There are significant savings out there to be made simply through switching energy suppliers. We found the cheapest dual fuel deal fixed type tariff available to all homes in the UK at £726 annually. Whilst the majority of UK households are still using one of the Big Six standard energy tariffs, there are a flurry of independent energy suppliers offering much more competitive fixed priced energy tariffs. Which could mean typical savings of £355 annually, purely by switching.

Are you taking advantage from the best suppliers and tariffs?

As you may of already taken advantage from the fact that wholesale energy prices have been declining year on year. The wholesale price of electricity has decreased by 34 percent since 2014. Although there has been considerable reductions, if you are supplied by one of the UK’s Big Six energy providers it may of not come to your attention through your energy bills just yet. But why not? In spite of the fact energy prices have show a continued decline in cost, the Big Six have only just dropped their tariffs towards the bringing of this year by merely 5 percent. There has since been a flurry of independent suppliers offering an abundance of alluring energy deals. Regardless whom you current energy supplier is, ensuring you are supported by the best energy tariff for your circumstances is likely to guide you to substantial savings from your energy bills. 

Energy tariffs explained.

Whilst energy suppliers did their best to complicate comparing energy tariffs with other suppliers Ofgem stepped in during 2014 and ruled that as of January complex tiered and discounted tariffs would be banned and replaced with four straight forward tariffs. This became regulation to enable clearer information and simpler choices for UK energy consumers. As a consequence while there are fewer tariffs available they are much easier to digest and compare in order to pin point the most attractive deal. It is hoped that with the current UK nationwide roll out of smart meters, that the previously unknown energy data will present new opportunities for energy suppliers to offer improved tariffs.

Standard tariff

Known as your suppliers default tariff or also known as the ‘evergreen’ tariff, there is no fixed price signifying that prices continually fluctuate with markets unpredictability. You won’t be charged a penny for switching since you won’t have a contracted expiry date. If you don’t want to be tied into a fixed price tariff and enjoy switching regally then this tariff is for you. Although it’s worth noting that standard tariffs aren’t necessarily an energy suppliers most competitive tariff even though it incorporates the unpredictability of instantly increasing or decreasing the unit price.

Fixed tariff 

Fixed tariffs offer consumers the safety net and peace of mind knowing that their energy bills are not suddenly going to rocket up in price, which can sometimes happen especial during winters peak demand for fuel. Having said that if there are any drops in price you will not benefit from those either. Through opting towards a fixed tariff the energy supplier pledges to supply you with energy at a fixed price until the contract termination date. Whilst it’s still possible to switch energy companies and tariffs when already tied into a fixed tariff, of course you will be penalised with highly priced fees for terminating early.

Dual fuel

This tariff is attractive to properties that use both gas and electric. With choosing a dual fuel tariff you are effectively using that same energy company for both your electricity and gas. In return for this loyalty energy suppliers offer a ‘dual fuel tariff’ which can provide you a sizeable discount. Even so, it is still worth double checking to see if it is cheaper to use the cheapest supplier for gas and the most competitive supplier for electricity.

Pre payment meter

Commonly used in rented accommodation pre payment meters offer a simple way for occupants to pay for their energy. As straightforward as they may appear to landlords unfortunately they are renowned for being an exorbitant method of paying for your energy. It’s worth noting that suppliers are offering to switch prepayment meters to a digital credit meter free of charge so it is certainly worth investigating since you could comfortably save £400 annually just by moving away from a prepayment meter.

Economy 7

off peak tariffs such as Economy 7 and 10 provide your property with low cost electricity rates during the night, however counterbalance this by supplying you with an inflated rate during the day. From our knowledge and customer feedback 9 times out of 10 you will be paying substantial more than you would on a standard tariff using the latest generation of electric radiators to heat your property.

Should I switch energy supplier?

The UK energy regulator Ofgem is relentlessly pressing towards switching, since they view this as a key aspect towards creating a competitive UK energy marketplace. Inevitably the more switching that occurs the more aggressive the marketplace becomes since companies need to offer consumers better deals in order to retain their business. Here at My Electric Radiators we invariably advocate to all our customers to make certain that they take advantage of the most competitive electricity tariffs, avoiding like the plague tariffs such as economy 7 which will nearly always cost more than the cheapest standard tariff due to the pumped up day time rate. 

While it is possible to stay with your existing supplier and save money, the chances are slimmer than scouring the market for the best tariffs. Despite that there are still opportunities to remain with your current supplier while switching tariffs. You will probably be shocked to know that Npower has a £300 price variation from their cheapest tariff to their most expensive.

Fundamentally if you are paying more than £850 annually to your energy supper then that chances are that you are paying more than you need to. A quick use of google or any respected comparison website and you will soon discover a selection of impressive savings. If your shrewd with the internet you will soon discover further discounts for including managing your account online and paperless bills etc. moreover you will probably go on to tell your friends and family just how much you’ve saved!

If you’re looking to upgrade your electric central heating from costly outdated technology such as night storage heaters or panel heaters and would like some expert advise on anything from which sizes do I need right through to what is the most competitive tariff to be on, then call one of our electric heating experts today 01423 619303 and see how much you could save.