New collective switching energy tariff takes top spot in the short term fix best buys
Extra Energy’s Saverplus Collective Jan 2016 tariff has taken top spot in the list of short term fix best buys for dual fuel customers.
The new tariff will cost the average medium energy use household £949 a year, beating First Utlity’s iSave Fixed v37 March 2016 paperless tariff by £11 a year. The tariff is being offered via collective switching company The Big Deal in association with The Sun newspaper, and is not available via comparison sites.
However, customers who are eligible for the £140 a year ‘Warm Home Discount’ will not be able to receive it via this tariff as Extra Energy do not offer the scheme. Therefore eligible customers, which includes those who receive the Guarantee Credit element of Pension Credit, may still be substantially better off with other ‘best buy’ tariffs, including those from First Utility, Npower and E.on.
Consumers choosing the Extra Energy tariff will see their energy prices fixed until 31st January 2016. However, there are early cancellation fees of £25 per fuel if the customer decides to switch to a better deal during the fixed period.
The tariff is only available for dual fuel users and paying by direct debit or six-monthly billing, and the tariff closes for applications at 6pm on Friday 28th of November.
Jeremy Cryer, energy spokesperson at Gocompare.com, said: “This new collective switching tariff from Extra Energy and The Big Deal is the latest of a raft or new tariffs to have jumped into the short-term fix best buy table in the last two weeks. In fact the top spot position has changed three times since the start of November, demonstrating just how quickly the market is moving. Just yesterday Npower replaced a three week old tariff with a new one charging £32 a year less – a 3% drop in under a month.
“Although the average cost for a medium energy user is £11 a year less with this new Extra Energy tariff than with First Utility, customers should also bear in mind the lack of availability of the ‘Warm Home Discount’, which could be worth an extra £140 a year, and the £25 per fuel early cancellation charge. The latest Npower tariff, the Online Price Fix January 2016, only costs £19 a year more than the Extra Energy tariff for an average medium energy user, but is fixed for the same period and has no early cancellation charges. This could be an important factor should energy prices continue to fall as they have in the last few weeks.
“Competition in the short-term fix market is intense and prices are certainly coming down at the moment, so it is a great time to shop around. Consumers have a 17 day window in which to compare other tariffs available and establish if this Extra Energy offer is the best deal for them. With prices falling almost daily this may not remain the cheapest short-term fix for long.
“No ‘best buy’ tariff is best for everyone, and our analysis has shown that a customer’s geographic location and energy usage habits are significant factors in getting the best deal, so it’s essential that consumers compare energy tariffs based on where they live and what energy they actually use.”