You are here: Home - Household Bills - News -

Millions could slash £340 off their annual energy bill

0
Written by:
03/06/2019
As many as 11 million households could save £340 a year by switching from their energy supplier’s standard tariff.

Research by auto-switch site Weflip revealed that the average top ten best buy energy tariff is now £911 a year for a typical home, compared to most standard variable tariffs (SVTs), which are £1,254. This is the new ceiling set by the government in April.

All of the big six energy companies raised their SVT rates when the price cap went up by 10 per cent from an average of £1,137 a year.

And while figures from trade association Energy UK showed an increase in switching in April, an estimated 11 million households are still paying the equivalent of the energy price cap, according to Weflip.

‘Perfect switching conditions’

Sally Jaques, head of energy at Weflip, said: “The savings gap has widened due to the big providers all moving their SVTs up to the value of the cap, while at the other end of the market we are seeing more competition with best buy rates going back under £900 again.

“As a result, we have the perfect conditions for switching, with no exit penalties for SVT customers and huge savings on offer.”

Here’s a list of the best buy tariffs that are currently available…

Best Buy Tariff Name Average Price
Outfox the Market One Variable Tariff 5.0 – Paperless £872.57
Outfox the Market FIX’D 19X 7.0 – Paperless £891.12
TOTO Energy weflip Simple Variable Saver – Paperless £896.77
Utility Point Just Up Wk 21 Direct – Paperless £898.63
Eversmart Energy She’s Electric – Paperless £900.88
The People’s Energy Company People’s Energy Fixed Tariff April 2019 £917.78
Lumo Energy Online Fixed v22 – Paperless £930.52
Igloo Energy Igloo Pioneer – Paperless £932.42
Powershop Top Shopper 2019 Issue 3 – Paperless £936.67
EDF Energy Easy Online Renewal Aug20 – Paperless £939.97
Average top ten tariff £911.73

Source: Weflip: 03/06/19

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • RT @YourMoneyUK: Government plans cut to minimum shared ownership stake https://t.co/Sqsh6S0Tm0
  • RT @WeareJust_PR: “Families tend not to talk about money and death. But if we don’t talk about these themes it becomes very hard to make pr…
  • RT @RoyalLondon: Voluntary NI contributions to state pensions have risen - @stevewebb1 hails this as “great news that the message is gettin…

Read previous post:
All broadband & phone providers pledge to treat customers fairly

Broadband and phone customers will be able to switch provider hassle free under a new ‘Fairness Code’, the regulator has...

Close