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Time to switch: energy deals fall to cheapest levels in two years

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19/05/2020
Household energy deals have dropped to their cheapest level in two years thanks to falling wholesale prices, new data has revealed.

Wholesale electricity prices were down 44% on last year in April as global demand plummeted due to the coronavirus lockdown.

Research from comparison site Uswitch shows the best deal on the market is the Fix’D 20 11.0 tariff from Outfox the Market, which costs £764 a year on average.

However, the fall in prices is not limited to the lesser-known suppliers.

The cheapest tariff from the Big Six firms is the British Gas Energy and Home Services May 2021, costing £806.

Uswitch said the lowest priced deal available through its site is the GNE Spring Sunrise V4 tariff from Green Network Energy costing £799 — the best value offer since November 2016.

The best deal for those entitled to the Warm Home Discount is the Simple and SuperFixed deal from Avro Energy costing £793 on average.

Will Owen, energy expert at Uswitch, said: “Life is far from easy at the moment, but one small chink of light is that energy prices are lower now than they have been for almost two years. This will be particularly welcome news for any homes consuming more power than usual due to the lockdown.

“We last saw a period of prices this low almost two years ago in the Summer of 2018, so now is a great time to explore whether you can save some money — no one should be paying a higher rate for their energy than they need to.”

Best buy deals on Uswitch

Supplier Plan name Tariff type End date Warm Home Discount? Exit fee (£) Average price (£)
Outfox the Market Fix’D 20 11.0 fixed 12m No 0 £764.10
Tonik Energy Green Super Power (1 Year) v4 + Free Boiler Service fixed 12m No £60 £770.98
Avro Energy Simple and SuperFixed fixed 12m Yes 0 £792.85
Together Energy Green Together Fixed May21 fixed 12m No £60 £797.73
Green Network Energy GNE Spring Sunrise V4 fixed 12m Yes £50 £798.62
Green CherryBlossom variable N/A No 0 £800.09
Igloo Energy IGLOO PIONEER variable N/A No 0 £805.06
British Gas Energy and Home Services May 2021 fixed 2021-05-31 Yes £60 £806.31
npower Select Exclusive 12 Month Fix v2 fixed 12m Yes £60 £806.73
Yorkshire Energy Green Flamborough – Fixed until 31st July 2021 fixed 2021-07-31 Yes £60 £811.19

Source: Uswitch.com, correct as at 18/05/20. Prices assume a household with medium annual consumption on a dual-fuel tariff, paying by monthly direct debit.

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