Energy bills are set to rise by nine per cent from October 1 – but households may be able to save more than £100 with a simple switch.
Households may be able to beat the price rise by switching to a fixed rate deal.
Customers who use British Gas, Octopus Energy, E.ON Next, Ovo, Scottish Power, and many more energy providers are urged to act now to secure a saving.
Currently, only one fixed-rate deals on the market works out cheaper than the current £1,568 price cap, but with the price cap set to rise in October, some fixed-rate deals on offer will work out cheaper than the predicted £1,714 to come.
Richard Neudegg, Uswitch director of regulation said: “The price cap is expected to rise again in January, but bill payers can take action now to lock in certainty on how much they pay.
“There are a number of 12-month fixed deals available at rates cheaper than today’s firm prediction, so run a comparison to see what energy tariffs are available to you.”
The Outfox the Market Fix’d Dual Aug24 v3.0 works out at £1,568 so the annual saving will be £146.
The Ovo Energy 1 Year Fixed 19 August 2024 will see customers save £87 with bills £1,627.
The Octopus Energy Octopus 12M Fixed August 2024 v2 tariff will rise to £1,628 and see £86 savings.
The Co-op Energy Co-Op 12M Fixed August 2024 v2 will also see a £86 savings from October if the predicted rise goes ahead.
There’s also savings for EON in the form of Next Fixed 12m v23 / E.ON Next Gust 12m v8 with £1,660 tariffs, as well as British Gas and Sainsbury’s Energy’s British Gas Fixed Tariff 12M v9 and Sainsbury’s Fix and Reward Fixed 12 v23 respectively.
Co-Op Energy’s Co-Op Community Power 12 Fixed August 2024 v2 can save people £21 at £1,693.
OVO’s 1 Year Fixed + Greener Electricity August 19, 2024 is a £7 saving at £1707.
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EDF’s EDF Essentials 1Yr Aug25v3 will save someone £6 at £1708, figures also show.
Fixed-rate energy deals are a gamble as there is no way to be sure about what prices will do in the future.
There is no guarantee the October price cap will be £1,714 for the average home from October. The exact figure will come out on Friday, August 23.
A customer could take out a fix that seems like a good deal now, only to find that they are overpaying in 2025.