Compare energy prices

The energy price cap is a limit on the unit rates and standing charges that energy suppliers can charge for their standard variable - or ‘default’ - tariffs. The rate is set by Ofgem, the energy regulator, and is reviewed four times a year.

It's important to remember that the cap is based on unit rates - that's the actual price that is changing - but in order to more clearly and easily report it, the "cap level" is based on an average use dual fuel customer paying by direct debit. This means that you could actually pay more than the cap amount if you live in a bigger house and/or use more energy. You could also pay less if you use less.

While wholesale energy prices have been extremely high, they are now falling. The level from July 2023 until October is £2,074, but from October to January 2024 it will be £1,923.

The Energy Price Guarantee was introduced by the government as a response to the prohibitively high price cap level announced by Ofgem in August 2022. It effectively froze the price cap at £2,500 until July 2023, when the price cap took over again. The EPG will run in the background until April 2024 at a higher level of £3,000. This means that the price cap would need to be forecast to exceed a level of £3,000 per year for an average household for the EPG to come into effect again.

It’s important to remember that, if the EPG is in effect, the normal caveats about the price cap figure still apply - it is a cap on energy unit rates and standing charges, not your total bill. The less energy you use, the less you will pay, but the more you use, the more you'll pay.

Using an energy comparison site like Uswitch is the easiest way to compare energy prices and switch energy supplier. We collate the vast majority of the energy deals on the market in one place and sometimes even offer exclusive deals that can’t be found anywhere else. We also initiate the switch with your current supplier, which will take the process forward with your new supplier so you don’t have to get involved at any point.

When comparing energy deals, the annual price of the different deals is probably the main factor to consider, especially given the current state of the market. In a fully functioning market, there are other areas that might have a bearing on your decision, such as whether a supplier’s deals use renewable energy.

It’s easy to get started with comparing and switching energy. You’ll need your postcode and your plan name to get a personalised recommendation with regard to how your energy use compares to the average and what you could do about switching. You’ll then be able to see the results table which shows which deals are available and how much you'd spend or save compared to your current deal. You can dive deeper into deals you want more information about and, once you’ve found one, you just need to confirm your switch and Uswitch will do the rest.

Some customers who use both gas and electricity prefer to compare energy prices for individual fuels as opposed to combining them into one deal. This can sometimes work out more cheaply than a dual fuel deal depending on the supplier. You can do this on the results table by using the filters provided.

If you’re looking to switch energy to a greener option, you can look out for our Green Accreditation badges on the results table. Our independent panel rates every green deal as either Bronze, Silver or Gold, depending on the green credentials of the deal itself and any wider green initiatives that suppliers are involved in. Clicking on a specific deal will tell you why it’s been given its rating.

Historically, it’s true that many customers haven’t been concerned with specifically comparing energy suppliers - the annual cost of the deal is more important to them.

However, with cheap energy suppliers in short supply in the current market and many smaller suppliers dropping out of the market in the past year, customers are now asking “which energy supplier is best for me?”. For instance, those looking to switch energy might feel more comfortable with an established and more secure energy supplier (though be aware that some energy switching options may currently be limited to existing customers).

Additionally, energy suppliers’ customer service would be a key point to consider regardless of the wider market situation, so make sure you check out different companies’ reputations if this is a particularly important element for you. Some suppliers may also have perks and rewards for customers, which you may feel would be worth taking advantage of.

When it comes to changing energy supplier, you don’t need to worry about the logistics of switching from one to the other - Uswitch will let your current supplier know when you decide to switch, and it will then pick the process up with your new supplier, so you’ll never need to get involved. Most suppliers are part of the Energy Switch Guarantee, which guarantees a timely and hassle-free switch to customers, so there shouldn’t be any problems with your energy switch.