The price cap level has dropped to £2,074, so we may see fixed energy deals returning soon. Confirm your details today so you're ready to act. Enter your postcode to get started.
The new price cap level of £2,074 may soon allow some suppliers to reintroduce a limited number of fixed deals to the market. With the market continually changing, though, it's difficult to predict whether choosing one or sticking with a standard variable tariff will save you money in the long run. It's important to consider your options carefully and stay up to date with energy market news to help you decide what to do.
Do consider exit fees. You may change your mind about your fixed deal and want to switch. If this happens after your 14-day cooling-off period, you might have to pay an exit fee. Not all tariffs have them but some do, so make sure you know whether yours does.
Do consider the length of the deal. Most deals are for 12 or 24 months. During this time the price cap could rise or fall depending on market conditions, so consider how long you would like to stay locked in for.
Do stay informed. It’s important to keep a close eye on the market and run regular comparisons to see what deals are on offer. By signing up to alerts, you will be able to stay close to what’s happening in the energy market and be informed when a good deal comes along.
Don’t just go for the first deal you’re offered. Just because a deal is available doesn’t mean it is a good one or the right one for you. Consider the price of the deal, how long it is for and how important stability is for you right now.
Don’t get a deal you cannot afford. Make sure you can afford the deal you choose to take and do not feel pressured into taking one that you will struggle to pay for.
Don’t just look at the direct debit amount. The price you pay through Direct Debit each month is usually based on the estimated amount you will use over a year and may not be the actual cost. Make sure you look at the unit price and standing charge so you can understand how much you will be charged for your energy usage and how it differs from what you are currently paying.
Wholesale gas prices significantly increased in September 2021 as a result of various factors combining to put pressure on supply and demand. This meant that there was a knock-on increase to the prices domestic energy customers were charged for their energy by suppliers.
Ofgem ultimately announced that, due to the wholesale market situation, the level of the energy price cap would rise to £3,549 per year for an average use household paying by direct debit in October 2022. It then increased again to £4,279 per year.
Recognising the financial pressure that such high bills would put on households, the government introduced the Energy Price Guarantee, which froze energy prices at £2,500 until the end of June 2023.
The price cap, which continued in the background, fell to £3,280 in April 2023 and will fall further to £2,074 in July. This means the Energy Price Guarantee will no longer be used and the price cap will come into effect again.
Compare prices from trusted UK business energy suppliers and get your next business energy deal in minutes.
With the cost of living crisis affecting households across the UK, you can’t switch energy but you can still compare and save across Uswitch’s other products, including broadband, mobiles and insurance.
If you’ve got a smart meter, Utrack is a free mobile app that connects to your smart meter and can help you track your home energy usage and help you find ways to use less energy to keep your bills as manageable as possible.
You can get:
Detailed insights about energy usage throughout your home
Daily, weekly, monthly and yearly reports and data
Energy-saving tips and advice.
If you’re struggling with your energy bills, there is help available. At the very least, energy suppliers are required to have plans in place to help customers who need it - these could include reducing or waiving payments for a while or switching over to a prepayment meter.
The normal winter discount schemes - the Warm Home Discount, Winter Fuel Payment and Cold Weather Payment - all continue to apply to those eligible.
In the autumn of 2022, the government announced a second package of relief measures (details of the first package can be found here) designed to help the most vulnerable.
£900 for those on certain means-tested benefits
£300 for pensioners
£150 for those on disability benefits.
If you’re looking to switch energy supplier, think about what’s most important to you and choose the one that ticks those boxes - but make sure the deal it’s offering works for you as well.
Even though comparing or switching energy isn’t available on Uswitch, it is still important to understand how it works and what to do once the market does return.
Ofgem announces a reduction in the level of the energy price cap, from £3,280 to £2,074.
Uswitch research has found that, after an unusual winter, households are entering the spring and summer with credit in their accounts when they would usually be slightly in debit.
Uswitch research shows that hair salons and beauty parlours in particular are struggling with the significant costs of the energy crisis.
Uswitch's annual survey of England and Wales's energy performance certificates has revealed the hardest and easiest streets to heat.
The government has announced that the Energy Price Guarantee, through which it keeps customers' energy bills at a lower level than they otherwise would have been, will be maintained at its current level until the end of June 2023.
With wholesale energy prices dropping and the Energy Price Guarantee due to stay at £2,500, suppliers could imminently be in a position to offer customers fixed deals.
Ofgem has cut the level of the energy price cap from April, though it will remain higher than the government's Energy Price Guarantee.
Uswitch has announced the launch of its demand flexibility scheme, Utrack Money Back.
Uswitch research has shown that in the wake of high energy bills, more people are now arguing about energy use than they previously were.
Although the Energy Price Guarantee is protecting customers from big price rises, some have seen a small increase since the beginning of 2023.
The long-mooted government energy-saving campaign has launched across the country with focus on Uswitch and Utrack.
Uswitch has today launched its new mobile app, Utrack, which is designed to help energy users track and change their energy usage and habits.
With more than a fifth of households saying they can only cope with rising bills by cutting their energy usage, Uswitch is encouraging customers to check, track and change their energy habits this winter.
In the wake of rocketing energy bills making life financially impossible for UK households, the UK has intervened to fix energy prices with the Energy Price Guarantee.
The second energy price cap revision of the year sees it raised to a new high of £3,549 for average use households across the UK.
Get help paying your energy bills. Options for those struggling - find out if you are eligible for an energy grant or a rebate on your energy bills.
Information on the energy price cap set by Ofgem, set at £2,074 from July until October 2023.
Think switching energy will mean you’ll get charged twice or temporarily lose power in your home? Think again. We reveal the truth behind some of the most common energy switching myths.
What is the energy price freeze and what does it mean for you? Find out how energy prices are changing with the Energy Price Guarantee.
Set up a new gas and electricity supply when you move to ensure you're on the best energy deal and discover how to inform your energy provider before moving home.
Find out which suppliers have increased or decreased their energy prices and how that affects your energy bills in 2023.
Find out who your gas or electricity supplier is and which energy plan you are on with our step-by-step guide.
Looking for a cheaper gas or electricity supplier but not sure where to start? Check out our step-by-step guide on how to find a better energy supplier.
What does the average UK gas and electricity bill look like? See how your energy usage and bills compare against Ofgem's averages for 2023.
Find out if you're eligible for energy help schemes or benefits using our interactive tool.
Smart meters offer a free way to keep track of your energy usage and could mean the end of estimated bills and meter readings. Our comprehensive guide explains everything you need to know about smart meters.
With working from home the new normal and energy prices high, it's important to keep your bills as low as possible. The best ways to do that are in our guide featuring 104 energy-saving tips.