Navigating the UK’s energy market in 2024 can be a bit of a maze, but don’t worry—I’m here to help you find the most affordable energy suppliers. Let’s break it down together.
First off, let’s talk about the energy price cap. Set by Ofgem, the UK’s energy regulator, this cap limits the maximum amount suppliers can charge per unit of gas and electricity. As of October 1, 2024, the cap is £1,717 per year for a typical household on a standard variable tariff. This is a 10% increase from the previous cap of £1,568.
When choosing an energy plan, you’ll encounter two main types: fixed and variable tariffs. Fixed tariffs lock in your unit rates for a set period, protecting you from price hikes. However, if market prices drop, you won’t benefit from the decrease. On the other hand, variable tariffs fluctuate with the market. While you might benefit from price drops, you’re also exposed to potential increases.
The energy market’s always on the move, so it’s smart to check your plan now and then to make sure you’re not paying more than you need to. For all the contact details and helpful info on UK energy companies and other services, hop over to dialo.uk. It’s a handy spot to find everything in one place, so you can easily get in touch with companies, ask questions, or make a switch if something better comes along.
Cheapest Energy Suppliers in 2024
Let’s get to the heart of the matter: who offers the best deals? Here’s a snapshot of some of the most affordable options available:
Outfox the Market offers the Fix’d Dual Oct24 v5.0 tariff at approximately £1,555 per year. This fixed-rate deal is about £162 cheaper than the current price cap and comes with a £25 exit fee per fuel.
British Gas has The Fixed Tariff v5, also around £1,555 per year. It matches Outfox the Market’s pricing but has a higher exit fee of £50 per fuel.
Octopus Energy provides the 12M Fixed October 2024 v1 tariff at approximately £1,566 per year. This fixed-rate deal comes with no exit fees, offering flexibility if you decide to switch later.
EDF Energy’s Essentials Fixed 1Yr Oct25v3 tariff is around £1,649 per year. This deal is £68 cheaper than the current price cap and offers price stability for a year.
Tips for Choosing the Right Supplier
Choosing the right energy supplier can make a significant difference in your annual costs and overall experience. How to make the best choice in 2024?
Compare Deals Regularly
Prices and deals in the energy market are always shifting, so it’s worth checking comparison websites like MoneySuperMarket or Compare the Market to see who’s offering the best rates. These platforms frequently update with the latest prices, making it easier to find current offers that might save you money.
Consider Exit Fees
Some fixed-rate tariffs come with exit fees, which could cost you if you decide to switch suppliers before the contract term ends. If you prefer the flexibility to switch without penalty, look for plans that don’t include these fees. On the other hand, if you’re likely to stick with one supplier, a plan with an exit fee might still be worthwhile if the rates are low enough to balance out any potential switching cost.
Look Beyond Price for Customer Service
It’s easy to focus on the cheapest option, but customer service quality can make a big difference in how smooth your experience will be. In recent customer satisfaction studies, some suppliers, like Utilita and EDF Energy, received lower ratings for service. On the other hand, companies like Octopus Energy have consistently high customer satisfaction scores due to their proactive support and straightforward communication.
Green Energy Options
If sustainability matters to you, consider green energy suppliers who invest in renewable energy sources like wind, solar, and hydroelectric power. Many companies now offer green tariffs, so you can choose a plan that aligns with your environmental values without a major price difference.
Check for Special Offers or Perks
Some energy suppliers offer extra perks, such as smart meters or discounts on electric vehicle (EV) charging. If these are important to you, look for companies that include these benefits in their packages. Suppliers like Octopus Energy are known for EV incentives, while others may offer discounts for direct debit payments or paperless billing.
Reevaluate Annually
Energy prices and your own consumption can change over time, so it’s smart to reassess your energy supplier every year to see if you’re still getting a good deal. Many suppliers offer incentives for switching, and you might find a better rate as your energy needs shift.
These tips can help you make a more informed choice when choosing an energy supplier in 2024.
Finding the cheapest energy supplier in the UK in 2024 requires a bit of research, but the savings can be substantial. Keep an eye on the market, compare deals, and choose a plan that fits your needs. Stay warm and save money!
