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Hi,
We’re kickstarting our Cheap Energy Club back into action, now there are some switchable deals out there. Yet it has been a while, so the info we hold on you is likely out of date. The last info we had was that you pay for energy by monthly Direct Debit. I’ll explain details below, but for those who like to jump straight to it…
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| This deal is aimed at the 80% of homes on the Energy Price Cap, which is likely to rise |
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Let me explain… most homes are on an Energy Price Capped tariff. The Cap went UP 10% on 1 Oct, UP another 1% on 1 Jan and it's now predicted to go UP 3% to 5% on 1 Apr. Yet fix NOW and you save now, and can prevent future hikes.
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The Price Cap isn't a total cap on what you pay, it's a limit on the daily charge & unit cost of energy, so use more, pay more. Most firms charge at the limit, and these limits are high now, meaning the Price Cap is a pants cap, as most can easily compare & switch to a cheaper deal.
Unsure if you're on a Price Capped tariff? You likely are, as eight in 10 homes are, everyone other than those already fixed or who've actively chosen a special deal. To help, when you compare, our tool will say 'Price Capped' if your current tariff is capped.
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| The easiest & safest route is FIX now |
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Move to the cheapest fix and within five working days you'll be paying typically 7% less than what those on Price Cap tariffs pay. Plus, the rate is locked in, so you get peace of mind that it won't change, unlike the Price Cap.
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New. Exclusive cheaper & longer than the cheapest fix deal (with MSE enhanced service). Max 10,000 available. It’s an E.on Next deal via our Cheap Energy Club comparison undercutting every other cheap fix, and it protects the rate for 16 months, rather than 12. Like all tariffs, the price varies with use and region (your exact rates in the comparison), but it’s on average 7% cheaper than the current Price Cap, so currently a £120/year saving for someone on 'typical use' (more if you use more). If the Price Cap rises as currently predicted, the real saving would be even bigger.
It's only available via us and direct at E.on Next. Yet our Energy Club is the cheaper route as new and existing E.on Next customers get an extra £10 bill credit and £20 MSE cashback (dual fuel). Plus, E.on's agreed to 'MSE enhanced service', so if there's an issue, go to it first, but if it doesn't sort it, come to us and we can and will escalate it. So how does it compare?
Cheapest standalone fixes (1)
Links go via Cheap Energy Club to give you a bespoke price
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E.on Next EXCLUSIVE Fixed 16m V1. 10,000 available. 16mth fix. No smart meter needed. Dual fuel or elec-only | Monthly Direct Debit only
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Save avg 7% compared with today's Price Cap, including £20 MSE dual-fuel cashback + £10 bill credit (elec-only: £10 cashback + £5 bill credit). £50/fuel early exit fees
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British Gas Fixed Tariff v21.
12mth fix. No smart meter needed. Dual fuel, elec-only or gas-only | Monthly Direct Debit / cash / cheque
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Save avg 5.2% compared with today's Price Cap, including £20 MSE dual-fuel cashback. £50/fuel early exit fees
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EDF Simply Fixed 1yr Jan26v8. Allows Smart Prepay switchers too. 12mth fix. No smart meter needed. Dual fuel or elec-only | Monthly Direct Debit / cash / cheque or smart prepay
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Save avg 4.9% compared with today's Price Cap, including £20 MSE dual-fuel cashback for new customers only (existing customers can switch but don't get the cashback, so it's a 3.7% saving). £25/fuel early exit fees
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| Outfox the Market Outfox Fix'd Dual Jan25 v1.0. 12mth fix. No smart meter needed. Dual fuel, monthly Direct Debit only | Online account
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Save avg 4.5% compared with today's Price Cap. £50 dual-fuel early exit fees
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Tariff info correct as of Thursday 16 January. (1) Full tariff info in our energy comparison, it also includes non-standalone tariffs, ie, those requiring you to get other products, eg, broadband or boiler cover too. These tariffs are not available in N. Ireland, for that see N. Ireland energy
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Remember, it's the rate, not the total price that's fixed. So, use more, you pay more; use less, you pay less.
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What is 'MSE cashback'? Like many energy comparison sites, some providers pay us to facilitate the switch, if so, you still get the same price as if you went direct. Yet unlike other sites we don't default to hiding tariffs that don't pay. Instead, when we're paid, we give you a chunk of it as cashback, so those that pay us are relatively cheaper for you, so likely more people switch to them. Win-win.
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The savings are compared to the current Price Cap... what about once it ends? As the graph above shows, currently it's predicted that over the next year you'll pay roughly 2% more than the current Price Cap, so all the fixes above have a lot of wriggle room for things to change and them still to be cheaper than staying on the Cap.
As we're well over half way through the assessment period of the April Cap, the predictions are firming up at a rise of 3% to 5% depending on source. Yet the further out you go, the more crystal ball gazing it is (and subject to change) predictions are.
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Is it worth fixing longer? First that depends on you, if you want price certainty, a longer fix gives you that for longer. It also means you don't have to deal with switching as frequently. There are some even longer fixes available, but the only price predictions we have to compare against only go just beyond a year out, so it's unknowable if they'll be winners.
The key is 'what happens if things change radically.' If prices rise then a longer fix is great, you're protected longer. If they fall, say due to a worldwide recession, then you may want to leave. That means paying early exit penalties. In E.on's case, it's £100 dual fuel, about 5% of a typical annual bill (less for higher users), so it'd need a big price drop before it was worth most paying that to leave over the period, but if that did happen it's an option.
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Is it worth waiting in case fixes get cheaper? I just don't know. The rate you can fix at moves roughly with wholesale rates, and like all markets, they're volatile and unpredictable. What we do know for certain is if you stick on the Cap you'll pay more than you would on a cheap fix every day from today likely until at least July and likely longer, so even if you did wait you'd need a substantially cheaper fix to make up for it. The less stressful move is to fix today, though clearly there's always a chance waiting could win.
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Are there alternatives to fixing? Yes. Some specialist time of use tariffs such as Octopus’ Agile or Tracker deals can be cheaper - there’s more details within our Cheap Energy Club comparison. Also, if you’ve an EV, read our Electric Vehicle tariffs guide.
No longer want to be a member of Cheap Energy Club? Log in to your account, go to ‘Settings’ and choose ‘Close account’.
Martin Lewis,
Founder & Chair MoneySavingExpert.com
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