Why is it beneficial to compare and switch energy suppliers?
What does that better deal look like today? The current Energy Price Cap is set at £1,834 a year for the typical UK household using gas and electricity, paying via Direct Debit, until December 31. Many energy suppliers are also offering fixed deals again, which could help you lock in a lower rate.
At Mo Utilities, we can help you find better deals from the UK’s most trusted energy providers. In just a few minutes, you can compare, get an energy quote, and start your switch. Your new supplier will handle the rest, ensuring a smooth transition with no interruption to your service.
What makes energy prices so high in the UK?
While prices remain higher than in 2021, there’s positive news – they have started to decrease. The latest Energy Price Cap (as of October) is set at £1,834 per year for the average household.
However, it's important to note that if your energy consumption exceeds the average, your gas and electricity bills will be higher. The price cap only applies to the unit charge, meaning your total bill depends on factors such as where you live, your energy usage, and your payment method.
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What does the Energy Price Guarantee mean?
The Energy Price Guarantee (EPG) was introduced by the government to assist households in managing their energy bills by freezing the Energy Price Cap, which is currently set at £3,000 per year for the typical household until April 2024. However, as the Energy Price Cap for October is £1,834 per year, the EPG will only be triggered if the next price cap is forecast to exceed £3,000.
Additionally, customers with pre-payment meters will continue to receive a discount on gas standing charges, effective from October 1, 2023.
How to effectively compare energy prices
Comparing energy prices is simple with Mo Utilities. We’ll help you find out if you can save money by switching to a more affordable gas and electricity supplier. To begin your comparison, you’ll need:
- Your supplier and tariff name
- Your energy consumption (in kWh / pounds)
We’ll guide you through comparing energy tariffs from various suppliers. If you find a better deal and choose to switch, don’t worry – we’ll handle the entire process for you, ensuring there’s no disruption to your energy supply.
Should I lock in my energy rates?
Energy prices have dropped, but they are anticipated to rise with the upcoming Energy Price Cap. As fixed-rate deals make a comeback, there could be an opportunity to lock in a better rate on your bills, provided it’s lower than the current price cap. For more information, check out our guide.
It’s also essential to consider any exit fees if you’re thinking about switching suppliers while under contract, as well as your contract duration. The price cap may fluctuate during this period, potentially putting you at an advantage or disadvantage. Additionally, pay attention to the unit price and standing charge, as these factors offer a clearer indication of whether a deal is truly more affordable, rather than just looking at the estimated Direct Debit amount.