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Millions could slash £340 off their annual energy bill

Joanna Faith
Written By:
Joanna Faith

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