £122 less than April.

But energy experts have warned that even though it’s a hefty saving, you could get even more off your bill if you act now thanks to gas and electricity fixed price tariffs finally coming back onto the market at a price that makes them not only worth doing, but makes them a huge saving.

But, you need to act fast because energy bills are due to rise again in October, by a whopping 12 percent, so if you don’t lock in the price you could face increases again.

The best deal on the market right now – Ecotricity – offers 9% off bills. Taken together with the £506 saving year-on-year, that’s a very handy £647 off your gas and electricity bills.

Even less significant deals like Octopus offers a 7 percent lower than price cap fix, while Ovo Energy is offering 5 percent lower than the price cap, all of which will save you money come October.

Les Roberts, Business Energy Comparison Expert at Bionic, said: “Is now the time for consumers to make the switch to a fixed energy tariff?

“When it comes to making the switch to a fixed energy tariff, the most important thing to understand is that price-capped tariffs are variable, 

“If you do find a deal with rates below the new price cap rates, then it could be worth considering making the switch as we don’t know what will happen to energy prices in the future. However, it’s important to remember that price-capped tariffs change every 3 months in line with the Price Cap so a deal that looks good now could end up being more expensive if energy prices drop later in the year. 

“It’s also worth remembering that the notice period for ending your current contract differs between suppliers. It’s worth checking your supplier’s requirements before switching.  

“If you’re a business owner, remember that there’s no price cap on non-domestic energy contracts. If your current contract is coming up for renewal then it’s worth comparing quotes and fixing your rates to give yourself bill stability and protect against future price rises.”

Source link