Christmas comes early for energy switchers
For the first time ever, fixed rate energy tariffs dominate the top 10 cheapest deals on the market, all offering average bills below £1,000, according to analysis from MoneySuperMarket.
Traditionally the cheaper tariffs offered by energy suppliers were reserved for variable rate online only deals but, for the first time ever the best buy table is dominated by fixed rate deals which are all under £1,000. Households on standard monthly direct debit (MDD) tariffs would need to see their current bills fall by 16 per cent (£190) to reach sub £1,000 levels, and those who pay via quarterly cash/cheque (QCC) would need to see a 21 per cent (£265) decrease to reach this low; so there’s never been a better time to switch.
Extra Energy offers the top two cheapest tariffs; Merry Christmas Fixed Price January 2016 and Fresh Fixed Price March 2016 both priced at £950. Deals from First Utility and Co-operative Energy also make up the top five tariffs on offer. EDF’s Blue+ Price Promise May 2016, which launched today, has been squeezed out of the top table by competing cheaper tariffs. It is still under the £1,000 mark however, and comes with no exit penalties.
Stephen Murray, energy expert at MoneySuperMarket said: “There really has never been a better time to switch. This is the first time we’ve ever seen fixed rate tariffs below the £1,000 mark fill the top 10 deals on offer. It’s also positive to see that all of the tariffs featured are priced under £1,000, an indication that the market is finally shifting towards more competitive pricing.
“Monthly direct debit customers who are languishing on their providers’ standard tariffs would need to see a reduction of nearly £200 in their bills to compete with the top fixed rate deals, with those paying via quarterly cash/cheque needing to see a massive £265 decrease in order to compete. These customers could make huge savings of up to £234 and £313 respectively if they make the switch now to the cheapest tariff on offer.
“For bill payers looking to switch, using a price comparison tool such as MoneySuperMarket will allow you to compare the best tariffs for your household and benefit from these reductions.”